IRS Form 1042-S: How Can Recipients Receive a Refund of Withheld Money?
This is a common question. You received Copy B of IRS Form 1042-S in the mail or by e-mail. The form says that a US company withheld some amount of money from you and sent that withheld money to the IRS. How can you, the recipient of this 1042-S form, get that withheld money? Its […]
FATCA and Foreign Bank Accounts: The Issue of Withholding and Reporting for Expatriates
The Foreign Account Tax Compliance Act (FATCA) is a broad based law that adds to the already complex banking problem faced by many expatriates who live or work in foreign countries. Many of these expats have bank accounts in foreign financial institutions, which may fall under the reporting requirements established under FATCA. Essentially, FFIs must […]
Definition of a Withholding Agent Under Chapter 4 FATCA Reporting Requirements
The expansion of the use of Form 1042-S has created a very broad definition of those who may be required to file the form. This stems from the inclusion of Chapter 4 payments on the form as required under the Foreign Account Tax Compliance Act (FATCA). As discussed, the purpose of FATCA is to locate […]
