STATE ISSUES

IDFPR Proposes Guidelines for Professional Licensees' Complete Sexual Harassment Training 68 Ill. Adm. 1130.400
Updated 6.27.19
The Illinois Department of Financial and Professional Regulation has adopted administrative rules to implement Public Act 100-883 which requires licensees to complete one hour of sexual harassment training as a part of continuing education requirements. The training must be provided by a licensed CPE provider. The rules were officially adopted on May 10, 2019 and will be a part of Illinois renewal requirements for CPAs in 2021. See IDPFR Info Sheet.

FEDERAL ISSUES

IRS Recognizes Illinois Prepaid Property Tax
Updated April 12, 2018
Congressman Peter Roskam (R-6), Subcommittee Chair of the House Ways and Means Committee, requested an opinion from the IRS regarding the deductibility of Illinois prepaid property taxes.

The IRS responded to the Congressman's request stating that IR-2017-210 applies to a different fact pattern than Illinois, and that the Tax Cuts and Jobs Act (TCJA) of 2017 remains the rule and prepayments are deductible.

The IRS has not issued any formal pronouncements or guidance.

Tax Return Due Date Changes
Updated October 19, 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.

REGULATORY ISSUES

Peer Review Requirement
Sole practitioners or firms who perform audits, reviews 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.