2020.02 What’s new on 1042

Instructions for 2019 tax year, introduced on form 1042 the following changes:

All amounts on 1042 need to be rounded to whole dollars.
Reliance on proposed regulations reducing burden under FATCA and Chapter 3, concerning 1) Withholding and reporting in a subsequent year and (2) Adjustments to overwithholding under the reimbursement and set-off procedures.
Schedule Q (Form 1042), Tax Liability of Qualified Derivatives Dealer (QDD), need to be attached to 1042 for each QDD.