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HOT TOPICS |
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ICPAS INITIATIVES |
ICPAS Peer Review
Alert
Remember to sign up for
your peer review dates early to avoid
backlogs.
Read More (PDF).
(ICPAS)
Illinois
Administrative Rules Monitor
See all of the
Illinois rules and regulations of interest
to CPAs and CPA firms monitored by the ICPAS
Government Relations Office.
Read More.
(ICPAS)
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BUDGET |
Governor’s
Emergency Budget Powers Extended
Senate Bill 3461
authorizes the Governor to manage the second
half of the FY2011 budget by
amending the 2011 Emergency Budget Act.
Status: The
legislation passed both houses and was
signed by the Governor. Public Act 96-1500.
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REGULATORY |
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Peer Review
Requirements Update
Sole
practitioners and firms required to undergo
peer review as a condition of re-licensure
should have received a formal notice from
the Department of Financial and Professional
Regulation.
Read More.
(ICPAS)
See the
ICPAS Peer Review homepage.
Peer Review Administrative Rules Approved
The Department of
Financial and Professional Regulation
adopted amendments requiring the establishment
of a peer review program.
Read More (PDF).
(Illinois
Register)
Electronic Filing
of Returns Required
The Illinois Department of Revenue now requires tax preparers who electronically file Federal tax returns to also electronically file
state tax returns prepared for the same individual(s) for the same taxable year.
Read More.
(Illinois Register)
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TAX |
Higher State Taxes Ahead
In the eleventh hour
of the 96th General Assembly, both chambers
passed legislation to increase
the individual tax variable rate from 3 to
5 percent and the variable corporate rate
from 4.8 to 7 percent.
Read the Legislation (PDF).
Also see the
Legislative Update.
(ICPAS)
Tax Nexus
Senate Bill 3659
attempts to collect sales tax from online retailers who utilize Illinois-based affiliates
and have at least $10,000 in sales.
Status: The legislation passed both
houses and was signed by the Governor.
Public Act 96-0913.
Granny Tax to
Pay for Reform
Senate Bill 3088
implements a $6 daily tax on residents of
nursing homes to pay for increased nursing
home regulations.
Status:
The legislation passed both houses and was
sent to the Governor.
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GENERAL GOVERNMENT |
Gambling
Expansion in
Motion
Senate Bill 737
amends prior
gaming acts to expand electronic gaming to
horse-racing tracks and other new land-based
casinos.
Status: The legislation passed the Senate and was
held on second reading in the House. The bill is dead; session sine die 1-12-11.
Big Changes for Illinois Medicaid
House Bill 5420
proposes legislation
overhauling the Illinois Medicaid Program.
Changes include
requiring Medicaid recipients to use
managed care programs, terminating automatic
re-enrollment, and setting a two-year
moratorium on expanding eligibility.
Status: The legislation passed both houses and was signed by the Governor. Public Act 96-1501. |
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OTHER NEWS |
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STATE |
State Looks to
Collect on Online Purchases
Illinois taxpayers
will be required to declare Internet
purchases on their 2010 tax returns and
to pay
Illinois Use Tax
on those purchases.
Read More.
(The
State-Journal Register)
Municipal Elections
Ahead
The Consolidated
Primary Election for Municipal Officers will
be held on February 22, 2011. The Consolidated
General Election for Municipal Officers will
be held on April 5, 2011.
See the State Board
of Elections calendar of
Consolidated Primary Election events.
Also, see the
City
of Chicago Municipal Candidates (PDF).
97th General Assembly
Convened
Members of
the 97th General Assembly were
sworn into office on January 12, 2011. The
House has 24 new Representatives, and the
Senate has 8 new Senators.
All legislation
introduced and pending in the 96th General
Assembly will need reintroduction in the 97th General Assembly.
See House Calendar.
(Illinois General Assembly)
See Senate Calendar.
(Illinois General
Assembly)
New Laws for Illinois
On January 1,
2011, these 192 new Illinois
laws became effective.
Read More (PDF).
(ICPAS)
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NATIONAL |
Exemption from CPA Exam and CPE for Some
The IRS released guidance exempting
non-signing tax preparers who work in a CPA
firm, and who are supervised by a CPA.
Read More.
(ICPAS)
Tax Cuts Extended
The 2010 Tax Relief Act passed by Congress
and signed into law by President Obama
extends the Bush-era tax cuts for two years.
Read More (PDF).
(CCH)
Illinois to Lose Seat in Congress
Illinois will lose one of its 19 seats in
the U.S. House of Representatives in 2013.
Figures unveiled by the U.S. Census Bureau
show Illinois' population is up 3.3 percent
from 2000.
See Figures.
(U.S. Census Bureau)
President Nominates
Illinois CPA to Key Post
"President Obama has announced his
intent to nominate Harvey S. Wineberg for
membership on the President's Advisory
Council on Financial Capability."
Read More.
(The White House) |
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CONTACTS |
Marty Green, JD
Vice President, ICPAS
Government Relations
Connie McKamy Bricker
Director, Legislative Contact &
Communications
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Government
Relations Office
Legislative
contacts are needed for the following
officials:
Representatives
Rita Mayfield
(R-60, Waukegan)
Joe Sosnowski
(R-69, Rockford)
Ed Sullivan, Jr.
(R-51, Mundelein)
Andre Thapedi
(D-32, Chicago)
Senators
David Koehler
(D-46, Pekin)
John Sullivan
(D-47, Rushville)
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New Members of the Illinois General
Assembly
Representatives
Art Turner, Jr., D-9
(Art Turner, Sr.)
Ann Williams, D-11
(John Fritchey)
Daniel Biss, D-17
(Beth Coulson)
Robyn Gabel, D-18
(Julie Hamos)
Thaddeus Jones, D-29
(David
Miller)
Bill Cunningham D-35
(Kevin Joyce)
Kelly Burke, D-36
(Jim Brosnahan)
Chris Nybo, R-41
(Bob Biggins)
Tom Morrison, R-54
(Suzie Bassi)
Michelle Mussman,
D-56
(Paul Froehlich)
Carol Sente, D-59
(Kathy Ryg)
Rita Mayfield, D-60
(Eddie
Washington)
David Harris, R-66
(Mark
Walker)
Joe Sosnowski, R-69
(Ron
Wait)
Rich Morthland, R-71
(Mike
Boland)
Pam Roth, R-75
(Careen
Gordon)
Camille Lilly, D-78
(Deborah Graham)
Mike Unes, R-91
(Mike
Smith)
Norine Hammond,
R-94
(Rich
Myers)
Wayne Rosenthal, R-98
(Gary Hannig)
Adam Brown, R-101
(Bob Flider)
Chad Hays, R-104
(Bill
Black)
Jason Barickman,
R-105
(Shane Cultra)
Dwight Kay, R-112
(Jay
Hoffman)
Senators
John Mulroe, D-10
(Jim DeLeo)
Steve Landek D-11
(Lou Viverito)
Ron Sandack, R-21
(Dan Cronin)
Suzi Schmidt, R-31
(Michael Bond)
Sue Rezin, R-38
(Gary Dahl)
Tom Johnson, R-48
(Randy Hultgren)
Sam McCann, R-49 (Deanna Demuzio)
Shane Cultra, R-53
(Dan
Rutherford)
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