The IRS recently released its 2024 Publication 1187, the Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. This publication is updated at least annually with later changes occurring occasionally. There were few substantive changes in the publication this year, the only notable one being the use of field position 834 to report a qualified intermediary (QI), withholding foreign partnership (WFP), or withholding foreign trust (WFT) revising its reporting on Form 1042-S to report a specific recipient. The majority of the other changes to the form this year were editorial in nature.
