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November 1, 2013: IRS Releases Draft Instructions for Form 1042-S

Foreign Account Tax Compliance Act (FATCA)


Draft instructions for Form 1042-S for 2014

The IRS has released draft instructions for the 2014 Form 1042-S, which incorporates the changes to the Form that were required in conjunction with FATCA. In addition to detailed definitions and guidance on how to complete the various boxes on the new Form, the instructions provide a transitional rule for reporting on amounts that are paid on or before June 30, 2014. For those payments, it is not obligatory to include the information required by FATCA on the Form 1042-S. However, if the withholding agent makes a payment to the same recipient after June 30, 2014 it would need to complete a separate Form 1042-S including all of the information required by FATCA.

The instructions also confirm that beginning January 1, 2014, all financial institutions required to report payments under FATCA will need to file Forms 1042-S electronically regardless of the number of forms that they are filing.

Full article and copy of the released draft instructions for Form 1042-S 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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