IRS Releases Publication 1187. Electronic Specifications for Reporting Form 1042-S

Jesse Rooney
November 16, 2021

The IRS recently released Publication 1187 which outlines Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. These specifications are used to file 1042-S reports electronically through the IRS FIRE system.

The most notable changes are as follows:

  • The due date for forms reporting late distributions made in 2022 (but taxable against 2021) are now due September 15. In TY 2020, these were due September 14;
  • The IRS no longer uses form 4419 to apply for Transmitter Control Codes (TCCs). All requests are required to be submitted through IRS FIRE webpage;
  • The time for an unused TCC to expire lengthened from 2 years to 3 years;
  • It is noted that a FIRE password cannot be changed more than once in a 24-hour period;
  • All “Q” Records must have the same entry in position 999 as the associated “W” Record has in position 833; and
  • The term “payer” was changed to “issuer” throughout in keeping with changes made to Publication 1220.

To view the updated Publication 1187, click here.

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Author

Jesse Rooney

Jesse Rooney is regulatory counsel for Sovos. His research focuses on tax information reporting. He is a member of the Massachusetts bar.
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