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For purposes of chapter 4, a withholding agent includes a participating foreign financial institution (FFI) (including a reporting Model 2 FFI) or registered deemed-compliant FFI to the extent such FFI makes a withholdable payment.Under chapter 4 of the Code, a withholding agent that makes a withholdable payment to a payee that is an FFI must withhold 30% on the payment unless the withholding agent is able to treat the FFI as a .For more information, see Section 1445 withholding. The IRS provides several means, including electronic, of obtaining the most frequently used tax forms. If you file Form 1042-S electronically, you will use the Filing Information Returns Electronically (FIRE) system. The term "chapter 3 withholding" is used in this publication descriptively to refer to withholding required under sections 1441, 1442, and 1443 of the Internal Revenue Code. Payments to foreign persons, including nonresident alien individuals, foreign entities, and governments, may be subject to chapter 3 withholding. In addition, a withholding agent may apply a reduced rate of withholding (including an exemption from withholding) if it can reliably associate the payment with documentation from a beneficial owner that is a foreign person entitled to a reduced rate of withholding.The rate of withholding by a qualified investment entity (QIE) on a distribution to a nonresident alien or foreign corporation that is treated as gain from the sale or exchange of a U. For details on the requirements of substitute forms, see Pub. You get to the system through the Internet at FIRE. If you submit files on the FIRE system, it is your responsibility to verify the results of the transmission within 5 business days. The IRS is a proud partner with the National Center for Missing & Exploited Children® (NCMEC). In most cases, chapter 3 withholding describes the withholding regime that requires withholding on a payment of U. Withholding also may be required on a payment to the extent required under chapter 4. If an amount subject to chapter 3 withholding also is a You are a withholding agent if you are a U. or foreign person, in whatever capacity acting, that has control, receipt, custody, disposal, or payment of an amount subject to chapter 3 withholding.If the adjustment is to an amount subject to withholding that is reportable on Form 1042, the partnership (or pass-through partner) should report the withholding on Form 1042 for the year in which it pays the tax required to be withheld. Notice 2018-05, available at, allows withholding agents to apply the transition rules from Notice 2010-46 in 20. Deposit interest of or more paid to certain nonresident alien individuals must be reported on Form 1042-S. All substitute forms must comply with the rules set out in Pub. A substitute of Form 1042-S, Copy A, must be an exact copy of the official form. A reduced rate, including exemption, may apply if there is a tax treaty between the foreign person's country of residence and the United States.Notice 2018-72, available at, announced the intention of the Department of the Treasury and the IRS to amend the regulations under section 871(m) to: . Generally, section 1446(f) requires the transferee of a partnership interest to withhold 10% of the amount realized on the disposition of the partnership interest. Beginning in 2018, the deduction for personal exemptions is suspended. If it is not, the IRS may reject the form as incorrect and may impose penalties. source income received by a foreign person are subject to U. The tax is generally withheld (chapter 3 withholding) from the payment made to the foreign person.The new regime provides for determination, assessment, and collection of underpayments at the partnership level unless certain elections are made by the partnership.Under these rules, a partnership (or a pass-through partner) may be required to withhold under chapter 3 or chapter 4 when there has been an adjustment under the centralized partnership audit regime to an item of income or gain allocable to a foreign person (or any other person subject to withholding). The QDD regime will replace the qualified securities lender (QSL) regime in Notice 2010-46. Deposit interest paid to certain nonresident alien individuals. You must make all deposits of taxes paid with respect to Form 1042-S (including taxes withheld under either chapter 3 or chapter 4) electronically. The official Form 1042-S is the standard for substitute forms.

A payment is considered made to a person if it is paid for that person's benefit.In addition to discussing the rules that apply generally to payments of U. source income to foreign persons, it also contains sections on the withholding that applies to the disposition of U. real property interests and the withholding by partnerships on income effectively connected with the active conduct of a U. Otherwise, you can go to Forms to order current and prior-year forms and instructions. In addition, withholding must be done by any QI, withholding foreign partnership, or withholding foreign trust in accordance with the terms of its withholding agreement, discussed later.As a withholding agent, you are personally liable for any tax required to be withheld. tax liability, you are not liable for the tax but remain liable for any interest and penalties for failure to withhold.This publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign partnerships, foreign trusts, foreign estates, foreign governments, and international organizations. Although several persons may be withholding agents for a single payment, the full tax is required to be withheld only once. However, other persons may be required to withhold.Specifically, it describes the persons responsible for withholding (withholding agents), the types of income subject to withholding, and the information return and tax return filing obligations of withholding agents. Visit Pubs to download forms and publications. For example, a payment made by a flow-through entity or nonqualified intermediary (NQI) that knows, or has reason to know, that the full amount of chapter 3 withholding was not done by the person from which it receives a payment is required to do the appropriate withholding since it also falls within the definition of a withholding agent.

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