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IRS GuideWire February 27, 2024

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*Issue Number: *   N-2024-26

*Inside This Issue*
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Notice 2024-26 [ [link removed] ] announces that the IRS is granting an administrative exemption from the electronic filing requirements for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, set forth in final regulations issued under Internal Revenue Code sections 6011(e), 1461, and 1474 (TD 9972, 88 FR 11754). Notice 2024-26 announces that withholding agents (both U.S. and foreign persons) are administratively exempt from the requirement to electronically file Forms 1042 required to be filed in calendar year 2024 (applicable to Forms 1042 filed in 2024 for taxable year 2023). Additionally, this notice announces that withholding agents that are foreign persons are administratively exempt from the requirements to electronically file Forms 1042 required to be filed in calendar year 2025 (applicable to Forms 1042 filed in 2025 for taxable year 2024).

The administrative exemption from the electronic filing requirements for Form 1042 is automatic, and withholding agents are not required to file a waiver request to utilize this exemption.

Notice 2024-26 will be in IRB: 2024-12, dated 03/18/2024.

 

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