Illinois has released its 2022 Forms W-2G and 1099 Electronic Transmission Program Guide FIRE Format.
Starting January 1, 2022 you are only required to submit forms 1099-K issued to a payee with an Illinois address electronically, if you are required by the IRS to electronically file forms 1099-K.
For reporting periods starting January 1, 2022 the American Rescue Plan Act of 2021 reduced the reporting threshold for form 1099-K to $600 with no minimum number of transactions. Previously, the 1099-K filing threshold was four separate transactions that exceed $1,000, or if you are required to electronically file a 1099-K by the IRS.
To review the Illinois 1099 Transmission Guide, click here.
