IRS 1042-S Reporting




Simplify and automate your IRS 1042-S electronic reporting process

Developed in Partnership with BDO Tax and Accounting s.a.



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Overview

The Opes ICE solution is a suite of tools which was developed in partnership with BDO Tax and Accounting s.a. that enables financial institutions to easily manage and expedite the process of complying with the new IRS electronic filing and reporting requirements of Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding). ICE enables you to upload all the required information in batch form and then automatically generates the necessary IRS formated E files and electronically submits them to the IRS. ICE also mass produces client copies of the 1042-S form.

BDO Tax and Accounting s.a. Partnership

Have confidence in the fact the Opes IRS 1042-S E-Filing solution was developed in partnership with BDO Tax and Accounting s.a., a member of one of the largest and most reputable accounting networks in the world.

Meet IRS E-Filing Deadline

ICE enables you to meet your IRS e-filing requirements on time and accurately, mitigating the possibility of incurring IRS penalties (up to $1,500,000 per year)

Simplified Process

Improve your customer’s experience with streamlined processes and reporting that meet regulatory requirements.

Reduce Risk & Increase Efficiency

Electronically generated IRS E-files and populated IRS 1042-S forms mitigate the possibility of manual errors, reducing your operational risk and improving reporting efficiency.

Feature and benefits

  • Standardized Batch Upload Template - Simplifies manual processes and mitigates operational risk

  • Workflow Manager - Step-by-Step workflow to simplify the IRS reporting process

  • IRS E-File Submitting - Electronically generate and transmit IRS reports

  • Client 1042-S Reporting - Electronically generate and populate client 1042-S forms

  • BDO Tax and Accounting s.a. - Developed in partnership with one of the largest accounting firms in the world

  • Fully IRS FIRE System Tested - Enables you to focus on your core business objectives, rather than developing new IT systems to meet the IRS reporting requirements and deadlines

BDO Tax and Accounting S.A., a Luxembourg Limited Liability Company, is a member of the BDO international network of independent member firms.