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HOT TOPICS |
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ICPAS INITIATIVES |
ICPAS Solicits Comments on New CPA Licensing Requirements
Your comments and suggestions regarding possible improvements or overlooked areas in the new law are an integral part of the Board's licensure update process.
Learn More.
(ICPAS)
CPA-Sponsored
Open Meetings Legislation on Governor's Desk
HB1277 (Rep. Robert Rita, D-28, Blue Island) authorizes the closure of meetings between internal or external auditors and governmental audit committees, finance committees and their equivalents when the discussion involves internal control weaknesses, identification of potential fraud risk areas, known or suspected frauds, and fraud.
Status: Passed House and Senate. Now on
the
Governor's desk.
See ICPAS Fact Sheet.
See ICPAS Letter to
the Governor.
Contact the Governor
in support of HB1277.
ICPAS Leaders Go to
Capitol Hill
During the AICPA Spring 2011 Council meeting
in Washington, D.C., ICPAS leaders met with
Congressman Peter Roskam, who serves as the
Deputy Majority Whip and serves on the House
Ways and Means Committee, along with key
Illinois Congressional Delegation members
who serve on the House Financial Services
Committee. The conversations focused on four
critical legislative measures:
Tax simplification,
bans on tax strategy
patents,
mobile workforce
and
alignment of tax
return due dates.
Spring Session
Overview
The Illinois General Assembly adjourned the
Spring Session on May 31. Aside from passing
the FY2012 State Operating Budget, the House
and Senate passed education reform
legislation,
SB7;
workers compensation reforms,
HB1698;
and a gaming expansion package. The General
Assembly will reconvene June 22 due to a
last minute Senate addition to
HB2189.
See more on the Spring
Session.
(Illinois Statehouse
News)
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BUDGET |
$33.2 Billion
FY2012 State Operating Budget Passed
"Illinois' new budget may spend less
... but it is higher than [the current
fiscal year]
... and was balanced by delaying the payment of billions of dollars in unpaid bills."
Read More.
(Illinois Statehouse News)
Extending Time to
Pay Bills
SB2172
(Sen. John Cullerton, D-6, Chicago)
authorizes the payment of FY2011 bills until
December 31, 2011. Without this authority,
outstanding liabilities as of June 30 could
not be paid. There is currently a backlog of
$6.2 billion in unpaid bills.
Status: Passed both Chambers
Legislators Take
Pay Cut
SB260
(Sen. Dan Kotowski, D-33, Park Ridge)
legislators will forfeit one day of
compensation each month during FY2012. This
legislation would also make reductions to
lodging and per diem and travel
reimbursement rates.
Status: Passed both Chambers. House
amendments assigned to Senate Executive
Committee
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TAX |
Property Tax Overpayment Refunds
SB1386 (Sen. Emil Jones, III, D-14, Chicago) amends the Tax Code by providing that taxpayers in Cook County may file a claim for a refund for an erroneous assessment or overpayment if filed between Sept. 1, 2011 and Sept.
1, 2012, and the right of refund arose more than five years prior to the date of the filing.
Status: Passed both Chambers
Administrative Rules on Income Tax Payments Proposal
The Illinois Department of Revenue (IDOR) has proposed an amendment to the Income Tax Code, requiring employers who withhold income tax payments in excess of $12,000 annually to make payments to the IDOR semi-weekly by electronic funds transfer.
See proposed
amendments at 35 Ill. Reg. 8098.
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GENERAL GOVERNMENT |
Taxpayer Savings on Publication Fees
SB1686 (Sen. David Koehler, D-46, Edwards) legislation will reduce publication fees of local governments required by law to publish notices and assessments in widely read newspapers by setting the lowest commercial rates in the Illinois Legal Advertising Rate Act.
