November 21, 1989
TO: TAX MEMBERS NO. 45-89
OPERATIONS MEMBERS NO. 33-89
UNIT INVESTMENT TRUST MEMBERS NO. 63-89
CLOSED-END FUND MEMBERS NO. 64-89
TRANSFER AGENT ADVISORY COMMITTEE NO. 29-89
ACCOUNTING/TREASURERS COMMITTEE NO. 51-89
RE: IRS REVENUE PROCEDURE ON FORM 1042S MAGNETIC FILING
__________________________________________________________
The attached IRS Revenue Procedure sets forth the
requirements and conditions under which withholding agents may
file Form 1042S, Foreign Person's U.S. Source Income Subject to
Withholding, on magnetic tape. Magnetic filing of Form 1042S is
not permitted on diskettes or on data cartridges. This Revenue
Procedure updates and supersedes Revenue Procedure 87-63 and
incorporates other IRS announcements regarding Form 1042S. (See
Institute Memoranda to Tax Members No. 1-89, Operations Members
No. 2-89, Unit Investment Trust Members No. 1-89, Closed-End Fund
Members No. 2-89, Transfer Agent Shareholder Advisory Committee
No. 1-89 and Accounting/Treasurers Committee No. 2-89, dated
January 6, 1989; and to Tax Members No. 8-89 and Transfer Agent
Shareholder Advisory Committee No. 5-89, dated February 24,
1989).
Section 2 of this Revenue Procedure summarizes the changes
that have been included in this Revenue Procedure for Tax Year
1989. Section 3 discusses important rules and common errors.
The IRS emphasizes that deviations cannot and will not be
permitted in any of the data fields and that this Revenue
Procedure is to be followed exactly as written. Consequently,
the entire Revenue Procedure should be carefully reviewed.
We will keep you informed of developments.
Keith D. Lawson
Assistant General Counsel
Attachment