ALERT– NEW 2017 IRS Regulations Impact 2016 1042-S Returns

On January 6, 2017, the IRS published NEW and TEMPORARY regulations for Chapter 3 & Chapter 4 of the IRC and finalized certain proposed regulations under chapters 3 and 61 and sections 871, 3406, and 6402. No changes for Chapter 4 reporting and withholding. Final regulations were issued for Chapter 4 with changes for the presumption rule. Temporary regulations have been added providing NEW requirements and clarifications for Chapter 3. All changes are effective January 6, 2016 and apply to 1042-S Forms for tax year 2016, due March 15, 2017.

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