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
In a DITC Portal Update, the Cayman government extended the 2019 CRS Compliance Form deadline to September 15, 2021. This extension is intended to accommodate the availability of a bulk upload option in CSV format, which will be released in advance of the revised deadline. The extension also aligns the deadline for both the 2019 CRS Compliance Form and the 2020 CRS Compliance Form, both of which are now September 15, 2021. Read the full update here: https://www.ditc.ky/wp-co