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Post details: Minor Changes in Electronic Reporting of Withholding of U.S. Source Income Announced (Ann. 2007-110)
11/27/07
Minor Changes in Electronic Reporting of Withholding of U.S. Source Income Announced (Ann. 2007-110)
CCH (cch.taxgroup.com) reports:
The IRS has announced minor changes in the electronic filing specifications for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. The new specifications apply for tax year 2007 returns filed in 2008. The changes add some explanatory notes to the instructions in Publication 1187, Specifications for Filing Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, Electronically or Magnetically (Rev. Proc. 2006-34, I.R.B. 2006-38, 460), and add one additional field in the Recipient "Q" Record portion of the form. The changes all affect the reporting of income paid to nonqualified intermediaries or flow-through entities.
Announcement 2007-110, 2007FED ¶46,723
Other References:
Code Sec. 1461
CCH Reference - 2007FED ¶32,828.157
Code Sec. 6011
CCH Reference - 2007FED ¶35,141.47
CCH Reference - 2007FED ¶35,141.57
Tax Research Consultant
CCH Reference - TRC FILEBUS: 12,302.20
CCH Reference - TRC EXPAT: 15,056
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