1042-S Express



1042-S Express is used to report amounts paid to foreign persons (including those presumed to be foreign) by a United States based institution or business.

Not to be confused with a 1099 form which is used to report miscellaneous income, such as gross rent, for US residents and businesses only, whereas a 1042-S (Foreign Person's U.S. Source Income Subject to withholding) is used to report income paid to a non-resident regardless of whether the payment is taxable.

Our 1042 software is fully compatible with all versions of Windows and we are the only software on the market that allows you to import by Copy and Paste from Excel. You can do this by going to 'Edit' -> 'Paste from Excel by Header Name' (fourth from the top) or by right clicking on the grid and selecting 'Paste from Excel by Header Name' from the dropdown list.

The 1042-S Express software is a complete package. The Software supports in-house printing and IRS electronic file creation in the IRS Publication 1187 format which allows you to print, mail and eFile all in one program. No other additions or extras required. The 1042-S software comes with built-in business rules & IRS validations to help properly complete the highly complicated 1042-S tax form and prevent potential IRS rejections.

The 1042-S Express software can support unlimited filing entities and records – no additional purchases are required. You can file as many records in one file as you would like. However, the IRS does have a limit of 100,000 records per file. If we eFile for you we can split those larger files up for you.

To avoid undue stress all 1042-S Express customers can utilize our Service Bureau to print, mail and eFile for you for a fee. Our friendly support staff are always available during business hours to help you with any questions. We are available via chat, email or phone with extended hours during season.

Withholding agents are required to file electronically if there are 250 or more 1042-S Forms. The electronic submissions are filed using the Filing Information Returns Electronically (IRS Fire) System but you must have your own TCC which is different than the TCC for 1099s.

Our Service Bureau can take over the task of printing, mailing and e-filing for a fee. Let us help you.

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