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HOT TOPICS |
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ICPAS INITIATIVES |
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.
Senate Passes CPA-Sponsored
Open Meetings Legislation
House Bill 1277 (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. Moves to
Governor's desk.
See ICPAS Fact Sheet.
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BUDGET |
Transparency & the State Budget
The Budgeting for Outcomes process adopted for crafting the FY2012 state operating budget provides that proposals will be reviewed line by line. The House passed a budget $2 billion below the Governor's request.
Human services and education took the biggest cuts.
Read More.
(State of Illinois)
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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 allows taxpayers access to an up-to-date list of local tax rates.
Status: Passed both Houses.
Sales Tax Sourcing
Senate Bill 2194
(Sen. Toi Hutchison, D-40, Olympia Fields),
provides that, with respect to retailers'
and service occupation taxes imposed by the
State and units of local government, sales
are attributed to the unit of local
government where the purchase order is
accepted, subject to certain exceptions.
Status: Pending in Executive Committee,
House.
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GENERAL GOVERNMENT |
Reinstatement of 2009 Capital Plan
Senate Bill 1322
(Sen. John Cullerton, D-6, Chicago), creates
the Capital Projects Revenue Act to provide
funding for the State Capitol Plan. Portions
of the 2009 Capital Projects legislation was
invalidated by the Illinois Appellate Court.
Status: Third Reading, Senate.
Streamlining Business Regulations Approved
House Bill 1552
(Rep. Chris Nybo,
R-41, Elmhurst), will streamline
discrimination investigation processes by
requiring the state agency to adopt the
federal investigation findings in most
circumstances.
Status: Passed both Houses.
Illinois Redistricting
The House and Senate have held over 15
public hearings and received public comments
on the redistricting process. The changes
that the legislature and Governor must agree
on will
affect 118 House districts, 59 Senate
Districts and 19 Congressional Districts.
Learn More:
House Redistricting,
Senate Redistricting.
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OTHER NEWS |
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STATE |
Governor Appoints New Accounting
Regulator
Governor Pat Quinn nominated
Jay Stewart to
serve as the Director of the state's
Division of Professional Regulation. Stewart
previously served as Senior Legal Counsel in
both the Governor and Lt. Governor's Office
and was the Executive Director of the Better
Government Association.
Renteria Appointed to Public Accountant Registration Committee
The Secretary of the IDFPR appointed
Hilda Renteria, CPA, to the Public Accountant Registration and Disciplinary Committee. The Illinois CPA Society recommended Renteria.
More about the Committee.
Appellate Court
Rules on Statutes of Limitations
"[F]or purposes of the liability of an accountant for negligent preparation of a tax return, the five-year period is lengthened to two years after the IRS files the assessment." Or, the "taxpayer must file suit within two years after assessment or
the conclusion of the assessment proceeding by settlement with the IRS."
See Khan v. BDO Seidman, LLP (PDF).
(State of Illinois)
Small Business Job Creation Tax Credit Expanded
Eligible businesses and non-profit organizations may qualify for a $2,500 per job tax credit against their withholding taxes for any full-time employees hired between July 1, 2010 and June 30, 2011.
Read More.
(State of Illinois)
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NATIONAL |
IRS Begins Enforcing New Return Preparer Rules
"[T]he IRS ... will initiate a review of tax returns that were prepared by a preparer who used an identifying number other than a PTIN,
did not use any identifying number, or did
not sign tax returns they prepared."
Read More.
(IRS)
Oversight Board Reveals IRS Weaknesses
The IRS Oversight Board's annual report to Congress recognized a successful filing season, but identified
"two systemic weaknesses that the IRS should
address: the tax gap and information
technology."
Read More.
(Journal of Accountancy)
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INTERNATIONAL |
Registration Open for International CPA-Seekers
International applications for the Uniform
CPA Examination are now being accepted by
participating state boards of accountancy.
Learn More.
(NASBA)
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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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Key Legislative Deadlines
May 27: House and Senate Third Reading deadline for opposite chamber legislation.
May 31:
Adjournment.
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Legislative Statistics
As of May 19, 2011, 4,231 bills have been introduced in the House, and 2,764 in the
Senate for a total of 6,995.
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