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The IRS announced the availability of the Form 1042-S Data Integrity Tool

The IRS announced the availability of the Form 1042-S Data Integrity Tool

On November 15, 2021, the IRS announced the availability of its Form 1042-S Data Integrity Tool. This software program provides a no-cost standalone tool to withholding agents that will assist them in complying with their Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) information reporting and withholding responsibilities.

Withholding agents will use the tool in order to perform a quality review of data prior to submission to the IRS. Although use of the tool will not change any obligations to file Forms 1042-S with the IRS and furnish a copy of the Form 1042-S to the payee, the IRS will consider whether a withholding agent is using the tool when making enforcement and penalty determinations.

This is a great way to validate your Form 1042-S data prior to filing!

Check out the IRS release and how to register for the tool here:

https://www.irs.gov/businesses/international-businesses/form-1042-s-data-integrity-tool

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1042-S Data Integrity Tool

This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

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