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.
