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 ti