Status: Passed both Chambers
Omnibus Gaming Expansion
SB744 (Sen. Terry Link, D-30, Waukegan) approves the largest expansion of gaming in Illinois history by authorizing five additional casinos, adding slots at race tracks, and expanded racing and gaming at the Illinois State Fairgrounds. The gaming package is estimated to generate $1.5 billion in upfront revenue licensing fees and
up to $1 Billion in annual revenue.
Status: Passed both Chambers
Transfer on Death Instrument
HB1153
(Rep. John Bradley, D-117, Marion) creates
the Illinois Residential Real Property
Transfer on Death Instrument Act, allowing
the transfer of residential property on the
death of the owner.
Status: Passed both Chambers
Illinois Redistricting
Legislation that redraws Illinois House,
Senate and Congressional Districts has been
approved by the General Assembly as a part
of the redistricting process. Illinois will
lose a Congressional Seat.
See Redistricting
Principles, H.R. 385.
See House and Senate
Redistricting, SB1177.
See Congressional
Districts Redistricting, SB1178.
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OTHER NEWS |
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NATIONAL |
TIME SENSITIVE CALL TO ACTION
Private Company Financial Reporting
Historic changes to private company financial reporting
are on the
horizon. We ask that you urgently contact the Financial Accounting
Foundation in support of the Blue Ribbon Panel on Private Company
Financial Reporting's recommendations for a separate standard-setting
board and modifications of U.S. GAAP to recognize the unique needs of private
company financial statement users.
Learn More.
(AICPA)
Email FAF President and CEO,
Terri Polley.
Circular 230 Regulations Finalized
"The
final regulations adopt the proposed new designation of
'registered tax return preparer.' They set forth procedures and requirements for renewing that designation."
Read More.
(Journal of Accountancy)
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INTERNATIONAL |
AICPA Creates New Management Accounting Credential
"The AICPA has joined with the ... CIMA to create the Chartered Global Management Accountant (CGMA) credential. Together
... [they] will establish and promote the CGMA,
and advance the U.S. CPA as a worldwide
standard.
Learn More.
(AICPA)
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CONTACTS |
Marty Green, JD
Vice President,
Government Relations
Jill Loeser
Manager,
Government Relations
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Government
Relations Office
Join the Legislative Contact Program
The Legislative Contact Program is a network of CPAs who seek to represent the profession's views on issues being considered by the legislatures.
Learn More & Join.
CPA PAC Contributions
Illinois CPAs for Political Action (CPA PAC) distributed $83,000 to members of the Illinois General Assembly, legislative leaders and Constitutional officers this spring. The CPA PAC serves as a strong collective voice for CPAs and CPA firms and provides a foundation for successful legislative advocacy.
Learn More.
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New General Assembly Members
1st District: Rep. Dena M. Carli
replaces former representative and now
Chicago City Clerk Susana Mendoza. Carli is
a Democratic ward committeeman and is a
sergeant with the Chicago Police Department.
10th District: Rep. Derrick Smith
replaces Annazette Collins who resigned her
House position to accept an appointment to
the State. Smith was deputy director of the
Accounting Revenue Department for the
Illinois Secretary of State.
14th District: Former Assistant Cook
County State's Attorney Kelly M. Cassidy
fills the House Seat vacated by former
Representative and now City of Chicago
Alderman Harry Osterman. Cassidy was
director of programs and development in the
Cook County States Attorney's Office and
before that was the offices legislative
liaison with the General Assembly.
26th District: Rep. Kimberly du
Buclet fills the House Seat vacated by the
now Chicago Alderman William Burns. Buclet
runs an executive search agency and
previously worked as an executive with AT&T.
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Key Legislative Dates
June 22: Special Session of the
House & Senate
October 25: Fall Veto Session begins
November 10: Fall Veto Session
Adjourns
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Legislative Statistics
As of June 20, 2011, 7,105 Bills have been
introduced; 1,609 Bills have passed the
first House; 652 Bills have passed in the
second House; 300 Bills have been sent to
Governor; and, 7 Bills have become law.
See ICPAS monitored
Substantive Bills
and
Tax Bills.
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