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Form IL516B 2017 Reminders to avoid processing delays: If you pay electronically, do not mail Form IL516B. Ensure the amount written on Step 7, Line 6, is the amount you are paying with Form IL516B.

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What is il 516?

IL 516 is a form used for reporting information regarding certain transactions to the Illinois Department of Revenue.

Who is required to file il 516?

Individuals, businesses, and other entities that engage in reportable transactions are required to file IL 516.

How to fill out il 516?

IL 516 can be filled out online through the Illinois Department of Revenue's website or by submitting a paper form with the required information.

What is the purpose of il 516?

The purpose of IL 516 is to provide the Illinois Department of Revenue with information on reportable transactions for tax compliance and enforcement purposes.

What information must be reported on il 516?

IL 516 requires information on the nature of the transactions, the parties involved, and the cost or value of the transactions.

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