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IRS.gov Website
Instructions for Form 1042-S
taxmap/instr2/i1042s-014.htm#en_us_publink64278ad0e2303

taxmap/instr2/i1042s-014.htm#TXMP2d78ea22
Penalties(p19)

rule
The following penalties apply to the person required to file Form 1042-S. The penalties apply to both paper filers and electronic filers.
taxmap/instr2/i1042s-014.htm#en_us_publink64278ad0e2311
taxmap/instr2/i1042s-014.htm#TXMP785efdce
Late filing of correct Form 1042-S.(p19)
rule
A penalty may be imposed for failure to file each correct and complete Form 1042-S when due (including extensions), unless you can show that the failure was due to reasonable cause and not willful neglect. The penalty, based on when you file a correct Form 1042-S, is:
If you intentionally disregard the requirement to report correct information, the penalty per Form 1042-S is increased to the greater of $530 or 10% of the total amount of items required to be reported, with no maximum penalty.
taxmap/instr2/i1042s-014.htm#en_us_publink64278ad0e2345
taxmap/instr2/i1042s-014.htm#TXMP7ab070c6
Failure to furnish correct Form 1042-S to recipient.(p19)
rule
If you fail to provide Forms 1042-S to recipients and cannot show reasonable cause, a penalty of up to $260 may be imposed for each failure to furnish Form 1042-S to the recipient when due. The penalty also may be imposed for failure to include all required information or for furnishing incorrect information on Form 1042-S. The maximum penalty is $3,218,500 for all failures to furnish correct recipient statements during a calendar year. If you provide the correct statement on or before August 1, reduced penalties similar to those for failing to file a correct Form 1042-S with the IRS may be imposed. See Late filing of correct Form 1042-S, earlier. If you intentionally disregard the requirement to report correct information, each $260 penalty is increased to the greater of $530 or 10% of the total amount of items required to be reported, with no maximum penalty.
taxmap/instr2/i1042s-014.htm#en_us_publink64278ad0e2357
taxmap/instr2/i1042s-014.htm#TXMP7a0b51c8
Failure to file electronically.(p19)
rule
If you are required to file electronically but fail to do so, and you do not have an approved waiver on record, penalties may apply unless you establish reasonable cause for your failure.