March 17, 2025, is the IRS deadline for filing Forms 1042 and 1042-S, and TaxBandits' Bulk Upload feature helps businesses file quickly and accurately to avoid penalties.
ROCK HILL, SC / ACCESS Newswire / March 17, 2025 / The deadline for filing IRS Form 1042 and Form 1042-S is today, March 17, 2025. Businesses and withholding agents must submit these forms by the end of the day. Missing this crucial deadline can result in substantial IRS penalties, making timely and accurate filing a priority. To simplify the process, TaxBandits introduces its Bulk Upload feature, making e-filing faster, easier, and more accurate.
TaxBandits Bulk Upload: The Fast and Accurate Way to Meet The Deadline
TaxBandits, an IRS-authorized e-file provider, offers a streamlined method for e-filing with its Bulk Upload feature. This tool allows businesses to upload multiple recipient records at once, minimizing the need for manual data entry and reducing the risk of errors. With hours remaining, the Bulk Upload feature is designed to ensure accuracy and speed with the following benefits:
Speeds Up Filing - Multiple recipient records can be processed instantly, ensuring filings are completed before the end of the day.
Reduces Errors - Built-in validation checks guarantee that all records are accurate before submission.
IRS-Compliant E-Filing - Forms can be securely submitted, adhering to IRS regulations.
Avoids Last-Minute Stress - The filing process is streamlined, making it easier to meet the deadline with confidence.
Who Needs To File Today?
Form 1042 and Form 1042-S are mandatory filings for withholding agents responsible for payments subject to U.S. tax withholding for foreign individuals and entities.
Form 1042 is required for withholding agents who manage payments to non-U.S. persons, including foreign individuals, corporations, partnerships, trusts, estates, and financial institutions involved in cross-border transactions.
Form 1042-S is used to report payments made to foreign persons, including interest, dividends, royalties, scholarships, and compensation for services performed in the U.S.
Are There Penalties For Missing The Deadline?
Failure to meet today's deadline may result in substantial penalties.
Late Filing of Form 1042 - 5% of the unpaid tax per month (up to a maximum of 25%).
Late Payment of 1042 Taxes - 0.5% of the unpaid tax per month (up to a maximum of 25%).
Late Filing of Form 1042-S - Penalties range from $60 per form to $330 per form, depending on the timing of the filing.
File Faster & Smarter with TaxBandits
The TaxBandits Bulk Upload feature is the ultimate solution for businesses needing to file Form 1042 and Form 1042-S efficiently and accurately. Those required to file Form 1042-S or 1042 are encouraged to visit www.TaxBandits.com.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099 Form, Form W2, Form 940, Form 941, 1095-B, 1095-C, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
TaxBandits provides another advantage for high-volume filers and software providers. The TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms.
About SPAN Enterprises
Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade.
The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
Please direct all media inquiries to Caleb Flachman, Marketing Manager, at caleb@spanenterprises.com.
SOURCE: TaxBandits
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