What is the deadline to file form 1042 for reporting tax on foreign persons' income?

The deadline to file Form 1042, which is used for reporting tax withheld on payments to foreign persons, is indeed January 31. This form specifically reports withholding amounts for various types of income paid to non-resident aliens and foreign entities, including but not limited to interest, dividends, rents, and royalties.

Understanding the timing of this deadline is crucial for compliance with IRS regulations. January 31 is set as the deadline because it allows the IRS to gather necessary information early in the calendar year. This ensures that both the IRS and the taxpayer can address any discrepancies or issues related to foreign income reporting in a timely manner.

Additionally, various withholding documentation is required to be prepared and submitted to ensure compliance, making the January 31 deadline critical for entities engaging with foreign persons. In contrast, the other dates listed are associated with different forms or tax obligations, establishing January 31 as the unique deadline for Form 1042.