The instructions for the 2021 Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, were released Jan. 15 by the Internal Revenue Service.
The instructions detail the 2021 changes to the form, including two new codes for exempt income, and describe who must file the form and what must be reported on it.
Form 1042-S generally is used to report amounts paid to nonresidents, including wages that are exempt under an income tax treaty, that are not reported on another form, such as Form W-2, Wage and Tax Statement.
The form must be filed and given to recipients by ...
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