IRS 1042-S Report:

In the case of Direct Reporting Foreign Financial Institutions(FFI), which have registered with Inland Revenue Service (IRS) of USA ( Where Model 1 IGA is not entered between USA and the respective reporting Country), IRS 1042-S Reports have to be submitted every year as at 31st Dec as per the format provided by IRS. To generate IRS 1042-S Report, user has to select the year and the Account _Holder_ID for whom IRS 1042-S has to be generated as input data elements. There are 4 copies of report generated for each reportable financial transaction for submission to different authorities.

The above screen shows a sample output of IRS 1042-S report generated.