CPA Practice

APRIL 10, 2023

The CPA Endowment Fund of Illinois , the charitable partner of the Illinois CPA Society (ICPAS), is proud to announce its board of directors for the April 1, 2023, to March 31, 2024, fiscal year. Fuller, CPA, as ex-officio directors.

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CPA Practice

APRIL 5, 2023

The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—is excited to announce its 2022 Excel Award recipients. Each spring, ICPAS recognizes the individuals who exhibited superior achievements in passing the Uniform CPA Exam in Illinois during the previous year.

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Patriot Software

JULY 28, 2022

Seeing this looming crisis, Illinois launched the Secure Choice Retirement Savings Program (Illinois Secure Choice). Like other state retirement programs, Illinois Secure Choice mandates that all businesses with five or more employees […] READ MORE. One reason?

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Anders CPA

MAY 9, 2023

Illinois Governor J.B. Physicians with Illinois controlled substance registrations will also renew these registrations at no charge during this period. Eligible health care professionals previously licensed in Illinois can apply for restoration of their Illinois license without a fee during the same period.

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Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. For the Illinois Department of Revenue (IDOR), go to the MyTax Illinois site. There are multiple options for paying personal quarterly estimated taxes.

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Going Concern

JANUARY 4, 2023

One state that has been fully aware of the 150 hour rule’s unintended scaring away of quality candidates is Illinois. As of this past Sunday, you can sit for the CPA exam in the state of Illinois with 120 units (you still need 150 to sit, cue The Price Is Right losing horn sound here).

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CPA Practice

JANUARY 11, 2023

The Illinois CPA Society and its charitable partner, the CPA Endowment Fund of Illinois, have announced the latest group of young aspiring professionals to complete its award-winning and highly competitive Mary T. Amanda Balaba Illinois Wesleyan University Lapu-Lapu, Philippines Aisha Bawany DePaul University Morton Grove, Ill.

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RitaKeller

JANUARY 17, 2023

In Illinois, you will only need 120 credit hours to sit for the Exam. Here’s the press release from ICPAS: Illinois Updates CPA Exam Eligibility, Reduces Credit-Hour Requirement. In 2021, the Illinois House and Senate unanimously passed ICPAS-sponsored legislation to amend the Illinois Public Accounting Act to allow this change.

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CPA Practice

FEBRUARY 9, 2023

A team of students from the Southern Illinois University, Carbondale, claimed victory at the Deloitte FanTAXtic national case study competition by presenting the best analysis on a complex, issues-driven business tax case.

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Going Concern

AUGUST 16, 2022

In Illinois, they’re taking a unique step to mitigate at least one of those factors: bumping the requirement to sit for the exam down to 120 units. The post Illinois Will Soon Let You Sit for the CPA Exam With 120 Units, Should All States? Effective January 1, 2023, you only need 120 to sit. appeared first on Going Concern.

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Anders CPA

OCTOBER 19, 2022

Anders is expanding our partnership with Fifth Avenue Healthcare Services (Fifth Avenue) to offer a streamlined, outsourced credentialing and provider enrollment process for physician practices and health systems in Missouri and Illinois.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. They can represent taxpayers before the IRS or the Illinois Department of Revenue and handle all communication on behalf of the taxpayer. Contact us for tax help today.

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Anders CPA

NOVEMBER 10, 2022

Illinois businesses should be aware that an important deadline to register for Illinois Secure Choice has already passed, but there’s still time to ensure your business won’t face exorbitant fees for not registering. What Is the Illinois Secure Choice Act? Illinois Secure Choice Act November 2022 Deadline. CONTACT ANDERS.

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Anders CPA

JULY 26, 2022

The Illinois Back to School Sales Tax Holiday is a great time to stock up on supplies needed for the upcoming school year. In Illinois, the sales tax holiday starts at 12:01 a.m. Below is a list of categories that qualify for Illinois’ sales tax holiday. The state’s portion of the sales tax (6.25%) is reduced to 1.25%.

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TaxConnex

AUGUST 17, 2021

Looking at each of the two transactions individually helps to make the answer clear: Let’s look at a distributor in Arkansas who sells to a retailer in South Carolina (at that retailer’s request) and drop ships the product to the retailer’s customer in Illinois. Not all states are alike. Not all states are alike.

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TaxConnex

MAY 26, 2022

As an example, a distributor/wholesaler in Arkansas sells to a retailer in South Carolina and drop ships to the retailer’s customer in Illinois. The Arkansas distributor/wholesaler has nexus in Illinois and is registered for sales and use tax purposes in Illinois.

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PYMNTS

OCTOBER 26, 2020

With COVID-19 cases rising in Illinois, operators of small- to medium-sized businesses (SMBs) in heavily populated areas face new shutdowns — measures likely to be all the more painful economically because of looming winter weather that will make options such as outdoor dining unattractive, The Wall Street Journal (WSJ) reported.

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Nancy McClelland, LLC

JULY 9, 2022

Illinois’ 1% sales tax on groceries will be suspended for the state’s fiscal year, from June 1, 2022 through June 30, 2023. This sales tax reprieve is predicted to net approximately $400 million in consumer savings.

