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 “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.
Regulatory and Legislative
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota.
Regulatory and Legislative
The Internal Revenue Service issued Revenue Ruling 2025-2, containing the covered compensation tables for the 2025 plan year.
