{"id":1938,"date":"2023-10-20T22:02:11","date_gmt":"2023-10-20T22:02:11","guid":{"rendered":"https:\/\/bestreporting.ch\/2023\/10\/20\/2021-02-whats-new-on-1042-s-forms\/"},"modified":"2023-10-20T22:02:11","modified_gmt":"2023-10-20T22:02:11","slug":"2021-02-whats-new-on-1042-s-forms","status":"publish","type":"post","link":"https:\/\/bestreporting.ch\/es\/2021-02-whats-new-on-1042-s-forms\/","title":{"rendered":"2021.02 What\u2019s new on 1042-S forms"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">2021.02 What\u2019s new on 1042-S forms<\/h2>\n\n\n\n<p>There are no major changes for QI when filling in the 1042-s forms for 2020.<\/p>\n\n\n\n<p><strong>1042-s printable form<\/strong><\/p>\n\n\n\n<p>Three new features have been introduced in the paper format. The first is the possibility, for a partnership or a trust, to withhold and report in a subsequent year, designating a specific deposit of the withholding as attributable to the preceding year.<\/p>\n\n\n\n<p>The second new feature concerns the updating of the Chapter 3 Status Code. Codes 01 (US Withholding Agent \u2013 FI), 02 (US Withholding Agent \u2013 Other) and 34 (US Withholding Agent \u2013 Foreign branch of FI) are no longer valid. Instead, codes 36 (Foreign Government \u2013 Integral Part) and 37 (Foreign Government \u2013 Controlled Entity) have been added. Finally, for code 19, the description has been updated from \u201cGovernment or International Organization\u201d to \u201cInternational Organization.\u201d<\/p>\n\n\n\n<p>The third new feature is the possibility of inserting the \u201cUS\u201d code in box 12f (Country Code) if the withholding agent is a U.S. person or a foreign branch of a U.S. person.<\/p>\n\n\n\n<p><strong>1042-S electronic file for FIRE platform<\/strong><\/p>\n\n\n\n<p>The three changes above are also incorporated into the electronic format of the form.<\/p>\n\n\n\n<p>If the withholding agent is a partnership or a trust that is permitted to withhold in a subsequent year, it must enter the code \u201c1\u201d in the \u201cW records\u201d, at position 883.<\/p>\n\n\n\n<p>Instead, the new Chapter 3 Status Code can be inserted in the \u201cW records\u201d, at position 533-534 (Withholding Agent\u2019s Chapter 3 Status Code) and in the \u201cQ records\u201d at positions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>786-787 (Recipient\u2019s Chapter 3 Status Code)<\/li>\n\n\n\n<li>850-851 (Intermediary\u2019s or FTE\u2019s Chapter 3 Status Code)<\/li>\n\n\n\n<li>984-985 (Payer\u2019s Chapter 3 Status Code)<\/li>\n<\/ul>\n\n\n\n<p>Finally, the US code can be inserted in the \u201cW records\u201d, at position 258-259.<\/p>\n\n\n\n<p>You can download the latest IRS publications \u201cInstructions for Form 1042-S\u201d and \u201cPublication 1187\u201d from\u00a0<a href=\"https:\/\/bestreporting.ch\/es\/informacion-util-sobre-el-envio-de-los-formularios-1042-y-1042-s\/\">this page<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2021.02 What\u2019s new on 1042-S forms There are no major changes for QI when filling in the 1042-s forms for 2020. 1042-s printable form Three new features have been introduced in the paper format. The first is the possibility, for a partnership or a trust, to withhold and report in a subsequent year, designating a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1938","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"DavidSoto","author_link":"https:\/\/bestreporting.ch\/es\/author\/davidsoto\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/bestreporting.ch\/es\/category\/sin-categorizar\/\" rel=\"category tag\">Sin categorizar<\/a>","rttpg_excerpt":"2021.02 What\u2019s new on 1042-S forms There are no major changes for QI when filling in the 1042-s forms for 2020. 1042-s printable form Three new features have been introduced in the paper format. The first is the possibility, for a partnership or a trust, to withhold and report in a subsequent year, designating a&hellip;","_links":{"self":[{"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/posts\/1938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/comments?post=1938"}],"version-history":[{"count":0,"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/posts\/1938\/revisions"}],"wp:attachment":[{"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/media?parent=1938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/categories?post=1938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestreporting.ch\/es\/wp-json\/wp\/v2\/tags?post=1938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}