IRS provided updates on the instructions to Form 1042-S
The updates on the instructions for form 1042-S considers the changes resulting from the proposed Regulations Reducing Burden Under FATCA and Chapter 3 (83 FR 64757).
The updates are intended to supplement
Box 7c - Check if withholding occurred in subsequent year with respect to a partnership interest, and
Box 9 - Overwithheld tax repaid to recipient pursuant to adjustment procedures
The update introduce also the revised backup withholding tax rate of 24% for 2019. The reduced tax rates is a result of “The Tax Cuts and Jobs Act” (Public Law 115-97).
Forms 1042-S must be submitted to the IRS and also to the recipients of the income by March 16, 2020.