Illinois Updates Information Return Publication

Illinois recently updated Publication 110 (Forms W-2, W-2c, W-2G, and 1099 Filing and Storage Requirements for Employers and Payers, including 1099-K Electronic Filing Requirements). There are several changes of note. First, the deadline for filing tax year 2024 W-2G and 1099-K records will fall on March 31, 2025, which is one day earlier than last year. The due date was pushed back to April 1 last year (2024) because March 31 (2024) fell on a Sunday. Additionally, Illinois has updated its guidance to clarify its 1099-K reporting threshold. Illinois continues to require filing for 1099-K if it is required federally or if it reports four or more separate transactions totaling over $1,000. The federal reporting threshold for tax year 2024 is $0 for payment card transactions and $5,000 for third-party network transactions.

Publication 110 can be found here.