1
*/ For more information on the IRS Bulletin Board System, see
Institute Memorandum to Tax Members No. 51-91, Operations Members
No. 30-91 and Transfer Agent Advisory Committee No. 55-91, dated
November 21, 1991.
December 10, 1991
TO: TAX MEMBERS NO. 61-91
OPERATIONS MEMBERS NO. 34-91
CLOSED-END FUND MEMBERS NO. 54-91
UNIT INVESTMENT TRUST MEMBERS NO. 62-91
TRANSFER AGENT ADVISORY COMMITTEE NO. 60-91
ACCOUNTING/TREASURERS COMMITTEE NO. 25-91
RE: IRS REVENUE PROCEDURE ON FORM 1042S MAGNETIC/ELECTRONIC
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, magnetically or electronically. This Revenue
Procedure supersedes Revenue Procedure 91-9. (See Institute
Memorandum 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 and Transfer
Agent Advisory Committee No. 6-91, dated February 12, 1991.)
Numerous changes have been made this year to the Revenue
Procedure because of the additional means (electronic and
diskette) by which Form 1042S may now be filed. These editorial
and programming changes are summarized in Section 2 of the
Revenue Procedure. Among the many changes:
o the Information Reporting Program Bulletin Board
System is now available to filers*/1;
o filers who wish to file electronically will be
considered to have met the magnetic media filing
requirement;
o filers will no longer be required to include a copy
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of their approval letter for an extension of time
with their shipments;
o instructions for obtaining an extension of time to
file the recipient copy of Form 1042S are provided;
o the date by which Form 8508, Request for Waiver
From Filing Information Returns on Magnetic Media,
must be filed with the IRS Martinsburg Computing
Center has been changed from 90, to 45, days before
the due date of the return;
o a new Part B, Section 3, has been added to provide
specifications for filing 5 1/4- and 3 1/2-inch
diskettes; and
o a new Part B, Section 4, has been added to provide
specifications for filing Form 1042S
electronically.
Because of the many changes made to the requirements for filing
Form 1042S, the IRS recommends that you read this Revenue
Procedure in its entirety.
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment
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