U.S.A.: IRS releases instructions for Form 1042
On 5 May 2014, the U.S. Internal Revenue Service (IRS) released the instructions for Form 1042 Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, for use for the tax year 2014.
The instructions indicate that Form 1042 for 2014 has been modified, primarily for withholding agents to report payments and amounts under Chapters 3 and 4 of the Code (that is, FATCA requirements).
We continue to monitor the IRS and commentator publications and will provide customers with further information in due course.
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