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2021 Instructions for Form 1042-S

2021 Instructions for Form 1042-S

On February 23, 2021, the IRS published the 2021 Instructions for Form 1042-S. Follow the link to review these new instructions.

Updates include:

• Chapter 3 Exemption Code 02. This code is now for income “Exempt under IRC.” A new footnote 7 clarifies that exemption code 02 should be used only if no other specific chapter 3 exemption code applies.

• Chapter 3 Exemption Code 24. This new code is for income that is “Exempt under Section 892.”

• Requests for extensions of time to provide statements to recipients. An extension of time to furnish the statements is now a fax-only submission. Do not send a submission by mail. Letters should be faxed to: Internal Revenue Service Technical Services Operation, Attn: Extension of Time Coordinator: Fax: 877-477- 0572 (International Fax: 304-579-4105). The letter must include the withholding agent’s name, TIN, address, type of return, a statement that the extension request is for providing statements to recipients, the reason for delay, and the signature of the payer or authorized agent.

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