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May 8, 2014: IRS Published 2014 Form 1042 and Instructions

Foreign Account Tax Compliance Act (FATCA)


IRS published 2014 Form 1042 and corresponding instructions

On May 8, 2014, the IRS has published the 2014 Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) and corresponding instructions. The Form 1042 for 2014 has been modified from the Form 1042 used for prior years, primarily for withholding agents to report payments and amounts withheld under FATCA or chapter 4 of the Internal Revenue Code (Code) in addition to those payments and amounts required to be reported pursuant to the existing withholding and reporting rules under chapter 3 of the Code. Form 1042 adds lines for reporting of the tax liability under chapters 3 and 4, includes separate chapters 3 and 4 status codes for withholding agents and provides for a reconciliation of U.S. source fixed or determinable annual or periodical (FDAP) income payments that are withholdable payments for chapter 4 purposes. Withholding agents that make nonfinancial payments generally will not be affected by the new requirements under chapter 4.

Article and IRS 2014 Form 1042 with corresponding instructions are available for download. For more information please contact a Deloitte FATCA leader or click here.

As used in this document, "Deloitte" means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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