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HOT TOPICS |
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ICPAS INITIATIVES |
House Passes Open Meetings
Legislation
House Bill 1277 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 interviews conducted in accordance with
US GAAS.
See ICPAS Fact Sheet.
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BUDGET |
Special Fund Sweeps Prohibition
House Bill 1914
prevents the General Assembly and Governor from sweeping statutory funds such as the Registered CPA Licensure and Disciplinary Fund. Special funds would not be subject to sweeps, administrative charge-backs, or any other maneuver that would in any way transfer any amounts from a special fund into any other
state fund.
The Illinois CPA Society supports this legislation.
New Taxpayer
Oversight Board Proposed
House Bill 1512
creates the Commission on Taxpayer Oversight
and Reduction of State Spending Act, and
provides that the Commission will conduct
investigations, review the budget submitted
by the Governor, review activities of
agencies and grant recipients, and consider
state and local budgetary reductions to
eliminate waste and inefficiency.
Budgeting for Results
House Resolution 110
and
Senate Joint
Resolution 29 require that appropriations for a fiscal year shall not exceed funds estimated by the General Assembly to be available during that year.
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REGULATORY |
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Peer Review
Proposed Administrative Rules Adopted
The Joint Committee on Administrative Rules adopted the
administrative
rules
by the IDFPR to establish and govern a
mandatory Peer Review Program. ICPAS staff worked closely with the IDFPR and AICPA in drafting the administrative law which will govern the implementation of Illinois’ Peer Review requirements.
Revised CPA Exam Requirements Proposed
The
Illinois Board of Examiners has republished
proposed administrative rules for
educational requirements to sit for the
Uniform CPA Exam.
Read More.
(ICPAS)
New
Reporting Requirements for Lobbyists
The Secretary of State has proposed
Emergency Administrative Rules to implement
new activity and financial reporting
requirements of the Lobbyist Registration
Act.
Read More.
(Joint Committee on Administrative Rules)
Municipal Business Licensing
House Bill 1323
amends the Illinois Municipal Code by
expanding municipalities' authority to
license, tax and regulate all businesses
within their corporate limits.
Public Record Removal Proposed
House Bill 1973
provides that any licensee disciplined under
a licensure act administered by the Division
of Professional Regulation for an offense
relating to the failure to pay taxes, child
support, or student loans, or relating to
continuing education or advertising may file
a petition to have the records removed from
public view.
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TAX |
Franchise Tax
Senate Bill 2196 provides that
effective immediately, 15% of all moneys received by the State of Illinois from franchise tax litigation will be deposited into the Secretary of State's
Department of Business Services Special
Operations Fund for expenses related to
audit, enforcement and operational duties,
in addition to pre-existing uses.
Service Tax and Education Funding
House Bill 3501
provides increased education and property tax relief and amends the State Tax Act. The legislation extends sales tax to 39 categories of services as defined by the North American Industry Classification Manual.
Accounting, Financial and Tax services are not included in the proposed classifications.
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GENERAL GOVERNMENT |
Charitable AG990 Filings
House Bill 2228 HA 1 amends the Charitable Trust Act requiring the Illinois Attorney General to draft administrative rules that would reconcile the dates of filing AG990's
IRS filing requirements.
Merger of Illinois'
Financial Offices Proposed
House Joint Resolution Constitutional Amendment 1 proposes to amend the Illinois Constitution to merge the
State's Comptroller and Treasurer
offices into one combined agency in 2014.
Amendment
Aims to Eliminate Lame Duck Sessions
House Joint Resolution Constitutional Amendment 4 amends the Illinois Constitution by eliminating legislative sessions between the end of the general election and beginning of the next legislative session other than to deal with emergencies.
New State
Bank Proposed
House Bill 2064
would establish the Community Bank of
Illinois, a state-sponsored bank requiring
the deposits of state funds, and provides
that the Department of Financial and
Professional Regulation will operate the
bank.
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MOBILITY |
ICPAS GRO Mobility
Update
The ICPAS Government
Relations staff, working with the
Illinois Department of Financial and
Professional Regulation, has developed
informational
questions and answers to
assist practitioners in resolving mobility
issues. Direct questions
to the
Government Relations
Office.
Additional information is available in the
NASBA's
State Mobility Law Index.
Forty-seven states have passed mobility
legislation. Hawaii, New York and Washington
D.C. have legislation pending.
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OTHER NEWS |
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STATE |
Nexus Internet Sales Tax Legislation
"Governor Quinn signed
Public Act 96-1544 into law in an attempt to get more online retailers to collect Illinois sales tax. The Illinois Department of Revenue estimates that $150,000 in lost taxes will be collected with the implementation of this legislation."
Read More.
(Illinois Government News Network)
Auditor General Critical of State Reporting
System
"Auditor General William Holland's
recent critical audit calls state's financial reporting system
'antiquated' and 'costly to operate'."
Read More.
(Office of the Auditor General)
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NATIONAL |
Senate Passes Patent Reform Bill
"The US Senate passed the America Invents Act, which provides that strategies for reducing tax liability to be
'prior art' and therefore not patentable. The bill moves to the House for consideration."
The Illinois CPA Society has been working with the AICPA in opposition of patents for tax strategies.
Read More.
(Journal of Accountancy)
House Repeals 1099-MISC Reporting Requirements
"The US House passed legislation that repeals the onerous 1099 reporting requirements included in the Obama healthcare legislation signed into law on March 30, 2010."
Read More.
(ICPAS)
Read ICPAS' letter to
the Illinois Congressional Delegation. |
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CONTACTS |
Marty Green, JD
Vice President,
Government Relations
Jill Loeser
Manager,
Government Relations
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Government
Relations Office
Consolidated Election
Tuesday, April 5
Learn More.
Illinois CPAs for Political Action
A strong
collective voice for CPAs and CPA firms,
this group
provides a foundation for successful
legislative advocacy.
Contribute Today!
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Newly Appointed Members of the Illinois General
Assembly
Senators
Rep.
Annazette Collins (D-Chicago) was appointed to fill
the vacancy in the 5th Senate District seat (Sen. Rickey Hendon,
Retired).
Bridgeview Mayor
Steve Landek (D-Bridgeview) was appointed to fill the vacancy in the 11th Senate District seat (Sen. Lou Viverito,
Resigned).
DeKalb County Treasurer
Christine Johnson (R-DeKalb) was appointed to fill the
vacancy in the 35th Senate District seat (Sen. Brad Burzynski,
Resigned).
Attorney
Darin LaHood (R-Peoria) was appointed to fill the
vacancy in the 37th Senate District seat (Sen. Dale Risinger,
Retired).
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Legislative Statistics
As of March 14, 2011, 3,990 bills have
been introduced in the Senate and 2,630 in
the House.
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