U.S.A.: FATCA : IRS releases draft instructions for Form 1042
On 5 November 2013, the U.S. Internal Revenue Service (IRS) released a draft version of the instructions for Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) to complement the publication in April 2013 of the draft version of Form 1042 itself.
A copy of the Draft 1042 Instructions (November 2013) is attached below.
The draft instructions review the changes to Form 1042 to accommodate the reporting of payments and amounts withheld under Chapter 4 of the Code (FATCA), in addition to those required to be reported under Chapter 3 of the Code.
We continue to monitor the implementation of the Foreign Account Tax Compliance Act (FATCA) and will provide more information as it becomes available.
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