Search
  • Daniel Gray CPA

Missed the March 15 1042-S filing due date? Better hurry up!


The following penalties apply to the person required to file Form 1042-S. The penalties apply to both paper filers and electronic filers. Late filing of correct Form 1042-S. A penalty may be imposed for failure to file each correct and complete Form 1042-S when due (including extensions). The penalty, based on when you file a correct Form 1042-S, is: $50 per Form 1042-S if you correctly file within 30 days after the required filing date; the maximum penalty is $545,500 per year; if you file after August 1 or you do not file correct Forms 1042-S; the maximum penalty is $3,275,500 per year. If you intentionally disregard the requirement to report correct information, the penalty per Form 1042-S is increased.

If you fail to provide Forms 1042-S to recipients a penalty of up to $270 may be imposed for each failure to furnish Form 1042-S to the recipient when due. The penalty also may be imposed for failure to include all required information or for furnishing incorrect information on Form 1042-S. The maximum penalty is $3,275,500 for all failures to furnish correct recipient statements during a calendar year.

Like fuller details? Here they are:

The following penalties apply to the person required to file Form 1042-S. The penalties apply to both paper filers and electronic filers. Late filing of correct Form 1042-S. A penalty may be imposed for failure to file each correct and complete Form 1042-S when due (including extensions), unless you can show that the failure was due to reasonable cause and not willful neglect. The penalty, based on when you file a correct Form 1042-S, is: $50 per Form 1042-S if you correctly file within 30 days after the required filing date; the maximum penalty is $545,500 per year ($191,000 for a small business). A small business, for this purpose, is defined as having average annual gross receipts of $5 million or less for the 3 most recent tax years (or for the period of its existence, if shorter) ending before the calendar year in which the Forms 1042-S are due. $100 per Form 1042-S if you correctly file more than 30 days after the due date but by August 1; the maximum penalty is $1,637,500 per year ($545,500 for a small business). $270 per Form 1042-S if you file after August 1 or you do not file correct Forms 1042-S; the maximum penalty is $3,275,500 per year ($1,091,500 for a small business). If you intentionally disregard the requirement to report correct information, the penalty per Form 1042-S is increased to the greater of $540 or 10% of the total amount of items required to be reported, with no maximum penalty. Failure to furnish correct Form 1042-S to recipient. If you fail to provide Forms 1042-S to recipients and cannot show reasonable cause, a penalty of up to $270 may be imposed for each failure to furnish Form 1042-S to the recipient when due. The penalty also may be imposed for failure to include all required information or for furnishing incorrect information on Form 1042-S. The maximum penalty is $3,275,500 for all failures to furnish correct recipient statements during a calendar year. If you provide the correct statement on or before August 1, reduced penalties similar to those for failing to file a correct Form 1042-S with the IRS may be imposed. If you intentionally disregard the requirement to report correct information, each $270 penalty is increased to the greater of $540 or 10% of the total amount of items required to be reported, with no maximum penalty


52 views

Recent Posts

See All

ANY AND ALL OF THE INFORMATION ON THIS WEBSITE DOES NOT CONSTITUTE ADVICE IN GENERAL AND/OR TAX ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. FOR ASSISTANCE WITH YOUR PARTICULAR FACT PATTERN AND HOW TAX LAW PERTAINS TO THAT PATTERN, PLEASE CONTACT OUR OFFICE TO ARRANGE AN ENGAGEMENT WHEREUPON OUR OFFICE CAN OFFER ADVICE IN THE COURSE OF THE ENGAGEMENT.

Copyright (c) 2020 - US Tax Services - All rights reserved.