Notice2025-13159
Agency Collection Activities; Requesting Comments on Form 1042, Schedule Q (Form 1042), Form 1042-S, Form 1042-T, and Section 871(m) Transactions.
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 14, 2025
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
In accordance with the Paperwork Reduction Act of 1995, the IRS is inviting comments on the information collection request outlined in this notice.
Full Text
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<title>Federal Register, Volume 90 Issue 132 (Monday, July 14, 2025)</title>
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[Federal Register Volume 90, Number 132 (Monday, July 14, 2025)]
[Notices]
[Page 31579]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13159]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Agency Collection Activities; Requesting Comments on Form 1042,
Schedule Q (Form 1042), Form 1042-S, Form 1042-T, and Section 871(m)
Transactions.
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of information collection; request for comments.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, the
IRS is inviting comments on the information collection request outlined
in this notice.
DATES: Written comments should be received on or before September 12,
2025 to be assured of consideration.
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224, or by email to <a href="/cdn-cgi/l/email-protection#601012014e030f0d0d050e1413200912134e070f16"><span class="__cf_email__" data-cfemail="09797b68276a6664646c677d7a49607b7a276e667f">[email protected]</span></a>. Include OMB Control No.
1545-0096 in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
or copies of this collection should be directed to Jason Schoonmaker,
(801) 620-2128.
SUPPLEMENTARY INFORMATION: The IRS, in accordance with the Paperwork
Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the
general public and Federal agencies with an opportunity to comment on
proposed, revised, and continuing collections of information. This
helps the IRS assess the impact and minimize the burden of its
information collection requirements. Comments submitted in response to
this notice will be summarized and/or included in the request for OMB
approval. All comments will become a matter of public record.
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the functions of the agency,
including whether the information shall have practical utility; (b) the
accuracy of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services to provide
information.
Title: Form 1042, Schedule Q (Form 1042), Form 1042-S, Form 1042-T,
and Section 871(m) Transactions.
OMB Number: 1545-0096.
Form Number: Form 1042, Schedule Q (Form 1042), Form 1042-S, Form
1042-T, and Section 871(m) Transactions.
Abstract: Form 1042 is used by withholding agents to report tax
withheld at source on certain income paid to nonresident alien
individuals, foreign partnerships, and foreign corporations to the IRS.
Schedule Q (Form 1042) is used withholding agents to report the tax
liability of a qualified derivatives dealer (QDD). Form 1042-S is used
by withholding agents to report income and tax withheld to payees. A
copy of each 1042-S is filed electronically or with Form 1042 for
information reporting purposes. The IRS uses this information to verify
that the correct amount of tax has been withheld and paid to the United
States. Form 1042-T is used by withholding agents to transmit paper
Forms 1042-S to the IRS. Treasury Regulations section 1.871-15(p) was
added by Treasury Decision (TD) 9734, as amended by TD 9815, as amended
by TD 9887. This regulation provides that any party to an IRC section
871(m) transaction may request information regarding that transaction
from another party to the transaction. There is no prescribed form
required. Any statement required by section 1.871-15(p) may be provided
in paper or electronic form. The regulation allows taxpayers to share
information in any reasonable manner agreed to by the parties. See
1.871-15(p)(3)(i).
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals, business or other for-profit
organizations, estates, trusts, tax-exempt organizations, and
government entities.
Estimated Number of Respondents: 167,200.
Estimated Number of Responses: 17,562,100.
Estimated Time per Respondent: 5 minutes for TD 9584, 8 hours for
TD 9734, 29 hours and 28 minutes for Form 1042, 5 hours and 44 minutes
for Schedule Q (Form 1042), 34 minutes for Form 1042-S, and 12 minutes
for Form 1042-T.
Estimated Total Annual Burden Hours: 12,383,498.
Dated: July 10, 2025.
Jason M. Schoonmaker,
Tax Analyst.
[FR Doc. 2025-13159 Filed 7-11-25; 8:45 am]
BILLING CODE 4830-01-P
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