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May 3, 2011 Tax Alert: IRS to send Penalty Notices for Late Filing of Non-Resident Tax Forms


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Withholding agents who filed Form 1042-S late, or who incorrectly filed a paper form, will receive penalty notices this summer, according to IRS official Stuart Mann. About 2,000 financial institutions will receive these notices. Mann, manager (foreign payments) in the IRS Large Business and International Division, made the announcement on May 3.

Form 1042-S ("Foreign Person's U.S. Source Income Subject to Withholding") is filed annually with the IRS to report payments of U.S. source FDAP income to non-resident aliens as well as any tax withheld during the year.

IRS soon will start imposing penalties for late reporting of U.S. source income of foreign persons on Form 1042-S, as well as for erroneous filing of paper versions of the form.

Full article is available for download in the attached PDF. For more information please contact FATCA Leader or click here.

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