Blog - TaxBandits

Posted inin 1042 Forms

Understanding FDAP Income: The Foundation of Foreign Withholding Reporting

Money moves across borders every day. A U.S. company pays royalties to a designer in France, dividends to an investor in Japan, or licensing fees to a contractor in Canada. ...

Posted byCharles Hardy
March 12, 2026
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Posted inin Tax Tips

When Gambling Winnings Require Form W-2G Reporting

Winning money from gambling can feel exciting—whether it’s hitting a jackpot at a casino, winning a poker tournament, or getting lucky with a sports bet. While the thrill of winning...

Posted byCharles Hardy
March 12, 2026
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Posted inin 1042 Forms

Common 1042 and 1042-S Filing Mistakes That Lead to IRS Penalties

If your business or organization makes payments to foreign individuals or entities—whether it’s wages, royalties, dividends, or other income you’re required to file Form 1042 and Form 1042-S with the...

Posted byCharles Hardy
March 10, 2026
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Posted inin Tax Tips

ACA Compliance for Healthcare Employers: Special Scenarios Including COBRA, ICHRA, and Rehires

Healthcare organizations operate in one of the most complex employment environments in the country. Between shift-based staffing, part-time clinicians, seasonal employees, and contract workers, workforce structures often change throughout the...

Posted byCharles Hardy
March 9, 2026
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Posted inin 1042 Forms

Handling Multiple Income Types on Form 1042-S: Codes, Rates, and Reporting Pitfalls

If you’re responsible for reporting U.S. source income paid to foreign individuals or entities, Form 1042-S is something you can’t afford to get wrong, especially when a single recipient receives...

Posted byCharles Hardy
March 5, 2026
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Posted inin 1042 Forms

What Fintech Platforms Need to Know About Foreign Income Reporting Using 1042 Forms

If your fintech platform pays foreign users, you may already be operating inside the 1042 reporting framework without realizing it. You process cross-border transactions. You distribute marketplace earnings. You credit...

Posted byCharles Hardy
March 3, 2026
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Posted inin Extensions

How to File a Form 1065 Extension for Your Partnership

Preparing a partnership tax return isn’t just about plugging numbers into a form. It involves reviewing income streams, confirming expense categories, updating partner capital accounts, and ensuring each Schedule K-1...

Posted byCharles Hardy
February 27, 2026
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Posted inin Form 94x Series
IRS Updates

Form 941 for 2026 Released: Key Changes Employers Should Know

The IRS has released the final version of Form 941 for 2026. Learn about the latest updates and key changes to the 941 form for the 2026 tax year.

Posted byAnna Bowie
February 27, 2026
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Posted inin 1042 Forms
Tax Tips

Understanding Withholding Agent Responsibility Under IRC Sections 1441–1474

If your business pays foreign individuals or foreign companies, whether it’s for services, royalties, dividends, or interest, the IRS expects you to do more than just send the money. You...

Posted byCharles Hardy
February 24, 2026
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