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IRS FORMS
IRS Forms
eFile Form 1042-S Online
eFile 1042-S with eFileMyForms to report Foreign Person’s U.S. Source Income Subject to Withholding.
What is Form 1042-S?
Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) reports U.S. source income paid to foreign persons, including foreign contractors, non-resident aliens, and foreign entities. If your small business pays international contractors or foreign vendors, you’ll need to file Form 1042-S to report those payments and any taxes withheld.
What Form 1042-S Reports:
- U.S. source income paid to foreign contractors, vendors, or entities
- Federal tax withheld on those payments (typically 30% unless treaty applies)
- Treaty benefits claimed – reduced withholding rates under tax treaties
- Types of income – services, royalties, interest, dividends, rents, etc.
- Recipient information – foreign person’s name, address, foreign tax ID
1042-S IRS Deadlines
The deadline for filing Form 1042-S with the IRS is typically March 15th.
Recipient Copies: March 15th
IRS Deadline: March 15th
Note: If March 15th falls on a weekend, the due date will be the next business day. Exact deadlines for each year can be found on the IRS website.
Information Needed to File Form 1042-S
The following information is required to file Form 1042-S online:
Payer & Recipient Data including names, address, SSN (or other tax identification numbers, and GIIN number (if applicable).
Amount Totals – This includes the total amount paid to each person, organized by type of income (or income code), and the taxes withheld from payments made.
Withholding Agent – You must note the Name and EIN (if applicable) of the primary withholding agent. This applies if you are an intermediary or flow-through entity reporting amounts on behalf of amounts withheld by another agent.
Intermediary or Flow-Through Entity– This information includes proper Name, GIIN, applicable EINs and Chapter 3 & 4 status codes.
State Withholding Totals – This includes all state tax withheld on payments.
How to File Form 1042-S Online with eFile My Forms
Filing your 1042-S forms online is faster, more accurate, and more affordable than traditional paper filing. Our streamlined process takes just minutes:
Step 1: Input Recipient Information
Choose the method that works best for your business:
- Manual entry: Perfect for businesses filing 1-10 forms
- Excel/CSV upload: Bulk import for 10-100 forms using our template
Step 2: Enter Form Information
Complete all required information for Form 1042-S and put in total amounts for each box.
Step 3: Review and Validate
Our system automatically checks for common errors including:
- Missing or invalid TIN numbers
- Incorrect name/TIN combinations
- Address formatting issues
- Missing required information
Step 4: Submit and Deliver
Once you approve your forms:
- We e-file directly with the IRS (same business day for submissions before 5 PM ET)
- Recipient copies are printed and mailed via USPS
- You receive confirmation of IRS acceptance
- All forms stored securely for 3+ years
Frequently Asked Questions to IRS Form 1042-S
What is the difference between Form 1042-S and Form 1042?
Form 1042 – Annual Withholding Tax Return for U.S. Source Income of Foreign Persons is an annual return filed by withholding agents to report the total amounts withheld on all payments made to foreign persons throughout the calendar year. There are no recipient copies of this form.
Form 1042-S reports income and amounts withheld on payments made to foreign persons.
When are Form 1042-S Recipient copies due?
Recipient copies are generally due by March 15th. You can request an Extension of Time (EOT) via Form 15397 from the IRS, which allows 30 additional days to furnish statements to recipients.
What penalties do I face if I report Form 1042-S late or inaccurately?
The IRS imposes escalating penalties for late filing:
- $60 per form if filed within 30 days of deadline
- $130 per form if filed 30+ days late but before August 1
- $340 per form if filed after August 1 or not filed at all
- No maximum penalty for small businesses (unlike large businesses with caps)
Additional penalties may apply for:
- Intentional disregard of filing requirements
- Failure to provide correct payee statements
- Filing paper forms when electronic filing is required (10+ forms)
These penalties add up quickly when you have multiple contractors. A business with 20 foreign persons filing two months late faces $2,400 in penalties alone.
Is electronic filing required for Form 1042-S?
As of January 1, 2024, any business filing 10 or more information returns must file electronically. This includes all 1099 series forms combined (NEC, MISC, INT, DIV, etc.), form 1042-S, and more.
Even if you’re filing fewer than 10 forms, electronic filing offers significant advantages:
- Faster IRS processing and acceptance
- Immediate error checking and validation
- No printing, stuffing envelopes, or trips to the post office
- Automatic state filing handled simultaneously
- Secure cloud storage of all forms
- Lower cost per form compared to paper filing
Who must file Form 1042-S?
All withholding agents who made payments of U.S. source income to foreign persons or entities must file Form 1042-S.
Start Filing Your 1042-S Forms Online Today
Simplify foreign persons reporting. Start filing 1042-S forms today.