STATE ISSUES

Alternative CPA Pathways Legislation
September, 2025
On August 15, 2025, Illinois Governor JB Pritzker signed into law Public Act 104-0228. This legislation amends the Illinois Public Accounting Act to provide for additional pathways to licensure and enhanced mobility privileges at this time of licensure change occurring in Illinois and throughout the nation.  CPA Firm New Licensure Pathway & Mobility Info Paper.

Tax on Professional Services--Coalition for Fair Taxation & Growth
July 2, 2025
The Illinois CPA Society along with other organizations have formed the Coalition for Fair Taxation & Growth to respond to any proposals to tax professional services. Although there has not been an appetite to tax professional services at this time, we remain vigilant and prepared to respond to any such proposal.

As the leader of this coalition, ICPAS has engaged an economic study on the impact of professional services, engaged a law firm to prepare a legal memorandum on the legal implications, and prepared information papers on tax policy implications. ICPAS Government Relations is closely monitoring the situation and working with other impacted stakeholders.  Accounting Services Fact Sheet;  Arguments Against Taxation on Services Fact Sheet; Coalition for Fair Taxation & Growth Website

ICPAS Special Report on Local Government Audits
November 24, 2025
The Illinois CPA Society recently prepared and circulated to members of the Illinois General Assembly, local government officials and local government stakeholder organizations a special report entitled "Examining the Sustainability of Local Government Audits." The report is a by-product of an extensive research project that ICPAS and the Township Officials of Illinois have undertaken to review existing local government audit requirements and to identify a more streamlined consolidated local government reporting framework. The purpose of the report is to educate legislators and officials on the complexities and purposes of financial statement audits, highlight the layers of audit requirements across four different statutes and compliance rates under the existing compliance structure and to provide preliminary pathway to legislative remedy.  We will continue to keep you informed of legislative developments once the research project is finalized.

CPA/CPA Firms--Recovery Services (Revised Uniform Unclaimed Property Act)
October 17, 2023
CPAs and CPA firms can provide limited recovery services to business clients absent an Illinois private investigator license. ICPAS Government Relations, working with the Illinois Treasurer's staff, has identified a process where CPAs and CPA firms can continue providing limited recovery services.
Updated June 21, 2024
The Illinois General Assembly passed SB 3343 amending the Revised Uniform Unclaimed Property Act. The legislation specifically addresses the carryover legacy requirement that recovery service providers be licensed private investigators. The CPA Society worked with Illinois Treasurer Mike Frerichs' staff to eliminate this requirement for CPAs. Provided the governor signs this legislation into law, CPAs will be able to perform recovery services without a private investigator license effective January 1, 2025.

FEDERAL ISSUES

ICPAS Joins AICPA & Other State Societies in Joint Sign-on Letter to U.S. Secretary of Education
December 9, 2025
In response to the U.S. Department of Education’s proposed regulatory rule defining which graduate-level programs qualify as “professional degrees” under the One Big Beautiful Bill Act (OBBBA), the Illinois CPA Society joined the AICPA and other state societies in a joint sign-on letter to U.S. Secretary of Education Linda McMahon regarding the inclusion of CPA licensure program in the definition of professional degree. Disciplines that do not automatically qualify include nursing, social work, public health, physical/occupational therapy, speech-language pathology, PA programs, education, architecture, and accounting. The joint letter urges the inclusion of accounting programs leading to CPA licensure in the definition of “professional degree” for graduate student loan eligibility under new lending limits. CPA licensure meets the department’s criteria for professional degrees, requiring advanced education, specialized experience, and passage of the Uniform CPA Exam. The letter emphasizes that excluding these programs would exacerbate the accounting talent shortage, increase compliance costs, and harm public interest by limiting access to affordable financing for future CPAs.

May 27, 2025
lllinois members of the AICPA Council visited members of the Illinois Congressional Delegation regarding federal legislation of interest to the accounting profession. Those issues included: Expanding 529 Plan Usage, Pass-Through Entity Tax Deduction (PTET), Recognizing Accounting as a STEM Profession, Disaster Relief, and Good Tax Policy.

U.S Department of Labor--Federal Overtime Rules
May 17, 2024
DOL Overtime Pay: The U.S. Department of Labor released a final rule on April 23, 2024, raising the salary threshold to qualify for certain overtime exemptions under federal law. The final rule significantly raises the minimum salary threshold for certain workers—executives, professionals, and administrative personnel.  This means employers will need to raise those employees’ salaries or reclassify them as eligible for overtime. The rule will raise the salary threshold for the overtime exemption to $43,888 effective July 1, 2024, a 23% increase over the current level. In January the salary will increase to $58,656, a 64.9% increase. More here. 

ICPAS Government Relations Overview-BOI Compliance Reporting:
As of March 21, 2025

BOI FinCEN Interim Final Rule Update 3.25

BOI--Enforcement and Fine Amnesty

BOI REPORTING BACK ON!

Beneficial Ownership Information Reporting Requirements Update

Illinois CPA Society Beneficial Ownership Reporting Requirements Preliminary Injunction Regulatory Alert

State Societies Letter to FinCEN and Treasury Requesting Delay of BOI Reporting Deadline

AICPA Beneficial Ownership Information Reporting Resource Page

AICPA Beneficial Ownership Information FAQs for Clients

AICPA Beneficial Ownership Information FAQ Highlights

FinCEN Beneficial Ownership Information Reporting Resources

Illinois CPA Society Coalition Letter to FinCEN requesting an Extension of BOI Reporting 

Illinois CPA Society Beneficial Ownership Information Regulatory Alert

Illinois CPA Society Beneficial Ownership Reporting Info Paper

AICPA BOI Letter Requesting Implementation Delay 11.11.24

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.