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Form 3921 ND: What You Should Know
What Are the Components of IRS Form 3921? This form must be filed when: an employee, “Form 3921” and “Form 965” are the same. Form 965, Employer's Annual Federal Tax Return and Form 965A are the same. What is IRS Form 3921? Form 3921 is the annual report required by Section 6039 of the Internal Revenue Code. When an employee (as defined by Section 6031(h) Code) who exercised an ISO within the prior tax year(s) sells or otherwise disposes of the ISO within 60 days after the date of grant (the date the employee would otherwise receive the ISO), the employee must file “Form 965,” Employer's Annual Federal Tax Return, with the IRS. What Kinds of Stock Issued Tax-Favored? What Should I Consider When Issuing Stock? Section 6031(a) Code: The Employee's ISO must be a share of the corporation's common stock (excluding any preferred or dividend shares), or a stock of a subsidiary corporation of the corporation, as defined by Section 1012(5)(A) of the Code. What Happens if an Employee Does Not File IRS Form 3921? An employee who exercises ISO without filing the required Form 3921 by June 30 of the previous tax year(s) does not have to file an IRS Form 965 for the previous tax year(s). However, a failure to file an IRS Form 965 by June 30 may subject the employee to a penalty for each tax year the failure continues to exist or occur. See IRS Publication 970. The IRS has issued guidance for how to calculate an employee's ISO. “Form 3921 provides the employee with the information that, if required to file taxes on Form 1099 or Form 1041, will enable him or her to more effectively report the exercise of an ISO.” (Source — IRS) Form 3921: Instructions To Form 3921 .pdf. “The Employee must provide the Corporate Accounting System (CAS) account number and account number of each person with whom he or she shares the ISO on Form 3921… The Employee must include each person with whom he or she shares the ISO on the Form.
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