Sec. 3 What’s New for Tax Year 2025

Updates to Publication 1187, after its annual release will be listed in Part E. Exhibit 1, Publication 1187 Tax Year 2025 Revision Updates.

1. A QuickAlert was issued on July 2, 2025, announcing the retirement of the FIRE System.

   • Tax Year (TY) 2026/Filing Season (FS) 2027 is the targeted date for the retirement of the FIRE System.

   • The Information Returns Intake System (IRIS) will be the only intake system for information returns currently received through FIRE, for the 2027 filing season.

   • Stay tuned for future QuickAlerts, IRIS Working Group meetings, and updates to IRS.gov resources for further guidance.

   • Complete an IRIS Application for TCC to begin transitioning to IRIS.

2. Part 3 Sec. 4 Recipient “Q” Record Added a new field position and revised an existing field position. Record Layout to reflect the following changes:

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• Field Position 58 – Field Title: QI, WFP, or WFT revising it’s reporting on Form 1042-S to report

to a specific recipient – Length: 1 - General Field Description: Enter “1” if a Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust is revising it’s reporting on Form 1042-S to report to a specific recipient. Otherwise, enter a blank.

• Field Position 59 – Field Title: Reserved – Length: 1 – General Field Description: Enter a blank.

3. See Instructions for Form 1042-S for recent changes to the form and the instructions including new fields, new and revised codes, and other changes to consider when preparing and filing Forms 1042-S.