![Form 1099-K Guidance](https://www.tkocpa.com/wp-content/uploads/freshizer/53415da5973d88cb6556db8d7eb9985a_12_04_19_1130115065_SALTP_560x292_IL_1-1146-395-c.jpg)
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