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PYMNTS

JANUARY 7, 2019

Illinois’ Role. Many of those efforts are likely to center on Illinois, which has what is commonly regarded as the strictest law in the U.S. The Illinois Biometric Information Privacy Act , a state law enacted in 2008, gives users a “property interest” in the algorithms that establish their digital identities.

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TaxConnex

JULY 29, 2021

One such location is Chicago, Illinois. If all of these specific taxes aren’t enough Chicago has been enforcing their own economic nexus threshold (separate from the economic nexus threshold of Illinois). Sales tax is complex for any business selling into multiple states.

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CPA Practice

JANUARY 19, 2023

ICPAS SUMMIT23 is one of the largest CPA state society events in the U.S., attracting nearly 1,000 CPAs and finance professionals interested in industry trends, innovation, product launches and networking with others within specific industry markets. 22-23, 2023 Where: Donald Stephens Convention Center, Rosemont, IL Conference Website: [link]

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PYMNTS

JUNE 26, 2019

The governor of Illinois signed a marijuana legalization bill on Tuesday (June 25), making it the 11th state to legalize pot. In addition, Illinois has become the first state to legalize the selling of the drug. Governor J.B.

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TaxConnex

NOVEMBER 1, 2022

Let’s say a supplier/distributor in Arkansas sells to a retailer in South Carolina and drop ships to the retailer’s customer in Illinois. The Arkansas supplier/distributor has nexus in Illinois and is registered for sales and use tax purposes in Illinois.

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TaxConnex

JUNE 17, 2021

Other states doing well with tax on marijuana include Oregon, Nevada, Massachusetts, Illinois, and Michigan. Illinois: Illinois is one of the most complex states with tax rates based primarily on the concentration of THC. State and local sales tax applies in Illinois as well. Ever-changing scene nationwide.

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Nancy McClelland, LLC

JULY 22, 2022

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. My inbox on June 27th. But, if you dig through the bulletins you’ll find two in particular that could be important to a small business owner.

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Going Concern

MARCH 10, 2023

of the Illinois Public Accountancy Act provides practice privilege to licensed CPAs from states that NASBA has verified “to be in substantial equivalence with the CPA licensure requirements of the Uniform Accountancy Act…” Thus, Illinois, like many states, has given NASBA authority that would otherwise rest with the Board of Examiners.

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TaxConnex

JANUARY 28, 2021

The Illinois Department of Revenue issued a general information letter discussing the sales and use taxability of web-based service. Alaska still has no state-wide sales tax, but the state’s local jurisdictions have formed the Alaska Remote Seller Sales Tax Commission for a streamlined administration of sales tax collection and remittance.

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PYMNTS

OCTOBER 5, 2016

The Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo. According to a report , Illinois Governor Bruce Rauner’s administration said it won’t include Wells Fargo until further notice.

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Going Concern

DECEMBER 9, 2022

Illinois: $40,000-$60,000. Illinois: $60,000-$90,000. Illinois: $100,000-$130,000. Illinois: $150,000-$200,000. Illinois: $65,000-$90,000. Illinois: $50,000-$75,000. Illinois: $80,000-$150,000. Illinois: $160,000-$210,000. DMV: $55,000-$70,000. Florida: $50,000-$70,000. Texas: $55,000-$65,000.

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PYMNTS

MARCH 17, 2017

One of the recent groups to add their name to the list is the Illinois Department of Financial and Professional Regulation. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications.

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TaxConnex

JULY 12, 2022

Illinois requires retailers to notify customers of the suspension of the state 1% rate of sales and use tax on retail sales of groceries, effective July 1 through June 30, 2023. Taxable purchases and leases of equipment must be at least $15 million for any calendar year, with additional conditions effective Jan. Indiana modified?

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CPA Practice

FEBRUARY 3, 2023

The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. The Illinois CPA Society’s free “Find a CPA” directory can help you find the trusted, strategic advisor that’s right for you based on location, types of services needed, and languages spoken. Find an Illinois CPA at www.icpas.org/findacpa.

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TaxConnex

MAY 17, 2022

In Illinois, for instance, the Leveling the Playing Field for Illinois Retail Act kicked in on Jan. Could it be the Golden State has a level of sales tax complexity that other states are now trying to emulate? Changes afoot? Many sourcing changes have cropped up in recent months.

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PYMNTS

OCTOBER 26, 2016

At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. By signaling a willingness to explore these technologies, Illinois opens the door for partnering with the broad range of private-sector companies pioneering innovative solutions in this area.”. “By

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PYMNTS

DECEMBER 3, 2019

Lumin Digital has signed a multi-year contract with the University of Illinois Community Credit Union (UICCU) that will have Lumin’s cloud-based platform serve as the credit union’s digital banking solution for retail banking and bill payment.

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PYMNTS

MAY 19, 2016

Among the proposed methods, facial recognition has long been a pie-in-the-sky solution, but Illinois is the latest state to show that there’s a future in the tech. The Chicago Tribune is reporting that Illinois is set to add facial recognition services to its driver’s license application process. ”

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TaxConnex

AUGUST 3, 2021

The Illinois Department of Revenue has released an earlier letter ruling discussing the applicability of sales and compensating use taxes to various services a taxpayer offers to clients who have physical locations in Illinois. Telecommunication retailers and cancellation fees are also discussed. Minnesota Gov.

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