Exemption from the requirement to electronically file Forms 1042 required to be filed in 2024 and 2025

Notice 2024-26 provided an administrative exemption from the requirement to electronically file Forms 1042 for tax year 2023, required to be filed in calendar year 2024. The Notice also provided that withholding agents that are foreign persons are exempt from the requirement to file Forms 1042 for tax year 2024, required to be filed in calendar year 2025. The IRS has extended the automatic administrative exemption for U.S. withholding agents with respect to Forms 1042 for tax year 2024, required to be filed in calendar year 2025.