Is Your Organization Ready for Mandatory Electronic Filing of Form 1042?
Electronic filing of Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, will be required for the 2025 filing season due March 16 (March 15 is on a Sunday) this year. The IRS is no longer providing an administrative waiver; a hardship waiver is available.
Preparing for Year-End Form 1099 and Form 1042 Reporting: Why October or November is the Time to Start
October and November are the ideal months to get ahead of Form 1099 and 1042 reporting. Starting early helps you identify reportable payees, validate tax documentation, and ensure your systems are ready before year-end pressures hit. With changing IRS rules and evolving filing platforms, early preparation is the simplest way to avoid errors, reduce stress, and ensure a smooth reporting season.