Satisfying US Tax Laws: Apparently.

Is this new since Brexit? In order to be paid by a US company now this form must be filled in to satisfy US IRS tax laws. Do you wonder why businesses are giving up and packing it in entirely? I’ll never get my 50 cents now. (Gdicm is not commercial) Maybe Nigel Farage should be made to fill in all the export import forms. Maybe a department for purpose? This is part of US IRS form 1042-S see the whole form here in PDF. Maybe those e-mails I get saying there is millions in my name in the US are not phishing spam after all? They are.

Form 1042-S
Department of the Treasury
Internal Revenue Service
Foreign Person’s U.S. Source Income Subject to Withholding
Go to http://www.irs.gov/Form1042S for instructions and the latest information. 2024
UNIQUE FORM IDENTIFIER AMENDED AMENDMENT NO.
OMB No. 1545-0096
Copy A for
Internal Revenue Service
1 Income
code
2 Gross income 3 Chapter indicator. Enter “3” or “4”
3a Exemption code
3b Tax rate .
4a Exemption code
4b Tax rate .
5 Withholding allowance
6 Net income
7a Federal tax withheld
7b Check if federal tax withheld was not deposited with the IRS because
escrow procedures were applied (see instructions) . . . . . .
7c Check if withholding occurred in subsequent year with respect to a
partnership interest . . . . . . . . . . . . . .
8 Tax withheld by other agents
9 Overwithheld tax repaid to recipient pursuant to adjustment procedures (see instructions)
( )
10 Total withholding credit (combine boxes 7a, 8, and 9)
11 Tax paid by withholding agent (amounts not withheld) (see instructions)
12a Withholding agent’s EIN 12b Ch. 3 status code 12c Ch. 4 status code
12d Withholding agent’s name
12e Withholding agent’s Global Intermediary Identification Number (GIIN)
12f Country code 12g Foreign tax identification number, if any
12h Address (number and street)
12i City or town, state or province, country, ZIP or foreign postal code
13a Recipient’s name 13b Recipient’s country code
13c Address (number and street)
13d City or town, state or province, country, ZIP or foreign postal code
13e Recipient’s U.S. TIN, if any 13f Ch. 3 status code
13g Ch. 4 status code
13h Recipient’s GIIN 13i Recipient’s foreign tax identification
number, if any
13j LOB code
13k Recipient’s account number
13l Recipient’s date of birth (YYYYMMDD)
14a Primary Withholding Agent’s Name (if applicable)
14b Primary Withholding Agent’s EIN
15 Check if pro-rata basis reporting
15a Intermediary or flow-through entity’s EIN, if any 15b Ch. 3 status code 15c Ch. 4 status code
15d Intermediary or flow-through entity’s name
15e Intermediary or flow-through entity’s GIIN
15f Country code 15g Foreign tax identification number, if any
15h Address (number and street)
15i City or town, state or province, country, ZIP or foreign postal code
16a Payer’s name 16b Payer’s TIN
16c Payer’s GIIN 16d Ch. 3 status code 16e Ch. 4 status code
17a State income tax withheld 17b Payer’s state tax no. 17c Name of state
For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 11386R Form 1042-S (2024

This is only a fraction of the form. (It is in properly formatted form format in PDF) I’m not complaining, because it is of no importance to me, but see the whole form and think about the yearly paperwork involved now. Not to mention the daily paperwork concerning export / import to Europe now as well. Not worth the effort for a small company we should think.