MFA sent a letter responding to the IRS’s request for comments on (new) Form 15620, Section 83(b) Election.
November 2024, the IRS released an official form for taxpayers to make an election under Section 83(b). This new Form 15620 is an optional substitute for the sample election statement set out in Rev. Proc. 2012-29 or a self-made statement within the parameters of Treas. Reg. section 1.83-2(e).
The comment letter recommended the following information collection burden improvements:
- Permit the electronic filing of Form 15620
- Retain the “Saturday, Sunday or legal holiday” instructions
- Remove novel Form 15620 requirements not found in the regulations promulgated under Section 83
- Retain the option to rely or iterate upon the sample election statement in Revenue Procedure 2012-29
