What is the difference between Form 3921 and 3922?
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Form 3921 is not the same as Form 3922. Companies utilize Form 3921 to notify the IRS that a shareholder has just exercised the ISO. This form is submitted in the year in which the ISO was exercised. A copy of the form would be supplied to the shareholder as well after the corporation files it.

Form 3922 is used for informational purposes only; it is not included in an employee's tax return. As a result, when a share is transferred, the corporation also fills out form 3922 and gives it to the employee.