The New Year will usher in more than 180 new laws that take effect on January 1, 2023 that cover a broad range of subjects. 2023 will also usher in new Illinois employment laws that potentially impact your firm and/or your clients. 

  • SB 3120: Allows women who have a miscarriage, other diagnosis or event that impacts pregnancy or fertility, or death of a family member to take 10 days of unpaid leave.
  • SB 3609: Reduces the vehicle registration fees for cars and small trucks if it was manufactured in Illinois.
  • SB 3616: Changes the Illinois Human Rights Act to include traits historically associated with race, including hair texture and protective hairstyles such as braids, locks, and twists, to combat hair discrimination in the workplace. 
  • HB 3772: Provides people whose cars were stolen not be liable for violations, fees, fines or penalties when caught on red light cameras or speed cameras.
  • HB 4271: Requires medically necessary breast reduction surgery to be covered by state-regulated private insurance.
  • HB 5304: Reduces the vehicle registration fee for senior citizens from $24 to $10.

IRS Delays Implementation for Third Party Business Reporting
The Internal Revenue Service announced in Notice 2023-10 the delay in implementation of the requirement for third party business reporting more than $600 for the 2022 calendar year.  The Service also provided an updated “frequently asked questions” (FAQs) on Form 1099-K (Payment Card and Third Party Network Transactions).

Illinois Department of Revenue-2023 Tax Changes and Updates

The Illinois Department of Revenue has posted recorded updates occurring in 2023, from the department’s December 7th webinar.

Illinois Minimum Wage Increase-January 1
The Illinois minimum wage is set to increase another dollar on Sunday, January 1, 2023, making the new required minimum wage $13 an hour.  See Illinois Department of Labor Release.

Employment Laws Poster Updated for 2023
The Illinois Department of Labor has released the 2023 version of the "Your Rights Under Illinois Employment Laws" poster. Employees in the State are provided with several protections in the workplace. Employers must follow a variety of laws to maintain a safe working environment.

IDFPR-Professional Limited Liability Corporations
The Illinois Department of Financial and Professional Regulation is now requiring businesses listed as LLCs providing professional services licensed by IDFPR to register as Professional Limited Liability Corporations.  This new entity formation requirement is the result of legislation passed in 2018.  The statutory change also requires such businesses already formed as an LLC to amend their Secretary of State and formation documents to be PLLCs instead.  At this time there is limited information available on IDFPR’s implementation of this requirement.   ICPAS Government Relations will discuss with IDFPR leadership and provide additional information as it becomes available.