a-02-34.pdf

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AGENCY Internal Revenue Service (IRS), Treasury

Extension of Time to File Form(s) 1042-S

ANNOUNCEMENT 2002-34
The IRS has received inquiries regarding the implementation of the new
withholding and reporting requirements under §§ 1.1441 and 1.1461 of the Income Tax
Regulations (TD 8734, 1997-2 C.B. 109 and TD 8881, 2000-23 I.R.B. 1158).
Specifically, the IRS has recently become aware that some taxpayers (including, in
particular, small taxpayers) are experiencing difficulty implementing the changes to the
Form 1042-S reporting requirements (which require the filing of information returns to
report certain payments to nonresident aliens). Under the regulations, a withholding
agent must file Form(s) 1042-S with the IRS on or before March 15 of the calendar year
following the year in which the amount subject to reporting was paid. See § 1.1461-1(c).
The IRS believes that ensuring the successful implementation of these new
withholding and reporting procedures is in the best interests of sound tax
administration. Accordingly, the IRS is extending the due date for filing 2001 Forms
1042-S from March 15, 2002 to May 15, 2002.
The principal author of this announcement is Laurie Hatten-Boyd of the Office of
Associate Chief Counsel (International). For further information regarding this
announcement contact Ms. Hatten-Boyd at (202) 622-3840 (not a toll-free call).