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The instructions provided below in this update are intended to supplement and, if indicated, replace the specified sections of the 2014 Form 1042-S instructions.

This directive provides guidance to LB&I examiners in determining whether a taxpayer in the pharmaceutical and biotechnology industries has appropriately computed the credit for increasing research activities under section 41 of the Internal Revenue Code (research credit) for activities involved in developing new pharmaceutical drugs and therapeutic biologics.

The following questions and answers were prepared in response to inquiries that have been proposed to the IRS by US withholding agents, major corporations and multinational companies outside of the financial service community.

August 2, 2023 — The Commissioner speaks on the IRS paperless processing initiative.

I.R.C. section 475, Field Directive related to Mark-to-Market Valuation

Use Form 1099-K with your other records to help figure and report your correct income on your tax return. Find out what to do if the form is incorrect or if you shouldn’t have received it.

Frequently asked questions about the second Employee Retention Credit Voluntary Disclosure Program. The second Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) lets employers pay back ineligible Employee Retention Credits at a discounted rate.

Certain employers are required to report to the IRS information about whether they offered health coverage to their employees and if so, information about the coverage offered. This information also must be provided to employees. These FAQs address these reporting requirements.

Find answers to frequently asked questions about Foreign Account Tax Compliance (FATCA).

IR-2024-128, May 1, 2024 — As National Small Business Week continues, the Internal Revenue Service urges entrepreneurs to put in place data security safeguards protecting their financial, personal and employee information from scams and cybercriminals hunting for easy targets.