Do you grant incentive stock options to your employees? If so, you’ll need to know about form 3921. Would you prefer to fill out form 3921 online rather than to order special forms from the IRS that have to be completed in triplicate? That’s where getting a Transmitter Control Code (TCC) comes in.
What is a TCC?
A TCC is a unique five-character code assigned to your business that allows you to file information returns electronically. It can be used to electronically file forms 1042-S, 1097-BTC, 1098 Series, 1099 Series, 3921, 3922, 5498 Series, 8027, 8955-SSA, and W-2G.
How do I get a TCC?
Visit the Filing Information Returns Electronically website at fire.irs.gov. From there, you’ll need to Create an Account by entering in some data about your company, so make sure you have the following information at hand:
- Company name
- Contact name and email
Once you’ve filled out this form, the IRS will issue you a TCC. Be sure to apply before you’re actually planning to file your forms—it could take up to 45 days before you actually receive your code from the IRS.
Do I need to reapply for a TCC every year?
Once, you have your TCC, you no longer have to apply for a new one, with two exceptions:
- If your TCC hasn’t been used for two consecutive years, the IRS could deactivate it so it can’t be used.
- If you’ve switched from using a tax preparer with their own TCC and wish to move to filing your own information returns.
Outside of these scenarios, once you have a TCC, you’re free to file 3921 forms to your heart’s content.
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