For this purpose, the agent's actual knowledge or reason to know shall be imputed to the withholding agent. withholding agent may treat the acts of the foreign agent as its own for purposes of determining whether it has complied with the provisions of chapter 4.
These documents are not posted here for commercial use and should not be relied upon for any purpose whatsoever.
A withholding agent is required to deposit any tax withheld pursuant to chapter 4 as provided under paragraph (b) of this section and to make the returns prescribed by paragraphs (c) and (d) of this section.
When several persons qualify as withholding agents with respect to a single payment, only one tax is required to be withheld and deposited.
A withholding agent that is required to withhold with respect to a payment under § 1.1471-2(a), 1.1471-4(b) (in the case of a participating FFI), or 1.1472-1(b) but fails either to withhold or to deposit any tax withheld as required under paragraph (b) of this section is liable for the amount of tax not withheld and deposited.
This income tax return shall be filed on the same income tax return used to report amounts subject to reporting for chapter 3 purposes as described in § 1.1461-1(b). Except as otherwise provided on Form 1042-S or its instructions, only payments for which the income or payment code, exemption code, withholding rate, and recipient code are the same may be reported on a single form filed with the IRS. withholding agent is an exempt beneficial owner, an FFI, an NFFE, or a territory entity, it must complete Form 1042-S treating such entity as the recipient of the payment. source FDAP income made to a participating FFI or registered deemed-compliant FFI that is an NQI, NWP, or NWT or QI that elects to be withheld upon under section 1471(b)(3) and from whom the withholding agent receives an FFI withholding statement allocating the payment (or portion of the payment) to a chapter 4 withholding rate pool, a U. withholding agent must complete a separate Form 1042-S issued to the participating FFI, registered deemed-compliant FFI, or QI (as applicable) as the recipient with respect to each such pool identified on an FFI withholding statement, described in § 1.1471-3(c)(3)(iii)(B)(). If a withholding agent makes a payment of a chapter 4 reportable amount to a nonparticipating FFI that it is required to treat as an intermediary with regard to a payment or as a flow-through entity under rules described in § 1.1471-3(c)(3)(iii), and except as otherwise provided in paragraph (d)(1)(ii)(A)() of this section (relating to an exempt beneficial owner), the withholding agent must report the recipient of the payment as an unknown recipient and report the nonparticipating FFI as provided in paragraph (d)(4)(ii)(A) of this section for an entity not treated as a recipient. A participating FFI or registered deemed-compliant FFI (including a QI, WP, or WT), and a U. Except as otherwise provided in § 1.1471-4(d)(2)(ii)(F), with respect to payees that are nonparticipating FFIs, the FFI may report in pools consisting of one or more nonparticipating FFIs that fall within a particular income code and within a particular status code described in the instructions to Form 1042-S. Except as otherwise provided in § 1.1471-4(d)(2)(ii)(F), a participating FFI or deemed-compliant FFI that is an NQI, NWP, or NWT, and a U. In such case, the FFI or branch must report on Form 1042-S to the extent required under paragraph (d)(4)(iii)(A) of this section. A territory financial institution must, however, report payments made to recipients for whom it has failed to provide the appropriate documentation to another withholding agent or to the extent it knows, or has reason to know, that less than the required amount has been withheld. A nonparticipating FFI that is a flow-through entity or that acts as an intermediary with respect to a payment may file Forms 10-S only to report and allocate tax withheld to the account holders, partners, owners, or beneficiaries of the nonparticipating FFI.
The return must show the aggregate amount of payments that are chapter 4 reportable amounts and must report the tax withheld for the preceding calendar year by the withholding agent, in addition to any information required by the form and its accompanying instructions. person shall file a separate Form 1042 in accordance with paragraph (c)(1) of this section and the instructions on the form to report chapter 4 reportable amounts. See paragraph (d)(4)(ii) of this section for reporting of payments made to a person that is not a recipient and that is otherwise required to be reported on Form 1042-S. Except as otherwise provided in this paragraph (d)(4)(i)(B), a U. withholding agent that makes a payment of a chapter 4 reportable amount to a participating FFI or deemed-compliant FFI that is an NQI, NWP, or NWT must complete a Form 1042-S treating such FFI as the recipient. If, however, a participating FFI, deemed-compliant FFI, or QI (as applicable) has made an election under § 1.1471-4(b)(3)(iii), for the portion of the payment that the FFI allocates to each recalcitrant account holder that is subject to backup withholding under section 3406, the withholding agent must report on Form 1099 the amount of the payment and tax withheld in accordance with the form's requirements and accompanying instructions. Except as otherwise provided in paragraph (d)(4)(iii)(B) (relating to NQIs, NWPs, NWTs, and FFIs electing under section 1471(b)(3)) and § 1.1471-4(d)(2)(ii)(F) (relating to transitional payee-specific reporting for payments to nonparticipating FFIs), a participating FFI or deemed-compliant FFI (including a QI, WP, or WT), and a U. Alternatively, a participating FFI or registered deemed-compliant FFI (including a QI, WP, or WT) and a U. See, however, § 1.1471-4(d)(6) for the requirement to report certain aggregate information regarding accounts held by recalcitrant account holders on Form 8966, “FATCA Report,” regardless of whether withholdable payments are made to such accounts. A territory financial institution that is treated as a U. person or is otherwise required under this paragraph (d)(4)(iv) to report amounts paid to recipients on Forms 1042-S must report in the same manner as a U. Any person that is a withholding agent that is not described in any of paragraphs (d)(4)(i) through (v) of this section shall file Forms 1042-S in the same manner as a U. withholding agent and in accordance with the instructions to the form. A request for extension due to hardship must contain a statement of the reasons for requesting the extension and such other information as the form or instructions may require. However, taxpayers may apply these provisions as of January 28, 2013. 