Form 1042 & 1042-S Deadline Today. TaxBandits' Simplifies Last-Minute Filings with New Bulk Upload Option
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.
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.
[email protected].
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Diamondback Energy (FANG) Rises Higher Than Market: Key Facts
In the latest trading session, Diamondback Energy (FANG) closed at $145.57, marking a +2.42% move from the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.55%. Elsewhere, the Dow saw an upswing of 0.25%, while the tech-heavy Nasdaq appreciated by 0.63%. The energy exploration and production company's stock has dropped by 0.55% in the past month, falling short of the Oils-Energy sector's gain of 3% and the S&P 500's gain of 6.29%. The investment community will be closely monitoring the performance of Diamondback Energy in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $2.72, reflecting a 39.82% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $3.41 billion, indicating a 37.23% upward movement from the same quarter last year. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $13.23 per share and a revenue of $14.05 billion, representing changes of -20.16% and +26.94%, respectively, from the prior year. Investors should also note any recent changes to analyst estimates for Diamondback Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability. Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.89% lower within the past month. Currently, Diamondback Energy is carrying a Zacks Rank of #3 (Hold). In terms of valuation, Diamondback Energy is currently trading at a Forward P/E ratio of 10.74. This denotes a premium relative to the industry's average Forward P/E of 10.64. We can additionally observe that FANG currently boasts a PEG ratio of 1.29. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Oil and Gas - Exploration and Production - United States industry stood at 2.42 at the close of the market yesterday. The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 178, placing it within the bottom 28% of over 250 industries. The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Make sure to utilize to follow all of these stock-moving metrics, and more, in the coming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures waver as US-China trade talks progress, inflation print looms
US stock futures wavered as Wall Street digested the progress on US-China trade negotiations and braced for the release of the May inflation report. Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) hovered just below baseline. Meanwhile, on Tuesday in London, representatives from the US and China reached an agreement on a framework and implementation plan to ease trade tensions between the two countries. 'We have reached a framework to implement the Geneva consensus,' US Commerce Secretary Howard Lutnick said. The commerce secretary indicated that the deal should resolve issues between the two countries on rare earths and magnets. Representatives will now take the proposal to their respective leaders for approval. Read more: The latest on Trump's tariffs When the two countries struck a temporary trade agreement in Geneva in May, stocks surged. Since then, though, relations between the US and China deteriorated as both sides accused each other of violating the deal. The latest plan to resolve trade disputes followed two days of renewed trade talks in London. Nevertheless, the upbeat tone surrounding the meetings has helped lift market sentiment. Stocks edged higher on Tuesday, with the S&P 500 and Nasdaq now within striking distance of their all-time closing highs. Meanwhile, the May Consumer Price Index (CPI) report is set for release on Wednesday at 8:30 a.m. ET. Analysts expect to see that inflation increased slightly in the month that followed President Trump's introduction of higher tariff rates. With the Federal Reserve's next policy meeting next week, investors will be wary of any signs that costs associated with tariffs are being passed onto the consumer.
Yahoo
34 minutes ago
- Yahoo
Analysts react to US-China trade agreement
SINGAPORE (Reuters) -U.S. Commerce Secretary Howard Lutnick said that a trade framework and implementation plan agreed with China in London should result in restrictions on rare earths and magnets being resolved. China's Vice Commerce Minister Li Chenggang said earlier the two teams had agreed on implementing their Geneva consensus and would take the agreed framework back to their leaders. QUOTES: CHRIS WESTON, HEAD OF RESEARCH, PEPPERSTONE, MELBOURNE: "The devil will be in the details but the lack of reaction suggests this outcome fully expected. "While clearly a positive outcome, the lack of reaction in S&P500 futures, and the incremental moves seen in CNH or AUD, suggests achieving the framework on the Geneva agreement was fully expected – the details matter, especially around the degree of rare earths bound for the US, and the subsequent freedom for US produced chips to head East, but for now as long as the headlines of talks between the two parties remain constructive, risk assets should remain supported. "The reaction in Chinese equities could be telling and I suspect US equity futures will track developments here closely today." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
