Reference
On Wednesday 28 January, we sent to those of our customers with reportable payments under U.S. withholding tax rules for the year 2014 a draft of the U.S. Internal Revenue Service (IRS) Form 1042-S (“Foreign Persons U.S. Source Income Subject to Withholding”) recording their Clearstream Banking1 activities.
This report is for information purposes and is intended for internal use only by our customers to assist in the preparation of their final reporting.
Purpose of the draft IRS Form 1042-S
Customers can use our draft of the IRS Form 1042-S to perform an internal reconciliation with what they plan to include in their own IRS Form 1042 or Form 1042-S and thereby identify any discrepancies before submitting their definitive version.
We provide these draft forms for information purposes only and do not warrant the accuracy of the data provided. Furthermore, information concerning tax reporting does not constitute legal or tax advice.
Note: The deadline to provide us with your queries or modification requests is 20 February 2015.
Clearstream U.S. tax reports
For the convenience of our customers, an Operational News will be published in due time providing guidance on how to quickly obtain, by email, the full details of taxable U.S. payments reported on their account. The reports will be provided in an Excel format spreadsheet per account, per income code and exemption code, and will be the static match of the amounts reported on the customer’s Form 1042-S.
In addition, customers are reminded that full details of taxable U.S. payments for their account are also available in the “U.S. Withholding Tax Report”, which can be requested via CreationOnline. These details, however, are “real-time” and will reflect the possible modifications of payments on your account after the emission of the draft Form 1042-S.
Final reporting deadline
Pursuant to the IRS statutory deadline for issuing information reporting, the final IRS Form 1042-S will be issued by 15 March 2015.
Further information
For Further information, customers may contact the Clearstream Banking Tax Help Desk.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.