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

ICPAS--Federal Advocacy

The Illinois CPA Society and Illinois members of AICPA Council communicated with members of the Illinois Congressional Delegation on issues of importance:

H.R. 5155 -- COVID-19 Tax Penalty Relief
H.R. 3855 -- Recognizing Accounting as a STEM Profession
H.R. 3574/S. 2748 -- Timely Issuance of IRS Disaster Relief

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.


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.