What form serves as a notification to employers regarding penalties for missing or late information?

The form that serves as a notification to employers regarding penalties for missing or late information is the 972CG. This form is specifically designed to notify a payer that they have failed to comply with information return requirements, such as failing to file a required return or filing it late. The 972CG communicates the penalties that may be imposed for such deficiencies, allowing employers to understand their responsibilities and potential financial consequences.

In contrast, the other forms mentioned serve different purposes. Form 945 is used to report nonpayroll withholding, such as backup withholding, while Form 1042-S is utilized for reporting payments to foreign persons or entities, often in regard to income that is subject to withholding. Form 1099-MISC is utilized to report miscellaneous income, including payments to non-employees and other various obligations but does not serve as a notification for penalties associated with filing noncompliance. Therefore, the 972CG is the correct choice for notifying employers about penalties for missing or late information.