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1042 & 1042S FOR LLCS & CORPORATIONS WITH FOREIGN CONTRACTORS

Report
March 15th

Who it Applies For:

  1. LLCs with Foreign Contractors, Landlords & Attorneys
  2. Corporations with Foreign Shareholders, Contractors, Landlords & Attorneys

Form: 1042 & 1042-S

Penalties: $50 per Form 1042-S if you correctly file within 30 days after the required filing date,$100 per Form 1042-S if you correctly file more than 30 days after the due date but by August 1, $260 per Form 1042-S if you file after August 1 or you do not file correct Forms 1042-S; the maximum penalty is $3,193,000 per year ($1,064,000 for a small business).; the maximum penalty is $532,000 per year ($186,000 for a small business).

Earlier Event: February 28
1095 & 1094 / HEALTH INSURANCE TO EMPLOYEES
Later Event: March 15
1065 & 1065B FOR LLCS