IRS requests comment on new foreign income forms

The IRS has released draft versions of two new tax forms that may apply to your clients.

They’ve revised form 1042, the annual withholding tax return for U.S. source income of foreign persons. They’ve also altered form 1042-S, which looks at the foreign person’s U.S. source income subject to withholding taxes.

The IRS is requesting comment on these drafts. To submit feedback, you can either email the IRS at taxforms@IRS.gov or submit your comments via its comments on tax forms page.

Also read:

Ask clients about cross-border activities

Does your client have U.S. tax risk?

U.S. tax law requires strategic planning

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.