The Latest Regulatory & Legislative News for Illinois CPAs
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Capitol Dispatch
Marty Green's Legislative Update
AUGUST: Political Theater Comes With Campaign Season
The Illinois State Fair finished its two-week run, and the DuQuoin State Fair officially kicks off Friday. Illinois' two state fairs are prime venues for political theater and officially begin the campaign season leading into November's General Election.

Aside from presiding over both state fairs, Gov. Rauner and his staff have acted on over 300 of the 600 bills that were passed during the Spring Legislative Session. While I have included legislation acted upon below, there are many bills of interest to the CPA profession. I encourage you to review the general legislative tracking report and the tax legislative tracking report for bills that could impact your practice.

As a part of Illinois' Bicentennial Celebration, Sunday, Aug. 26 marks the 200th anniversary of the adoption of the first Illinois Constitution. This important date in our state's history will be celebrated with a variety of events throughout the state. Enjoy the festivities.
General Bills Tax Bills Public Acts GA Updates
Governor Signs CPA-Sponsored Legislation
SB 2638 amends the Local Government Audit Act, the County Audit Act, and the Municipal Audit Act to grandfather units of government who submit audited financial statements using cash basis accounting to the comptroller’s Local Government Division. This legislative remedy will allow units of local government to continue using cash basis or accrual accounting. Status: Public Act 100-0837.
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Administrative Procedures Notices to Be Emailed
SB 2644 amends the Administrative Procedure Act to provide that notice to parties in a contested action under this Act shall be served by email. Status: Public Act 100-0880, effective Jan. 1, 2019.
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Secure Choice Employee Savings Program Becomes Voluntary
HB 4923 provides further statutory authorization for the Illinois state treasurer to implement the 2014 law requiring employers with more than 25 employees to provide either a retirement plan or participate in the state's Secure Choice plan. Status: The governor's amendatory veto materially changed the 2014 legislation from mandatory enrollment to voluntary enrollment. ICPAS Government Relations is closely monitoring and will continue postings of material information.
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Federal Regulation of Tax Preparers Coming?
Federal legislation has been introduced to authorize the IRS to regulate tax return preparers. SB 3278 is supported by the American Institute of CPAs and state CPA societies. The federal legislation expands upon the 2016 ICPAS-sponsored State Tax Preparers Oversight Act. Separate but related to the regulation of tax preparers, the D.C. Court of Appeals upheld the IRS' voluntary tax preparer program.
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IDOR Adopts Books and Records Rules
SB 3141 Amends the various tax acts regarding maintenance of books and records. Provides that penalties imposed for failure to keep books and records shall not apply if the taxpayer shows that he or she acted with ordinary business care and prudence. Requires department to adopt rules. Status: Public Act 100-0940, effective immediately.
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Illinois Standard Tax Exemption Extended
SB 1437 amends the Illinois Income Tax Act to extend the standard exemption to taxable years ending on or before Dec. 31, 2023. Status: Public Act 100-0865.
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State Government Cybersecurity Audits Required
HB 5547 requires the auditor general to conduct performance audits of state agencies and their cybersecurity programs and practices, focusing on agencies that maintain large volumes of personable identifiable information. Status: Public Act 100-0914, effective Jan. 1, 2019.
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Code Amended for Cable Television Franchise Fee Audits
SB 3464 amends the Counties and Municipal Code to restrict the frequency of cable television franchise fee audits and affirmatively require governments to share audit findings and information with cable television vendors. Status: Public Act 100-0945, effective immediately.
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Bill Aimed at Preventing Financial Exploitation of Vulnerable Adults
SB 3621 provides that any investment advisor or other financial personnel who reasonably believes that financial exploitation of an eligible adult may have occurred or been attempted shall notify the Secretary of State Securities Department. The bill provides immunity from any administrative or civil liability that may result in third-party notifications. Status: Pending Senate Assignments Committee.
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Frequency of Small Bank Audits Changed
HB 4589 amends the Savings Bank Act to repeal the annual audit requirement of small banks in place of an 18-month audit schedule. Status: Public Act 100-0652, effective immediately.
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Governor Vetoes Retail Rebate Card Prohibition
HB 4922 provided that it is unlawful to offer to consumers at retail a rebate made on a rebate card, rather than a stored-value card, that charges dormancy fees or other post-issuance fees. Excludes gift cards issued under the Revised Uniform Unclaimed Property Act, payroll cards issued under the Illinois Wage Payment and Collection Act, certain stored-value cards, and cards issued for in-store credit from the scope of the term "rebate card." Status: Governor vetoed.
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ABLE Account Transferability Expanded
SB 2660 provides that on the death of a designated beneficiary, proceeds from the ABLE account may be transferred to the estate of a designated beneficiary or to an account for another eligible individual specified by the designated beneficiary. Also amends the Trusts and Trustees Act to provide that the court, or a person with a disability, may irrevocably assign resource of that person to either or both of: 1) an ABLE account or 2) a discretionary trust that complies with federal medical reimbursement requirements. Status: Public Act 100-0713, effective immediately.
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Local Government Shared Services Report Released
The second edition of the Journal of Local Government Shared Service Best Practices promotes and highlights the 20 top examples of local governments working together to cut costs and reduce property taxes.
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2019 State Budget Analysis Released
The non-partisan General Assembly Commission on Government Forecasting and Accountability has issued its analysis of the FY 2019 State Operating Budget as required by law.
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A Spring of Missed Opportunities
The chance to make great change in the spring legislative session has come and gone.
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CPA License Renewal Nears
Illinois CPA licenses and registrations expire Sept. 30, 2018. CPAs were sent an email renewal notice from the Illinois Department of Financial and Professional Regulation ( with online renewal instructions and your renewal PIN. CPA firm licenses expire on Nov. 30, 2018. Renewal notices for firm license renewals have been sent via email.
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