New Form 1042-S Reporting Rules for Partnerships

As part of the Proposed Burden Reduction Regulations released in December 2018, the IRS and Treasury have modified the rules for Form 1042-S reporting with respect to partnerships. The proposed regulations were followed by amendments to the Form 1042-S and 1042-S Instructions, Form 1042 Instructions, and a cover sheet modifying the requirements for 2019 reporting.

This webcast discusses the requirements under the recently released guidance and the differences between the Proposed Regulations method of reporting and traditional lag method reporting. Specific topics will also include:

• Options and recommendations for reporting for the 2019 year;
• Operational considerations for when transitioning from one method to another; and
• Navigating withholding requirements when distributions or redemptions are made prior to the issuance of the K-1, including the use of reimbursements and the escrow method.