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On October 31, 2022, the Illinois Division of Income launched new steerage offering readability on the remedy of cryptocurrency. The Division’s steerage offers that Illinois conforms to the federal tax remedy of treating cryptocurrency as property. The brand new steerage additionally states that, for functions of the applicability of Public Regulation 86-272 to an out-of-state firm that sells cryptocurrency to prospects in Illinois, the transaction will probably be handled as a sale of intangible property. As well as, the Division clarified that for apportionment functions, the sale of cryptocurrency will probably be handled as a sale of intangible property for function of computing the gross sales issue. And, if an worker is paid with cryptocurrency, the truthful market worth of the cryptocurrency is topic to withholding and payroll taxes. A cost utilizing cryptocurrency, nevertheless, shouldn’t be topic to the identical data reporting requirement as different funds made in property.
Illinois Dept. of Rev. General Information Letter IT 22-0010-GIL (July 15, 2022).
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