STATE ISSUES

Alternative CPA Pathways Legislation
May, 2025
CPA Representatives Natalie Manley (D-Joliet) and Amy Elik (R-Alton) have introduced HB 2459 at the request of the Illinois CPA Society. 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. HB 2459 unanimously passed out of both chambers and is pending action by the governor.  CPA Legislation Fact Sheet. Mobility Map.

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

Local Government Audits
July 2, 2025
In response to local government audit backlogs and industry pressures of availability of auditors, ICPAS President & CEO Geof Brown sent an informational letter to State of Illinois government stakeholders whose respective agencies are recipients of statutorily required audits.

In addition to providing government stakeholders a roster of firms that have a capacity to take audit engagements, the ICPAS letter included recommendations for agency audit requirements to facilitate a larger discussion.

ICPAS in collaboration with the Township Officials of Illinois has embarked on an extensive research project to review existing local government audit requirements and to identify a more streamlined consolidated local government reporting framework. Additionally, ICPAS Government Relations is drafting a special feature for legislators and policymakers on local government audit gaps and capacity. The special feature is an education piece on audits, and the research will be used for a legislative proposal to address existing capacity and local government compliance reporting.

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 Leadership Visit Capitol Hill during AICPA Spring Council
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.