1042 Forms
Indice contenuti
- Informazioni sui moduli 1042
- Scadenze, proroghe e sanzioni del 1042
- Correzione della segnalazione attraverso un Amended 1042
- Differenza tra 1042, 1042-S e 1042-T
- Le sezioni da compilare nel 1042
- Il software per creare i moduli 1042
- Perché scegliere BEST IRS
- Informazioni utili sull’invio dei moduli 1042 e 1042-S
Informazioni sui moduli 1042
La preparazione e l’invio del modulo 1042 rientra tra gli obblighi previsti dalla normativa QI. Attraverso tale modulo ciascun QI dichiara i proventi statunitensi pagati ai propri clienti e le trattenute applicate.
Il modulo rappresenta una dichiarazione fiscale da presentare ogni anno all’IRS. Debitamente compilato, deve venire sottoscritto dal Responsible Officer o da altra persona autorizzata. L’invio del modulo 1042 cartaceo deve avvenire con posta registrata, per poter dimostrare l’effettivo invio e la sua data.
Una corretta segnalazione, che eviti problemi e sanzioni, presuppone:
- Importi effettivamente pagati e trattenuti ai propri clienti uguali a quelli inseriti in dichiarazione
- Amounts of Form 1042 in line with the amounts of Form 1042-S issued by the QI
- Amounts of Form 1042 in line with the amounts of Form 1042-S received from its depositaries
- Amounts in line with the one reported in forms 1042-S
A correct completion of the form requires a solid activity of reconciliation of proceeds and taxes. Any eventual standing differences, in the three points above, must be identified, recorded and justified in a letter accompanying the 1042.
Scadenze, proroghe e sanzioni del 1042
Form 1042 must be sent by March 15, for the proceeds of the previous fiscal year. If the deadline is a public holiday, the deadline is extended to the next working day.
The extension of the deadline for Form 1042 is possible through form 7004. It is required that the 7004 is sent within 1042 deadline for submission.
IRS warns of possible penalties for failure to send or late sending of the form. The penalty for late submission of 1042 is 5% of the unpaid deductions for each month (and/or part of a month). The penalty for non-payment of fees is 1% of the unpaid deductions for each month (and/or part of a month). The penalty can be up to 25% of the unpaid taxes for both cases. In cases of negligence, minimisation of declared taxes and fraud, additional penalties are provided for.
Correzione della segnalazione attraverso un Amended 1042
A 1042 correction must be sent if at least one of the fields of the form sent to the IRS has been changed. The correction form must be completed in all its fields. In addition, a flag must be entered in the box “If this is an amended return, check here” at the top of the form. The signed form must be sent to the IRS, enclosing a letter explaining the reason for correction.
Flagging the above is critical. If the flag is not filled in, 1042 is an additional declaration, to be added to the one already sent.
Differenza tra 1042, 1042-S e 1042-T
Form 1042 is a tax declaration that groups together all proceeds and deductions for a given tax year. The total amounts of 1042 are divided into homogeneous classes of payments, each class reported in a 1042-S. For this reason, the sum of the amounts of 1042-S will necessarily have to correspond to what is reported in Form 1042.
| Form | 1042 | 1042-S |
| Type of reporting | Fiscal | Informative |
| Income and Withholdings US | Includes all proceeds and deductions | The amounts of 1042 are divided into several 1042-S. The breakdown is by homogeneous classes of income, taxation, exemption code, payment recipient. |
| Methods of submission | Paper form, signed | Electronic uploaded to the IRS website https://fire.irs.gov |
The 1042-t is the form required to send the 1042-S in paper form to the IRS. However, it cannot be used by QIs.For these, there is an obligation to report the electronic 1042-S to the IRS.
Le sezioni da compilare nel 1042
The preparation of 1042 by the Qualified Intermediary requires the following sections to be completed:
General Part
- QI master data as well as Chapter 3 and Chapter 4 status
- where appropriate, indication of corrective reporting
- where appropriate, an indication of the last 1042 sent by the QI, including the date of the last income paid
Section 1: Record of Federal Tax Liability
Here you will find information about the responsibility of the QI in terms of the amounts withheld from its customers. You must complete this form:
- lines 1 to 59 if you have been withheld from your customers by the QI
- by adding to line 59 the amount withheld from customers coming from the upstream
- line 61 with the number of electronically produced 1042-S forms
- the remaining lines show the amounts:
- gross of income (field 62 c)
- total amount of tax withheld or paid (field 63 e)
- of the net tax due (field 64 e)
- of total payments made (field 68)
- debit or credit (fields 69 and 70 respectively)
Section 2: Reconciliation of Payments of U.S. Source FDAP Income
In this section, are reported:
- Revenue subject to Chapter 4 taxation (Field 1)
- Income not subject to Chapter 4 taxation (fields 2a-e depending on exemption code Ch.4)
- Any differences between: amounts taxable under Ch.4 and the same amounts reported in 1042-S
Section 3: Potential Section 871(m) Transactions
If applicable, indicate that the form includes at least an amount potentially subject to section 871(m).
Section 4: Dividend Equivalent Payments by a Qualified Derivatives Dealer (QDD)
If applicable, indicate that the form includes at least one payment made by a QDD.
Il software per creare i moduli 1042
Filling in Form 1042 requires in-depth knowledge of the form, the availability of correct data, and a significant amount of time spent on activity without forgetting training on regulatory change. Best Vision acts as a partner to its customers, dealing with all aspects relevant to the QI regime as a specialist expert.
Through BEST IRS, all QIs can benefit from the knowledge accumulated and encoded in a software, which supports and accompanies them over time in the compilation of the QI forms. We take charge of the implementation of regulatory changes to simplify the activity of the QI, making it safer and more effective.
Perché scegliere BEST IRS
- Specific competence and reliability
- Completeness of the Solution
- Constant and immediate Support
The BEST IRS software is a unique tool that allows you to easily manage the stages of reconciliation, verification, data correction and filling in forms 1042 and 1042-S.
The software is supplied in outsourcing mode, with undoubted advantages for customers, such as:
- loading data from Excel spreadsheets
- no installation at the customer’s premises (no impact on the IT infrastructure)
- constant availability of the latest version of the software
With the same Excel file, our customers can automatically produce modules 1042 and 1042-S using the BEST IRS software. In just a few clicks. Every year we have modules updated to the latest QI standards.