STATE ISSUESTreasurer Authorized to Recover U.S. Savings BondsUpdated August 29, 2016
authorizes the State Treasurer to redeem matured unredeemed abandoned U.S. Savings Bonds that have been in the Unclaimed Property Program for five years. The Treasurer can return the proceeds of the bonds to their original owners or heirs. Fact SheetIDOR Taxpayer Information SharingUpdated April 28, 2016
There are a trilogy of bills (SB 2933—Hastings, SB 2562—Koehler, and SB 3322—Althoff) addressing the Illinois Department of Revenue’s sharing of taxpayer information with municipalities, counties, and independent third parties. SB 2933 amends the Retailers Occupation Tax Act authorizing IDOR to disclose confidential financial information to municipalities and to independent third parties who are authorized to receive information by municipalities. Paid State Tax Return Preparer OversightUpdated January 12, 2016
ICPAS is opposed to SB 2933 because the authorization to share taxpayer information to independent third parties does not include adequate safeguards. Additionally, SB 2933 would allow contingent fee audit arrangements which the profession opposes. ICPAS supports SB 3322 which provides safeguards of taxpayer information and prohibiting contingent fee arrangements with independent third party vendors.
Local Sales Tax Sharing Comparison
SB2933 Position Paper
Contingent Fee Arrangements Paper
The Illinois CPA Society will have legislation introduced to carry out the recommendations of the Illinois Tax Return Preparation Task Force
(PDF) authorizing the Illinois Department of Revenue to oversee state paid tax preparers using the Federal PTIN number. The Government Relations Office and AICPA worked with the Task Force in providing recommendations and information on tax return preparer regulations and provided a white paper
(PDF) with the profession’s recommendations.Firm MobilityUpdated January 12, 2016
The Illinois CPA Society will support the Illinois Department of Financial and Professional Regulation’s legislative efforts to extend the “no notice, no fee, no escape” concept from individual CPAs to CPA firms as well. CPA Firm Mobility Background Paper
(PDF).Draft Accounting Act Administrative Rules ApprovedUpdated February 24, 2016
The Illinois CPA Society has worked closely with the Illinois Department of Professional Regulation in updating the Public Accounting Act Administrative Rules. Administrative Rules add the detail that is necessary to implement and execute statutory law such as the Public Accounting Act. The Public Accounting Act sunset was renewed and updated in 2013 and 2014, and the proposed rules reflect the statutory updates. The proposed rules
(PDF) have been approved. The Illinois CPA Society has submitted comments
(PDF) and support for the proposal. See Changes Summary
(PDF).Illinois Supreme Court--Accountant's Privilege
Updated April 1, 2015
The Illinois Supreme Court in Brunton vs. Kruger
upheld the operation of the Accountant's Privilege. The Court's ruling not only upheld that the accountant holds the privilege but also that there is no testamentary exception to the privilege. Regulatory Update
.Illinois Concealed Carry Law
Updated May 12, 2014
Illinois’ Concealed Carry Law went into effect on July 9, 2013. The implementation of the provisions of the Act are formulative with the adoption of agency rules and development of an application process. There are issues that CPAs should consider both as employers and with regards to carry in your place of business. Issue Briefing
(PDF).Illinois Medical Marijuana Law
Updated January 27, 2016
Illinois Medical Marijuana Law went into effect on January 1, 2014. There are issues that CPAs should consider both as employers and providing services to potential customers. See Medical Marijuana Briefing
(PDF) for additional background. State agencies involved in the implementation of Illinois new medical cannabis law formally filed revised medical cannabis pilot program administrative rules with the state. The Illinois Supreme Court recently issued Medical Marijuana guidelines for attorneys. IDFPR Medical Marijuana contact: Bridget Carlson, Phone: 312.814.1690, email: email@example.com
Tax Return Due Date Changes
Updated September 29, 2016
During the summer of 2015, the federal government changed their due dates for corporate and partnership tax returns.These new changes will apply to 2016 tax returns prepared during the 2017 filing season. Previously, calendar-year C and S corporations were required to file by March 15, while individuals, trusts, and partnerships filed by April 15.
