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Who has to file IRS Form 3921?
Form 3921 is the US Internal Revenue Service form, officially called the Exercise of an Incentive Stock Option Under Section 422(b). The form is designed to be used by any corporation that transfers to any person a share of stock pursuant to the transferee's exercise of an incentive stock option as described in section 422(b) and is applicable to the calendar year during which the transfer was made.
What is the purpose of Form 3921?
The IRS 3921 form serves as an information statement furnishing employees with the details of incentive stock options that were exercised during the year.
Is Form 3921 accompanied by any other forms?
The submission of the completed Form 3921 to the employee does not necessitate attaching any accompanying forms or documents.
When is the Exercise of an Incentive Stock Option form due?
The employer should provide the exercising employees with the 3921 Form by or on February 1. The same form should be directed to the IRS local office by the end of February for the previous calendar year.
How do I fill out the 3921 Form?
To be properly completed, the form must include the following details:
- Information about the Transferor (name and address)
- Transferor's federal identification number
- Information about the Employee (name, address, account number)
- Dates of options granting and exercising
- Exercise price per share
- Number of transferred shares
- Fair market value of a share
- Data about the corporation whose stock is transferred (if other than the Transferor)
What should be done with all four copies of the 3921 Form?
There are detailed instructions about where to submit the four copies (A, B, C and D) on each corresponding page of the document.
What is form 3921?
Form 3921 is a tax form used to report the exercise of incentive stock options (ISOs) by an employee. It is filed by corporations who granted such ISOs to their employees during the year. The form provides information about the date of grant, exercise price, fair market value of the stock, and other relevant details. Employees who receive an ISO exercise should also receive a copy of Form 3921 for their own tax reporting purposes.
Who is required to file form 3921?
Form 3921, also known as Exercise of an Incentive Stock Option Under Section 422(b), is required to be filed by companies that have granted employees incentive stock options (ISOs) during the tax year. This form should be provided to the employee who exercises the ISO, as well as filed with the Internal Revenue Service (IRS).
What is the purpose of form 3921?
The purpose of form 3921 is to report the exercise of an incentive stock option (ISO) by an employee. It is filed by the employer to notify the employee and the Internal Revenue Service (IRS) about the stock option transaction, specifically for the purpose of calculating and reporting any potential alternative minimum tax (AMT) liability for the employee.
What information must be reported on form 3921?
Form 3921, also known as Exercise of an Incentive Stock Option Under Section 422(b), is used to report the exercise of incentive stock options (ISOs). The following information must be reported on Form 3921: 1. Employee Information: The name, address, and social security number (or taxpayer identification number) of the employee who exercised the ISO. 2. Employer Information: The name, address, and employer identification number (EIN) of the company that granted the ISO. 3. Description of ISO: The date the ISO was granted and the exercise price per share. 4. Exercise Information: a. Date of Exercise: The date the ISO was exercised. b. Fair Market Value (FMV): The FMV of the stock on the date of exercise. c. Number of Shares: The number of shares acquired through the exercise. 5. Adjustment Code: If any adjustments were made to the exercise price or number of shares, an adjustment code must be reported. Form 3921 is filed by the employer/company who granted the ISO and must be provided to the employee who exercised the ISO, as well as to the IRS.
When is the deadline to file form 3921 in 2023?
The deadline to file Form 3921 in 2023 is typically January 31st. However, please note that tax deadlines can sometimes change, so it is always recommended to consult the official IRS website or a tax professional for the most up-to-date information.
What is the penalty for the late filing of form 3921?
The penalty for the late filing of Form 3921, also known as the Exercise of an Incentive Stock Option (ISO) Information statement, can vary depending on the time period it was filed after the due date. As of 2021, the penalties are as follows: 1. If the form is filed within 30 days after the due date: $50 per statement but the maximum penalty is $556,500 per year. 2. If the form is filed more than 30 days after the due date but before August 1st: $110 per statement, with a maximum penalty of $1,669,500 per year. 3. If the form is filed on or after August 1st or not filed at all: $280 per statement, with a maximum penalty of $3,339,000 per year. It's important to note that these penalties may be adjusted for inflation in subsequent years, so it's advisable to refer to the official IRS guidelines or consult with a tax professional for the most accurate and up-to-date information.
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