February 12, 1991
TO: TAX MEMBERS NO. 3-91
OPERATIONS MEMBERS NO. 4-91
CLOSED-END FUND MEMBERS NO. 6-91
UNIT INVESTMENT TRUST MEMBERS NO. 5-91
ACCOUNTING/TREASURERS COMMITTEE NO. 1-91
TRANSFER AGENT ADVISORY COMMITTEE NO. 6-91
RE: IRS REVENUE PROCEDURE ON MAGNETIC FILING OF FORM 1042S
__________________________________________________________
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 89-58.
Section 2 of this Revenue Procedure summarizes the changes
that have been included in this Revenue Procedure for Tax Year
1990. 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.
David J. Mangefrida, Jr.
Assistant General Counsel
Attachment
DJM:bmb