Prior to a recent change, in order for a Section 83(b) election to be effective, the taxpayer had to:

- File the Section 83(b) election within 30 days of the receipt of restricted property (typically, restricted stock) with the Internal Revenue Service (the “IRS”);

- Provide a copy of the election to the service recipient (typically, the employer); and

- Attach a copy of the election to the taxpayer’s tax return for the year of the election.

New regulations eliminate the requirement that a copy of the election be submitted with the taxpayer’s tax return. This change is intended to facilitate e-filing of individual tax returns.