U.S.A.: FATCA: IRS releases instructions for Form 1042 for 2015
The U.S. Internal Revenue Service (IRS) has released Instructions for Form 1042 for 2015 that provide guidance for withholding agents regarding the filling in of their form. It includes updates for FATCA requirements in accordance with the newly issued regulations under Chapter 3 and 4 of the Internal Revenue Code.
Parts of the form that were optional in the transitional year 2014 are now mandatory when preparing Form 1042 for 2015 as a direct consequence of the requirements imposed for the 1042-s reporting.
It addresses requirements in regards to Chapter 3 and 4 status codes and the reconciliation of U.S. source FDAP income, among others.
For further details, we invite customers to find the relevant IRS Form 1042 and related instructions on the IRS website below:
We continue to monitor the implementation of FATCA and will provide more information as it becomes available.
This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.
