IRS Publishes Specifications for Electronic Filing of Form 1042-S

Paul Ogawa
October 26, 2018

The IRS recently released the tax year 2018 version of Publication 1187, Specifications for Electronic Filing of Form 1042-S. These specifications are used to file 1042-S reports electronically through the IRS FIRE system.

There are a number of updates to the new version of this publication, which include the following:

Part A, Section 6.0.1, Filing Requirements: 

  • Electronic filing requirements for partnerships were updated in accordance with the Appropriations Act of 2018. Beginning with TY 2018, partnerships filing Form 1042-S must file electronically if it has more than 100 partners or if it is required to file 200 or more information returns in the tax year.
  • In future years to come, partnerships will be required to file electronically if it has more than 100 partners or if it is required to file at least 150 forms for tax year 2019. Each year thereafter the total form count will be reduced – 100 for TY 2020, 50 for TY 2021, and 20 for TY 2021 and beyond.

Part B, Section 7, Accuracy of Data:

  • 7.01: The language in 7.01 was enhanced to provide greater detail on how to calculate U.S. Income Tax Withheld by using the applicable sections of the “Q” record.
  • 7.02: Income Codes 17-20 were previously labeled as “Other Income”, but are now known as “Certain Types of Compensation Services”.

To review this publication in its entirety, please click [here|].

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Paul Ogawa

Paul Ogawa is a Senior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.
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