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OMB Control No: 1545-0096	ICR Reference No: 202506-1545-013
Status: Active	Previous ICR Reference No: 202211-1545-008
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1042, Schedule Q (Form 1042), Form 1042-S, Form 1042-T, and Section 871(m) Transactions
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/25/2026
	Date Received in OIRA: 10/31/2025
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2029	36 Months From Approved	02/28/2026
Responses	17,562,100	0	8,558,200
Time Burden (Hours)	12,383,498	0	6,704,249
Cost Burden (Dollars)	0	0	0

Abstract: Internal Revenue Code (IRC) sections 871, 877A, 1441, 1442, 1445, 1446, 1471, 1472, 5000C, and 6049 require withholding agents to deduct and withhold specified amounts of income paid to certain expatriates, nonresident aliens, foreign persons, foreign partnerships, and foreign corporations for tax liabilities under IRC Subtitle A. IRC sections 1461 and 1474, and their associated regulations, make these withholding agents liable for such tax and require reporting of taxes and payments 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). Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, is used by withholding agents to report tax amounts withheld from payments to certain expatriates, nonresident aliens, foreign persons, foreign partnerships, and foreign corporations to the IRS. Schedule Q (Form 1042), Tax Liability of Qualified Derivatives Dealer (QDD), is used by a taxpayer, or any branch of the taxpayer, that was a QDD to report tax liabilities as required by Treasury Regulations section 1.441-1(e)(6)(i)(D)(3). Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, is an information return used by the withholding agent to report certain income and amounts withheld to the payee and the IRS. Form 1042-T, Annual Summary and Transmittal of Forms 1042-S, is used by the withholding agent to transmit paper Forms 1042-S to the IRS.

Authorizing Statute(s): US Code: 26 USC 1442 Name of Law: Withholding of tax on foreign corporations
   US Code: 26 USC 1461 Name of Law: Liability for withheld tax
   US Code: 26 USC 877A Name of Law: Tax Responsibilities Of Expatriation
   US Code: 26 USC 871 Name of Law: Tax on nonresident alien individuals
   US Code: 26 USC 1445 Name of Law: Withholding Of Tax On Dispositions Of United States Real Property Interests
   US Code: 26 USC 1446 Name of Law: Withholding Of Tax On Foreign Partners' Share Of Effectively Connected Income
   US Code: 26 USC 1471 Name of Law: Withholdable Payments To Foreign Financial Institutions
   US Code: 26 USC 1472 Name of Law: Withholdable Payments To Other Foreign Entities
   US Code: 26 USC 1474 Name of Law: Special Rules
   US Code: 26 USC 5000C Name of Law: Imposition Of Tax On Certain Foreign Procurement
   US Code: 26 USC 6049 Name of Law: Returns Regarding Payments Of Interest
   US Code: 26 USC 1441 Name of Law: Withholding of tax on nonresident aliens

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 31579	07/14/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 48961	10/31/2025
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	17,562,100	8,558,200	9,003,900
Annual Time Burden (Hours)	12,383,498	6,704,249	5,679,249
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Changes were made to the burden previously approved to update the estimated number of responses based on the most recent filing data. The annual number of responses requested is 17,562,100 (an increase of 9,003,900 from the previously approved 8,558,200). The change in estimated responses results in an overall hourly burden increase of 5,679,249 (current burden estimate is 12,383,498 and previously approved was 6,704,249).

Annual Cost to Federal Government: $502,527

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Noreen Ash 859 488-3810

View ICR - OIRA Conclusion