First, we at TAX FORUMS wish you a happy and healthy Thanksgiving and holiday season.

        Second, the IRS recently released Form 15620 (dated October 2024), which is a fillable form Section 83(b) Election “to ease election filing requirements,” which still must be filed by snail mail. There is nothing remarkable about the form, as it precisely follows the requirements set forth in Reg. §1.83-2(e) and looks like the election most of us use in practice and follows forms that can be found in many tax subscription services. Attached to the form are instructions that are approximately a page in length, with perhaps the only instructive item being the purpose of the form:

When substantially nonvested property is transferred in connection with the performance of services, the person who performs the services may elect under IRC § 83(b) (83(b) election) to currently include in his or her gross income the excess (if any) of the property’s fair market value at the time of the transfer over the amount (if any) paid for the property at the time of transfer, rather than when the property later becomes substantially vested. Refer to the Restricted Property section of Publication 525 for a description of the tax consequences of substantially nonvested property transferred in connection with the performance of services.

        Nothing in the instructions or in Publication 525 referred to above (which publication has a brief discussion of restricted property on page 14) says anything about being permitted to file a late §83(b) election (i.e., after the 30-day required filing deadline) or the lack of a requirement to file a §83(b) election (pursuant to Rev. Proc. 2001-43, 2001-2 CB 191) when someone receives a profits interest subject to a substantial risk of forfeiture. The form is merely a “fillable” form designed to make filing a bit easier.

        Just a reminder that unlike other elections (e.g., a §754 election), there is no extension of time to file a §83(b) election. In addition, as we have discussed on numerous occasions at our TAX PLANNING FORUM and FUNDAMENTALS OF FLOW-THROUGH programs, we always recommend filing a “protective” §83(b) election when a taxpayer receives a profits interest subject to a substantial risk of forfeiture (the reasons for which and any relevant caveats we would be happy to discuss for a few minutes).