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1099K reporting for Illinois

By Terry Savage on January 24, 2023 | Taxes & Economy

Hello, Terry–

I read today that the IRS is postponing Implementation of $600 Form 1099-K Reporting until 2024. However, the threshold in Illinois is still $600. Which rule takes priority for this Chicago resident? Thank you very much.

Terry Says

Illinois law hasn’t changed. To paraphrase Clint Eastwood: Do you feel lucky?!



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