U.S.A.: Proactive release of a mid-year reconciliation file for IRS 1042-S reporting
Effective
immediately
for Clearstream Banking1 customers with reportable payments under U.S. withholding tax rules, we will provide, free of charge, an additional mid–year reporting aiming at facilitating the year-end reconciliation exercise.
Purpose of the mid-year reconciliation file
The mid-year reconciliation file is a draft that will contain all U.S. reportable payments of the first semester and will be provided as a breakdown in spreadsheet format.
The aim of providing this mid-year file is to facilitate and encourage customers to begin their reconciliation process earlier in the year. By performing an internal reconciliation with what they are planning to include in their own IRS Form 1042 or Form 1042-S, they will have the opportunity to identify any discrepancies with Clearstream Banking’s 1042-S reporting.
Note: We provide the reconciliation file via email for information purposes only and do not warrant the accuracy of the data provided. Furthermore, information concerning tax reporting does not constitute legal or tax advice.
Clearstream U.S. tax reports
We will publish an Operational News simultaneously, providing customers with guidance on how to quickly obtain, via email, the full details of taxable U.S. payments reported on their Clearstream Banking accounts. The reports will be provided, in spreadsheet format, per account, per income code and will be the static match of the reportable amounts on the customer’s Form 1042-S.
Customers are reminded that full details of taxable U.S. payments for their accounts are also available in the “US Withholding Tax Report”, which can be requested via CreationOnline. It should be noted that this data is “real-time” and as such will reflect any modifications of payments that may have occurred on customers’ accounts after the production of the draft reconciliation file.
Further information
For further information, please contact the Clearstream Banking Tax Help Desk on:
| Luxembourg | Frankfurt | |
| Email: | tax@clearstream.com | tax@clearstream.com |
| Telephone: | +352-243-32835 | +49-(0) 69-2 11-1 3821 |
| Fax: | +352-243-632835 | +49-(0) 69-2 11-61 3821 |
or Clearstream Banking Customer Service or your Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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