The new federal due dates make the partnership and S corporation returns due first, on March 15, and then individual and C corporation returns due a month later on April 15. The extended due dates are modified in a similar manner so that the same logical flow is maintained. To maintain this logical order, states are starting to conform their filing deadlines to the new federal dates. See Comparative Chart.
ICPAS Government Relations and the SALT Committee are working with the Illinois Department of Revenue to align Illinois’ due dates with the federal due dates outlined above.
New Overtime Rules Effective December 1, 2016
Updated September 14, 2016
The United States Department of Labor has adopted final rules updating the Fair Labor Standards Act overtime requirements. The new requirements, which are effective December 1, 2016, extend the overtime compensation threshold form $455 to $913 or $47,476 per year. While the primary change relates to extending overtime compensation threshold, other changes include establishing the total annual compensation requirement for highly compensated employees subject to a minimal duties test and establishes a mechanism for automatically updating the salary and compensation levels every three years. See Department of Labor Overtime Rules Fact Sheet
Congress Attempts to Ease Compliance Burden of DOL Overtime Rule
Updated September 14, 2016
H.R. 5813, the Overtime Reform and Enhancement Act (OREA) addresses the new Department of Labor overtime rule for employers and firms by eliminating the compliance burden of the automatic update provision and by increasing the salary threshold gradually over a three-year period in 2019, rather than all at once on December 1, 2016. This legislation was introduced in the House of Representatives and would have to pass both Chambers of Congress and signed into law by the President before mitigation of the DOL rules would go into effect. The Illinois CPA Society has worked closely with the American Institute of CPAs in reaching out (PDF) to members of the Illinois Congressional Delegation. ICPAS will continue our federal advocacy efforts in this area and will keep you informed of any developments.
ICPAS Leaders Visit Capitol HillICPAS/AICPA Oppose Measure to Limit Cash Basis Accounting
Updated May 21, 2015
As a part of AICPA Spring Council, ICPAS Leaders visited members of the Illinois Congressional Delegation on issues important to the CPA profession. AICPA Board Chair Ed Hannon, President & CEO Todd Shapiro, and Illinois Council Members met with legislative staff of Senator Dick Durbin and Congressman Peter Roskam, who serves as on the House Ways and Means Committee. The Illinois Delegation also met with Congressman Robert Dold (R-10) who serves on the House Ways and Means Committee. Background information was presented on Cash Method Accounting (PDF),Mobile Workforce (PDF), IRS Taxpayer Services (PDF), and thought leadership on Permanent Disaster Tax Relief (PDF).
Updated July 1, 2014
The Illinois CPA Society has contacted members of the Illinois Congressional Delegation to oppose House Ways and Means Committee Chair Dave Camp's proposal to limit the use of cash method of accounting for non-natural taxpayers (e.g. partnerships and S corporations), personal service corporations and farmers. The AICPA has also written to members of Congress outlining the impact that this limitation would have on small businesses. Durbin/KirkLetter
(PDF), ICPAS Letter
(PDF), Cash Method of Accounting Sheet
Peer Review Requirement
Sole practitioners or firms who perform audits, renews or examinations of prospective financial statements must complete a peer review as a requirement for licensure renewal. To learn more visit the ICPAS Peer Review page
GOVERNMENT RELATIONS OFFICE
Legislative Contact Program Needs Your Help
Contact Jill Loeser
(800.572.9870) to volunteer to be a legislative liaison to your legislators.Mobility Update
Public Act 95-0386 became effective on January 1, 2008. The original legislation, Senate Bill 745, was an ICPAS initiative to bring mobility to Illinois.The Government Relations staff has been working with the Illinois Department of Financial and Professional Regulation on mobility implementation and has developed informational questions and answers
to assist practitioners in resolving mobility issues.
Mobility and/or licensure questions may be directed to the Government Relations office at 217.789.7914 or 800.572.9870 or email Jill Loeser
For additional information visit the National Association of State Boards of Accountancy and AICPA mobility site. See State Substantial Equivalency.