TaxBandits Now Supports E-filing and Distribution Of Form 1042-S: File By March 15, 2024
ROCK HILL, SC / ACCESSWIRE / March 7, 2024 / TaxBandits, a leading tax e-filing platform, is pleased to announce its latest enhancement: E-filing and recipient copy distribution of Form 1042-S. This addition comes just in time for tax season, allowing businesses and tax professionals to seamlessly file by the IRS deadline on March 15, 2024.
An Overview of Form 1042-S
Form 1042-S is an IRS tax form that is designed to comprehensively report various types of income paid to foreign individuals or entities within the United States. This information return captures a wide array of payments subject to withholding, including compensation, scholarships, royalties, and dividends.
Businesses, withholding agents, and financial institutions are typically required to file Form 1042-S when making such payments to non-resident aliens, ensuring compliance with U.S. tax regulations.
The form provides detailed information, including the recipient's name, address, and tax identification number, as well as the type and amount of income paid. By mandating the filing of Form 1042-S, the IRS aims to track and regulate cross-border financial transactions, fostering transparency and accountability in international financial dealings.
Streamlined 1042-S E-filing from TaxBandits
With TaxBandits' user-friendly interface and comprehensive features, their clients can now navigate the e-filing process efficiently, ensuring both accuracy and compliance. The following TaxBandits features allow for a straightforward e-filing process:
- Bulk Upload Templates:
TaxBandits' Bulk Upload feature allows clients to easily upload the form details for multiple clients at once, speeding up the filing process significantly. Once the form information is uploaded to TaxBandits using the provided Excel/CSV template, clients can easily review and correct filing information and proceed with generating and transmitting all of their 1042-S Forms.
- Built-in Audit Checks: When clients complete their forms with TaxBandits, the application utilizes built-in Audit Checks using the IRS Business Rules. This allows the system to catch common errors before the forms are transmitted to the IRS.
- Recipient Copy Distribution
Furnishing recipients with a copy of their 1042-S is an important IRS requirement for maintaining compliance. With TaxBandits, clients can choose to opt-in to (Foreign) Postal Mailing or Online Access services for recipient copies. TaxBandits prints and mails copies and/or provides recipients with a secure link to access their copies through the TaxBandits Portal.
- Instant IRS Notifications
After transmitting Form(s) 1042-S to the IRS, you will receive notifications instantly as the IRS processes and accepts or rejects them. If any forms are rejected, you can easily correct and retransmit them at no additional cost.
When asked about the approaching 1042-S deadline, Agie Sundaram, the CEO, and Co-founder of SPAN Enterprises (parent company of TaxBandits), responded by stating, "Our team is always working to expand the forms and features that we offer. Our clients can now take advantage of all of the time-saving features and excellent support from TaxBandits when filing 1042-S Forms. With the deadline just a week away, now is the time to create a TaxBandits account and begin the simple process."
Start filing Forms 1042-S and more today by creating a free account at TaxBandits.com.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099, W2, 1095-C Form , 1095-B Form , 940, 941, 943, 944, 945, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add value for their clients and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please contact Stephanie Glanville, Content Writer at stephanie@spanenterprises.com.
SOURCE: SPAN Enterprises
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