KPMG report: Forms 1042 and 1042-S reporting updates
Practical tips for navigating 2025 filing season
Taxpayers filing more than 10 information returns (e.g., Forms 1099, 1042-S, W-2) in aggregate must file these electronically for tax year 2023. In addition, Form 1042 electronic filing is now required for U.S. entities that are financial institutions (e.g., those entities using a chapter 4 status code of 01), partnerships with greater than 100 partners (regardless of number of information returns being filed), or filing more than 10 information returns in aggregate.
Read a March 2025 report prepared by KPMG LLP that offers some practical tips for navigating the 2025 filing season.