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HOT TOPICS |
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ICPAS INITIATIVES |
Governor Signs CPA-Sponsored Open Meetings Legislation
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: Public Act 97-0318. Effective January 1, 2012.
See the ICPAS
Legislative Update.
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REGULATORY |
Rules Adopted to Protect Seniors from Financial Exploitation
"Under the new rules, employees of financial
institutions will be trained to identify the
indicators of financial exploitation, as
well as how to report exploitation ... of
older adults."
Read More.
(Illinois Government News Network)
See
Reporting Elder Abuse:
What Professionals Need to Know.
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TAX |
Keeping Business in
Illinois Part of Tax Structure Hearings
Keeping businesses in Illinois was the focus of the second of four statewide hearings of the Joint House and Senate Revenue Committee's study of Illinois'
corporate tax structure. The final hearing
is scheduled for August 30th.
Read More.
(Illinois Statehouse News)
See Hearing Schedule.
See Video of Hearing.
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GENERAL GOVERNMENT |
Illinois
Excluded Powers of Attorney
HB 1712 (Rep. Mark Beaubien, R-52, Barrington) (Sen. Ira Silverstein, D-8, Chicago) excludes from the Illinois Power of Attorney Act certain kinds of more limited agencies done primarily for various business, commercial, and governmental purposes that are executed by or for financial institutions.
Status: Governor amendatorily vetoed.
Uncashed Paychecks to be Curated Quicker
"Abandoned paychecks now will start flowing into the Illinois Treasurer's Office in 12 months instead of five years, following Gov. Pat Quinn signing this new law.
Read More.
(Illinois Statehouse News)
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MOBILITY |
New York Enacts
Mobility Statute
New York Gov. Andrew
Cuomo (D) signed a bill that modernizes
regulations, allowing CPAs to represent
clients across state lines. There are now
only seven remaining states and
jurisdictions without mobility statutes.
Read More.
(AICPA)
AICPA and NASBA
Launch Mobility Website
"[T]he new website
provides helpful information, updated
regularly, on state practice privilege
requirements for CPAs, commonly referred to
as 'mobility' laws, for all 50 states and
five U.S jurisdictions."
Learn More.
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OTHER NEWS |
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STATE |
Department of Employment Security
Launches New Website
The Illinois Department of Employment Security launched a new and improved website in August for employer information and getting the help you need.
Learn More.
(Illinois
Department of Employment Security)
Moody's Says Illinois Retiree Benefits are Unsustainable
"The Illinois fiscal 2012 budget doesn't address the state's
'sizeable backlog of unpaid bills and an unsustainable ascent' in spending for pension benefits, Moody's Investors Service said in a report."
Read More.
(Bloomberg)
Illinois State Deficit 50 out of 50
"Illinois owed $37.9 billion more than all of its assets combined, including cash, investments and property, as of July 1, 2010, according to a recent statewide financial audit by the Illinois Auditor General William Holland and Illinois Comptroller Judy Baar Topinka."
Read More.
(The Statehouse News)
See Audit General's
Compliance Audit.
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NATIONAL |
National Taxpayer Advocate's Report to Congress
"National Taxpayer Advocate Nina E. Olson released her Fiscal Year 2012 Objectives Report to Congress
... which outlines the goals and activities planned by the NTA for the coming fiscal year."
Read More.
(Taxpayer Advocate Service)
Circular 230 Regulations Finalized
"The IRS issued final regulations implementing components of its initiative to register and regulate all paid tax return preparers."
Read More.
(Journal of Accountancy)
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INTERNATIONAL |
U.S. CPA Exam
Administered Internationally
The U.S. CPA exam was
administered Aug. 1 for the first time
outside of U.S. borders at sites in Japan,
Bahrain, Kuwait, Lebanon and the United Arab
Emirates.
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.
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.
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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
As of August 11, 2011, 7,169 Bills have been introduced; 635 Bills
have been sent to the Governor and 301 Bills have been signed
into law.
See ICPAS monitored
Substantive Bills
and
Tax Bills.
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