FATCA - IRS posts final version of Form 1042-S (2014)  

March 10: The IRS has posted a final version of Form 1042-S (2014), Foreign Person’s U.S. Source Income Subject to Withholding, relating to the U.S. Foreign Account Tax Compliance Act (FATCA).

Form 1042-S (2014) [PDF 185 KB] is to be used by financial institutions and withholding agents for reporting amounts subject to withholding under chapter 3 and to report certain reportable payments for purposes of FATCA.

A draft version of Form 1042-S (2014) was posted by the IRS in April 2013, and again last week.

Draft Instructions for Form 1042-S (2014) were posted in November 2013. Read TaxNewsFlash-United States: FATCA - Draft instructions for Form 1042-S for 2014

KPMG observation

The IRS also re-posted the final version of Form 1042-S (2013). It is believed that the IRS simultaneously posted both the 2013 and 2014 versions of Form 1042-S to avoid confusion.

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