Form 1042S – Payments to Foreign Suppliers

What you should know about Form 1042S – Payments to Foreign Suppliers

  • A U.S individual or company that paid a single foreign supplier or company any sum whatsoever, is required to file Form 1042-S for each such supplier by March 15th.
  • One can file for an extension by the above date, and extend the due date to September 15th.
  • Throughout the year, one must send the suppliers a W8-BEN Form for a foreign individual or a W8-BEN-E Form for a foreign company for them to fill out, sign and send back to you.
  • These two forms indicate that the person filling the form is a nonresident alien, his address, taxpayer identification number, country of residence, whether tax should be withheld according to the relevant tax treaty etc.
  • If this date falls on a Federal U.S holiday or the weekend, this date is postponed to the following day.

What’s the next step?

  • If you are required to file Form 1042S, we recommend that you contact our firm towards December 15th, before the tax year ends, to enable us to prepare ourselves well for the current tax year.
  • Our firm works according to the order it receives materials, and so we recommend contacting us earlier rather than later.
  • Contact us today to receive a letter of engagement and a list of the materials we require to file your taxes.

Example of Form 1042S

Example of W8-BEN Form

Example of W8-BEN-E Form

If you have any further questions, please feel free to contact us

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