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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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1042 S
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taxes---taxes
Level 3
06-27-2020
03:41 PM
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Client is a dual resident of the US and Canada (Canadian citizen, US resident). Resided in Canada for close to 15 years. His company is incorporated in Canada. He is a truck driver who crosses the border weekly. Did a few jobs for a US company and he was issued a 1042-S using his US social security # but in the name of his Canadian (incorporated) company. What should the general approach be here?
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Taxes-by-Rocky
Level 7
06-28-2020
11:59 AM
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You might want to start by obtaining the certification form your taxpayer provided to the US entity (i.e., W-8 or W-9). That might help you understand why the US entity issued the Form 1042-S the way they did.
taxes---taxes
Level 3
06-29-2020
07:26 PM
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Doesn't appear to be a W-9 as he never received a 1099. Boxes 7 and 10 are both '0' on the 1042-S and my understanding is that if this is the case, then the form is just for informational purposes only. New territory for me so just seeking a bit of old fashion guidance on how to approach with the client.
