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HOT TOPICS |
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ICPAS INITIATIVES |
President Signs CPA Supported Legislation
President Obama signed the America Invents Act into law on September 16, 2011. The legislation includes a major patent reform provision to eliminate tax strategy patents fought for by the AICPA and state societies. Tax strategy patents now become one of only three types of business method patents that the Patent and Trademark Office is prohibited from issuing.
See the ICPAS
Legislative Update.
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REGULATORY |
Personal Information Protections
House Bill 3025
(Rep. Kelly Burke, D-36, Evergreen Park) provides that
"breach of the security of the system data" includes the unauthorized use of computerized data that compromises the security, confidentiality, or integrity of personal information maintained by a data collector.
A data collector that owns or licenses personal information shall notify the Attorney General of a breach.
Status: Public Act 97-0483. Effective January 1, 2012.
Personal Information/Consumer Fraud
House Bill 3513
(Rep. Sandra Pihos, R-42, Glen Ellyn)
replaces everything after the enacting
clause and amends the Consumer Fraud and
Deceptive Business Practices Act. Provides
that a person may not print an individual's
social security number on a wristband or on
the outside of any file associated with the
products or services provided by the person
or entity.
Status: Public Act 97-0139. Effective
January 1, 2012.
CPA Exam Education Requirement Changes
Adopted
The Joint Committee on Administrative Rules
has approved proposed administrative rules
by the Illinois Board of Examiners on
educational requirements for the CPA Exam.
The adopted rules now provide for additional
hours in the area of accounting.
Learn More.
(Illinois Board of Examiners)
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TAX |
Tax Disclosure Act
Senate Bill 43 (Sen. Susan Garrett, D-29, Lake Forest) requires local governments to notify the Department of Revenue of existing and new local taxes within 30 days of passage, and also allows taxpayers to access to an up-to-date list of local tax rates.
Status: Public Act 97-0353. Effective January 1, 2012.
Income Tax Technical Corrections
House Bill 2955
(Sen. Toi Hutchinson, D-40, Olympia Fields,
and House Majority Leader Barbara Flynn
Currie, D-25, Chicago) was signed this week
by Governor Quinn. The bill makes a variety
of technical clean-up changes to The
Illinois Income Tax Act.
Status: Public Act 97-0507. Effective
August 23, 2011.
State Sales Tax to Services
Advocates have long promoted the imposition
of applying the sales tax to cover common
services that represent a fast-growing
segment of the retail economy. The
Chicago Tribune ran an extensive
article on
a tax on services and the co-chair of the
Senate Revenue Committee again floated the
concept recently.
See the Legislative
Report on Service Taxes.
Income Tax
Withholding Requirements
The Illinois Department of Revenue (IDOR)
has adopted administrative rules requiring
employers who withhold income tax payments
in excess of $12,000 annually to make
payments to IDOR semi-weekly by electronic
funds transfer.
Learn More.
(Joint Committee on Administrative Rules)
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GENERAL GOVERNMENT |
The Residential Real Property Transfer Instrument
House Bill 1153 (Rep. John Bradley, D-113, Marion) creates the Illinois Residential Real Property Transfer on Death Instrument Act. It allows an owner of real estate to transfer residential property on his or her death. The act requires that the owner (1) sign in front of a notary and two credible witnesses, and (2) have the same mental capacity to execute a TODI as is required to make a will.
Status: Public Act 97-555. Effective January 1, 2012.
Redistricting
The Governor has signed legislation into law that redraws district boundaries for the 118 Illinois House Districts and 59 Senate Districts
(Public Act 97-0006), and 18 Illinois Congressional Districts
(Public Act 97-0014). Illinois will lose a congressional seat based on the results of the decennial census. Republican leaders and minority groups have filed a lawsuit to challenge the new district lines on the basis of under representation of minorities.
Deceased Patients Records
Senate Bill 1694
(Sen. AJ Wilhelmi,
D-43, Crest Hill, and Rep. Dan Brady, R-88,
Bloomington) amends the Illinois Power of
Attorney Act and provides that if a deceased
patient did not appoint an attorney in fact
for healthcare, a spouse, adult child,
parent, or sibling of the deceased may
request copies of the deceased patient's
records, and health care facilities and
practitioners are authorized to provide a
copy of those records upon payment of the
statutory fee.
Status: Re-referred to House Rules.
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OTHER NEWS |
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STATE |
Campaign Season Off and Running
Candidates in Illinois started gathering petition signatures
to be on the 2012 primary ballot. All signatures and campaign paperwork required are due on November 21 to the State Board of Elections.
Read More.
(Illinois Statehouse News)
See State Board of
Elections.
Budget Reform Commission Convenes
Governor Quinn convened a Budget Reform
Panel that will recommend steps to implement
Budgeting for Results requirements and to bring greater accountability and transparency to the budget process. The commission is composed of
legislators, executive staff, outside experts and stakeholders.
ICPAS
Member Maria de Jesus Prado, president of
Prado & Renteria was appointed as a commission member.
Read More.
(Illinois Government News Network)
IDFPR Launches Licensure Information Website
The Illinois Department of Financial and Professional Regulation has redesigned their
website. The regulatory agency provides information on regulatory developments and licensure requirements for over 63 different professions, including CPAs.
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NATIONAL |
G.I. Bill Covers Uniform CPA Examination Fees
"Active service members and veterans covered under the G.I. Bill can apply through Veterans Affairs to be reimbursed for fees associated with the Uniform CPA Examination. The G.I.
Bill provides funding to service members and
veterans pursuing undergraduate and graduate
degrees, tutorial assistance, licensing and
certification programs, and distance
learning."
Learn More.
(U.S. Department of Veterans Affairs)
IRS Releases Tax Preparer Competency Test Topics
"The Internal Revenue Service has released specifications for the Registered Tax Return Preparer competency test, outlining the topics that the test will cover."
Learn More.
(IRS)
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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.
Illinois CPAs for Political Action
The CPA PAC serves as a strong collective voice for CPAs and CPA firms and provides a foundation for successful legislative advocacy.
Learn More.
Federal Legislation Resource
The AICPA has launched
The CPA Advocate,
a new resource to help track federal
legislation and regulatory issues of
interest to the CPA profession.
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New General Assembly Members
102nd District: O’Fallon Attorney Paul Evans was appointed to
serve out the remaining term of Rep. Ron Stephens.
After 27 years in the House, Stephens unexpectedly announced his resignation after his district boundaries were redrawn.
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Key Legislative Dates
House and Senate stands adjourned at the call of the Chair
October 25: Fall Veto Session begins
November 10: Fall Veto Session
adjourns
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Legislative Statistics
During the Spring Legislative Session, a total of 7,198 bills were introduced. Of the 7,198, 640 passed both Chambers (8.89%) and were sent to the Governor.
As of this date, there are 29 bills the
General Assembly could reconsider in the
2011 Veto Session.
See ICPAS monitored
Substantive Bills
and
Tax Bills.
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