The IRS has issued Notice 2024-26, which provides an exemption from the requirement to electronically file Form 1042 for certain filers. This exemption applies to filers who are required to file less than 250 Forms 1042 for the calendar year. The notice also provides guidance on how to request an exemption and the penalties for failure to comply with the electronic filing requirement.
The IRS today released Notice 2024-26 [PDF 108 KB] announcing that withholding agents (both U.S. and foreign persons) are administratively exempt from the requirements to electronically file Forms 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, required to be filed in calendar year 2024.
In addition, 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.
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