Form 1099-K Guidance
The Illinois Dept. of Revenue has released a bulletin (No. FY 2020-14) detailing new filing requirements for Forms 1099-K issued to a payee with an Illinois address. Beginning with tax year 2019, Forms 1099-K due March 31, 2020, must be filed with Illinois if the payer is required by the IRS to electronically file Forms 1099-K. Beginning with tax year 2020 and after, Forms 1099-K must be submitted electronically to Illinois when four or more separate transactions exceed $1,000, or if the payer is required by the IRS to electronically file Forms 1099-K. For more information: https://bit.ly/2OoPmTY
