March 5, 1993
TO: TAX MEMBERS NO. 10-93
OPERATIONS MEMBERS NO. 16-93
CLOSED-END FUND MEMBERS NO. 9-93
UNIT INVESTMENT TRUST MEMBERS NO. 11-93
ACCOUNTING/TREASURERS COMMITTEE NO. 12-93
TRANSFER AGENT ADVISORY COMMITTEE NO. 19-93
RE: REVENUE PROCEDURE FOR SUBMITTING FORM 1042S TO IRS
__________________________________________________________
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 updates and supersedes Revenue Procedure 91-60. (See
Institute Memorandum 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 and Accounting/Treasurers Committee No. 25-91, dated
December 10, 1991.)
Section 2 of Part A of this Revenue Procedure summarizes
the changes that have been included in this Revenue Procedure for
Tax Year 1992. Section 13 of Part A discusses major problems
encountered. The IRS recommends that this publication be read in
its entirety to ensure proper reporting.
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment