Does everyone who files a 1042-S have to file a 1042 as well?
Yes, anyone who is required to file a 1042-S form generally also needs to file Form 1042. Here’s how they work together: Form 1042-S: This form reports specific income paid to foreign persons that is subject to U.S. withholding tax. Each type of income, recipient, and withholding rate requires a separate 1042-S form. Form 1042: […]
What is a qualified intermediary for a 1042-S form?
A qualified intermediary (QI) for a 1042-S form is an intermediary, usually a foreign financial institution, that has entered into an agreement with the IRS to help simplify the tax withholding and reporting process for income paid to non-U.S. persons. This is especially relevant for foreign banks and investment firms handling U.S.-source income for their […]
