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Third Party Network Transactions Backup Withholding Threshold Change (Section 70432)
Illinois — state programSee program
Updates the threshold at which backup withholding applies to payments made through third-party payment platforms. Backup withholding now generally applies only when total payments to a person exceed $20,000 AND total transactions exceed 200 in a calendar year, replacing the previously scheduled $600 threshold.
Program details
- Type
- other
- Eligibility
- Third-party settlement organizations (payment apps, online platforms) and sellers/payees who receive payments through these platforms
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.