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Chicago Illinois Form 1099-K: What You Should Know

Surprise 1099-K for the 2024 Tax Year in New York State & Illinois In February 2018, an Illinois House committee proposed adding a provision to the new income tax law that would allow tax returns, as of July 1, 2018, to report that a state sales tax has been paid on sales outside the state by the seller of the property. This form of an out-of-state 1099-K has already been issued using IRS guidelines to a few tax professionals; however, until this rule has been implemented fully by the IRS, the IRS has not issued guidance on how an out-of-state income tax deduction should be reported on tax returns. The Illinois Senate approved SB 9, sponsored by Senate President John Fullerton, which amends certain tax laws. The legislation would provide that sales made with nonresident buyer's privilege tax exemptions must be reported on the sales tax return filed by California residents. The legislation also would limit the amount of the state sales tax that could be deducted to 80% of the amount the seller could have charged if any taxes were paid to Illinois. Also, it is expected that a sales tax exemption will be developed for purchases made using virtual currency. Surprise 1099-K for the 2024 Tax Year in Alabama and Florida July 12, 2024 — For purchases of 10,000 or less, Alabama, Florida and Georgia each have adopted certain requirements on “surprise 1099-K” reporting by individuals. Tax Guide — IRS Nov 14, 2024 — The Illinois Department of Revenue has issued a bulletin (No. FY 2030-18) which outlines new filing requirements for Forms 1099-K issued to a payee as a result of non-resident seller transactions under SB0119. Surprise 1099-K (For Sales Made With Nonresident Buyer's Privilege Tax Exemption) Oct 28, 2024 — Under legislation sponsored by Senators Tom Tiffany and Marlon Stutsman, the legislation to create a special tax exemption for purchases made using virtual currencies such as Bitcoin and other virtual currencies has been approved in the United States Senate and is currently before House of Representatives. The legislation will include a provision for a limited tax deduction for the payment of taxes on tax-exempt sales.

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