As explained in a prior blog, last year the IRS released Form 15620, an approved IRS form for making Section 83(b) elections under the Internal Revenue Code. Historically the IRS has required taxpayers to submit their 83(b) elections by physically mailing the 83(b) election to the IRS office where the taxpayer filed his, her or its income tax return. In an effort to modernize the 83(b) filing process, the IRS now allows taxpayers to file their 83(b) elections online, which will provide immediate confirmation of receipt of the election by the IRS.
Taxpayers that want to file online 83(b) elections must create an account on the IRS’s ID.me page. The Form 15620 must then be completed on the IRS website and can be submitted either electronically or the Form can be downloaded and filed by mail (although the IRS instructs that online submission is now the preferred method of submission). The IRS instructs that only one method of submission should be initiated to avoid delays. Importantly, the 30-day filing deadline still applies so even if the Form 15620 is filed online, it must be submitted online within the 30-day filing deadline. In addition, a copy of the filed election still must be provided to the filer’s employer.
