Illinois DOR Issues Bulletin on New Electronic Filing Requirements for Form 1099-K

The Illinois Department of Revenue Nov. 25 issued a bulletin on new electronic filing requirements for Form 1099-K issuers for corporate income and individual income tax purposes. The requirements include: 1) the March 31, 2020 filing deadline for 2019 returns; 2) the obligation for taxpayers to file electronically if the Internal Revenue Service (IRS) requires electronic filing; and 3) the obligation to file through the Illinois FIRE Electronic Transmission Program, instead of MyTax Illinois. Beginning with the 2020 tax year, Forms 1099-K must be submitted electronically if four or more transactions exceed $1,000, or the IRS requires electronic filing. The ...