4037]§ 36B - Refundable credit for coverage under a qualified health plan§ 38 - General business credit§ 40 - Alcohol, etc., used as fuel§ 41 - Credit for increasing research activities§ 42 - Low-income housing credit§ 43 - Enhanced oil recovery credit§ 45D - New markets tax credit§ 46 - Amount of credit§ 47 - Rehabilitation credit§ 52 - Special rules§ 56 - Adjustments in computing alternative minimum taxable income§ 58 - Denial of certain losses§ 61 - Gross income defined§ 62 - Adjusted gross income defined§ 66 - Treatment of community income§ 67 - 2-percent floor on miscellaneous itemized deductions§ 72 - Annuities; certain proceeds of endowment and life insurance contracts§ 101 - Certain death benefits§ 103 - Interest on State and local bonds§ 103A - Repealed. (For the rules that apply beginning on January 28, 2013, and before January 6, 2017, see this section as in effect and contained in 26 CFR part 1 revised April 1, 2016.) This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part. Withholding certificates and other statements or information provided to a withholding agent are not required to be attached to the return. An amended return under this paragraph (c)(3) must be filed on Form 1042. See § 1.1471-2(a)(2)(i) for the requirement of a withholding agent to withhold on payments of U. source FDAP income made to a participating FFI or registered deemed-compliant FFI that is an NQI, NWP, or NWT. A withholding agent that is not a financial institution and that is required to file 250 or more Form 1042-S information returns for a taxable year must file Form 1042-S returns on magnetic media. A Form 1042 must be filed under this paragraph (c)(1) even if no tax was required to be withheld for chapter 4 purposes during the preceding calendar year. An amended return must include such information as the form or its accompanying instructions shall require, including, with respect to any information that has changed from the time of the filing of the return, the information that was shown on the original return and the corrected information. See also § 1.1471-2(a)(2)(iii) in the case of payments made to a QI. person, if the withholding agent treats amounts paid as effectively connected with the conduct of the branch's trade or business in the United States, or if the U. branch is the beneficial owner of the payment, the withholding agent must file Form 1042-S reporting the U. See § 301.6011-2(b) of this chapter for the requirements of a withholding agent that is not a financial institution with respect to the filing of Forms 1042-S on magnetic media. 610]§ 817A - Special rules for modified guaranteed contracts§ 832 - Insurance company taxable income§ 845 - Certain reinsurance agreements§ 846 - Discounted unpaid losses defined§ 848 - Capitalization of certain policy acquisition expenses§ 852 - Taxation of regulated investment companies and their shareholders§ 860E - Treatment of income in excess of daily accruals on residual interests§ 860G - Other definitions and special rules§ 863 - Special rules for determining source§ 864 - Definitions and special rules§ 865 - Source rules for personal property sales§ 874 - Allowance of deductions and credits§ 882 - Tax on income of foreign corporations connected with United States business§ 883 - Exclusions from gross income§ 884 - Branch profits tax§ 892 - Income of foreign governments and of international organizations§ 894 - Income affected by treaty§ 897 - Disposition of investment in United States real property§ 901 - Taxes of foreign countries and of possessions of United States§ 902 - Deemed paid credit where domestic corporation owns 10 percent or more of voting stock of foreign corporation§ 904 - Limitation on credit§ 907 - Special rules in case of foreign oil and gas income§ 911 - Citizens or residents of the United States living abroad§ 924§ 925§ 927§ 934 - Limitation on reduction in income tax liability incurred to the Virgin Islands§ 936 - Puerto Rico and possession tax credit§ 937 - Residence and source rules involving possessions§ 954 - Foreign base company income§ 956 - Investment of earnings in United States property§ 957 - Controlled foreign corporations; United States persons§ 960 - Special rules for foreign tax credit§ 963 - Repealed. A Form 8655, “Reporting Agent Authorization,” is filed with the IRS by a withholding agent if its agent (including any sub-agent) acts as a reporting agent for filing Form 1042 on behalf of the withholding agent and the agent (or sub-agent) identifies itself as the filer on the Form 1042; Books and records and relevant personnel of the agent (including any sub-agent) are available to the withholding agent (on a continuous basis, including after termination of the relationship) in order to evaluate the withholding agent's compliance with the provisions of chapter 4; and The withholding agent remains fully liable for the acts of its agent (or any sub-agent) and does not assert any of the defenses that may otherwise be available, including under common law principles of agency, in order to avoid tax liability under the Code.