The IRS is launching a new process for financial institutions who need to apply for a Transmitter Control Code (TCC) to use the FIRE Portal to submit their 1042-S Information Returns electronically.

If you received your Transmitter Control Code before 26th September 2021, you must take action.

If you submitted your TCC application prior to 26th September 2021 you will need to renew your TCC using the new application process before 1st August 2023.

Your existing TCC will remain active for use until 1st August 2023. After that, if you have not renewed your TCC it will be dropped from the system and you will not be able to file electronically. Visit Filing Information Returns Electronically Update for more information.

What are the benefits?

The online application allows easier application updates, including requesting additional TCCs, and provides more control over who has access to your TCC(s).

What do you need to do?

Beginning in September 2022, you’ll be asked to take the following steps:

• Validate your identity using the latest IRS authentication process (if you’ve not already done so)
• Log into the IR Application for TCC.
• Complete the online application.

Note: Any TCC(s) issued prior to 26th September 2021 will automatically be added to your completed application.

The IRS encourages financial institutions to complete the new application as soon as possible.

Source: Internal Revenue Service Qualified Intermediaries News, 16th June 2022