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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.

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Daniel Gray