If you downloaded the 2021 Instructions for Form 1042-S prior to February 23, 2021, please be advised that those instructions have been amended as described below. On pages 20 and 21, the penalties for late filing of correct Form 1042-S and failure to furnish correct Form 1042-S to recipients have been updated to reflect the cost of living adjusted dollar amounts specified in Revenue Procedure 2020-45. On page 26, two notes have been added to the instruction for boxes 12b and 12c. The first note clarifies that withholding agents that are US. government entities or U.S. tax-exempt entities, including colleges and universities, and other U.S. tax-exempt entities under the Internal Revenue Code other than under section 501(c) may use chapter 3 status code 20 (tax exempt organization (section 501(c) entities) for box 12b. The second note clarifies that, in general, a withholding agent should select the chapter 3 status code that most closely applies with its status based on the available codes. For example, if a U.S. financial institution (which checks chapter 4 status code 01, as such, unless it is a foreign branch) is a corporation, it should use chapter 3 status code 15 (corporation). Please download the instructions again for the revised instructions.