The IRS has recently provided supplementary instructions for 2019 1042-S forms. These supplemental instructions should be used for reporting in 1042-S forms for tax year 2019. There were two changes:
Firstly for box 7c, withholding and reporting performed in the following year against a partner or beneficiary’s share designated for the prior year before March 15 of the year then the 1042-S can be considered timely if filed before September 15 of the filing year. This is in line with prior direction.
Secondly, the tax rate table of valid tax rates should include 24% as a valid rate.
To review the supplemental instruction, please follow this link.