IRS Form 3921 (Tax Year 2024)
Exercise of an Incentive Stock Option Under Section 422(b)
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New Electronic Filing Mandate
IRS mandates electronic filing of 10 or more information returns. The new threshold is effective for information returns beginning tax year 2023. FIRE TCC holders who submitted their TCC
application prior to September 26, 2021, must complete and submit a new application and verify their identity through ID.me, an IRS provider of sign-in services.
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More companies are moving to third party efiling solutions due to this new threshold and efiling requirements. Contact 1099FIRE at (480) 706-6474 for more information
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Originals, Corrections, Prior Years
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IRS Form 3921
IRS Form 3921 is used by corporations to report transfers of stock to employees who have exercised an Incentive Stock Option (ISO). ISOs
are a type of employee stock option that provide tax advantages to employees if specific conditions are met, and the form helps both the IRS and employees
track these transactions for accurate tax reporting.
Who Files Form 3921: The corporation that issued the Incentive Stock Options (ISOs) is responsible for filing Form 3921.
It must be filed with the IRS for each employee who exercised an ISO in the tax year. The corporation is also required to provide a copy of
the form to the employee.
Who Receives Form 3921:The Employee who exercised the ISO receives a copy of Form 3921 from the corporation.
Purpose of Form 3921: The form records details of the ISO exercise, such as the grant date, exercise date, number of shares, fair market
value at exercise, and the exercise price. This information is essential for employees when determining if they owe Alternative Minimum Tax
(AMT), as ISOs are subject to specific tax rules and reporting requirements.
Due Date: Furnish Copy B to the recipient by January 31. File electronically by March 31.
