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by pnw
894 days ago
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83b seems like one of the most esoteric and user unfriendly IRS mechanisms ever. There's no official form. There's no way to file it online. The recommended approach is to use certified mail return receipt which for most people requires a trip to the post office, and in my experience the IRS fails to return them regularly, in which case you are relying on your own records and your copy of the receipt for a potential tax audit many years down the line. You'd be hard pressed to design a more taxpayer unfriendly process. I thought it was great when Carta automated these because it's always been a friction point for myself and founders I've worked with. |
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Very few tax elections have an "official form". Meanwhile, other tax elections are made all the time without even realizing it (for example, spouses filing a joint return are making an irrevocable election to do so).
>You'd be hard pressed to design a more taxpayer unfriendly process.
Obviously you don't know much about auditing partnership tax returns. :-)