Less relevant on the margins, but for the people who get hosed the worst (ie. owe the IRS millions when you never seen cash anywhere near that) the trap is very

Less relevant on the margins, but for the people who get hosed the worst (ie. owe the IRS millions when you never seen cash anywhere near that) the trap is very much still there. If you have ISOs with a low strike price with a private company that is approaching IPO—especially considering the insanity in the stock market right now—you better take a long hard look at the numbers before exercising (or leaving your company and being forced to exercise)