The IRS has posted the 2022 tax year version of Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. Form 1042-S is used by IRA custodians, trustees, and issuers to report payments to nonresident aliens, including distributions from IRAs and employer-sponsored retirement plans. There are no noteworthy changes from the 2021 form to report.
Regulatory and Legislative
Department of Labor guidance titled “Amendment of Abandoned Plan Program” that has been with the Office of Management and Budget since last July, has left OMB.
Regulatory and Legislative
IRS Notice 2024-35 states that final RMD regulations, when released, are anticipated to apply no earlier than the 2025 distribution calendar year.
Regulatory and Legislative
The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.
