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State CPA Societies in Action: Illinois CPA Society

CPA Practice

The Illinois CPA Society: At-a-Gance Current Members: 22,600 Founded: 1903 Headquarters: Chicago www.ICPAs.org. Entering its 120 th year, the Illinois CPA Society begins the new year with a new President and CEO slated to take the reins in February 2023.

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It’s Official: 120 Units is All You Need to Sit For the CPA Exam in Illinois

Going Concern

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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News From Illinois About The CPA Exam

RitaKeller

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. The Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—advocated alongside the Illinois Board of Examiners (ILBOE) to reduce the credit-hour requirement for testing eligibility from 150 semester credit hours to 120. “Just believe in yourself.

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Illinois CPA Society Summit 2023

CPA Practice

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. When: Aug.

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Illinois Will Soon Let You Sit for the CPA Exam With 120 Units, Should All States?

Going Concern

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?

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Does Illinois Secure Choice Affect Your Small Business? 

Patriot Software

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.

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Illinois Grocery Sales Tax Reduced by 1% For The Next 12 Months

Nancy McClelland, LLC

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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Illinois Small Businesses: Upcoming Aug 5-14 Sales Tax “Holiday” Is Anything But One

Nancy McClelland, LLC

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.

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On the move: 700 CPAs serve in Illinois

Accounting Today

Career moves

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Illinois CPA Society Announces Mary T. Washington Wylie Internship Preparation Program Scholars

CPA Practice

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. Devin DeVry University of Illinois Aurora, Ill.

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Illinois Passes Marijuana Legalization Bill

PYMNTS

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. Illinois’ 55 medical- cannabis dispensaries will be the first to apply for licenses because they’re proven businesses, Cassidy said. Regulation Cannabis Illinois Legislation marijuana dispensary Marijuana Legalization News state law What's Hot

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Illinois State Tax Updates

Withum

Blogs

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Anders Partners with Fifth Avenue to Provide Streamlined Credentialing and Provider Enrollment Process in Missouri and Illinois

Anders CPA

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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Illinois CPA Society names 2022 Women to Watch

Accounting Today

Diversity and equality Gender issues

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Illinois Secure Choice Deadline for Small Businesses Has Passed, But There’s Still Time to Register to Avoid Penalties

Anders CPA

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?

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Save On Back To School Supplies During Illinois’ Tax Free Holiday August 5-14

Anders CPA

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.

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Illinois Regulator First In US To Join R3 Blockchain Consortium

PYMNTS

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. Among its R3 counterparts, Illinois will be joining the Bank of Canada and the Securities & Futures Commission of Hong Kong.

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Illinois CPA Society Honors 2022 Women to Watch Award Winners

CPA Practice

The Illinois CPA Society (ICPAS), in partnership with the ICPAS Women’s Committee and the AICPA Women’s Initiatives Executive Committee, presented the winners of the prestigious 2022 Women to Watch Awards at the ICPAS Women’s Leadership Forum, held.

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Bitcoin Daily: Deribit Crypto Exchange Flees Netherlands’ Tight Regulation; Illinois Now Recognizes Blockchain Contracts As Legally Binding

PYMNTS

On another note, Illinois has become the most recent state to recognize blockchain-based records, including smart contracts, as legal, according to CoinDesk. Illinois’s Blockchain Technology Act went into effect on Jan.

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Do Consumers Own Digital ID Algorithms? Look To Illinois.

PYMNTS

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. Plaintiffs were seeking more than $5 million for the “hundreds of thousands” of Illinois residents affected.

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Wells Fargo Shut Out Of Illinois Bond Business; Chicago May Follow Suit

PYMNTS

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. Banking Chicago fake account scandal Illinois News wells fargo What's Hot

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Year-End Reminders For Chicago Small Business Owners

Nancy McClelland, LLC

Illinois Department of Human Rights Sexual Harassment Training For the record, this one is state-mandated, not just city-wide. Chicago businesses should take a moment to review upcoming changes before year-end.

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Blockchain Tracker: 88 Bales Of Cotton, Illinois State Gov. And Adoption

PYMNTS

At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. The state of Illinois is taking an important step forward by directly recognizing the many ways in which blockchain and distributed ledger technologies can improve the workings of a variety of state- and county-level governmental functions,” said Lewis Cohen at Hogan Lovells. “By

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Lumin Digital To Power Banking, Bill Pay For University Of Illinois Credit Union

PYMNTS

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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Today’s The Day! 2022 Tax Filing Season Begins

Nancy McClelland, LLC

The State of Illinois also opened its tax season today. In a press release , the IDOR Director, David Harris, highlighted the improved and enhanced MyTax Illinois system.

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KSM to Sponsor Illinois MGMA and Indiana MGMA Joint Conference

Katz,Sapper&Miller

Katz, Sapper & Miller is sponsoring the Medical Group Management Association (MGMA) 2016 Joint Annual Conference and 30th Anniversary Celebration – a collaboration between the Indiana and Illinois chapters of MGMA

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Illinois Adds Facial Recognition To Driver’s ID Applications

PYMNTS

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. Previously, Illinois handed new or replacement driver’s licenses to applicants immediately after all proper paperwork was processed in physical branch locations.

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Malik and Hogan to Discuss Recent Accounting and Tax Changes at Illinois Trucking Association Annual Meeting & Expo

Katz,Sapper&Miller

Zee Malik and Troy Hogan, directors in Katz, Sapper & Miller’s Transportation Services Group, will present at the 2018 Illinois Trucking Association Annual Meeting & Expo. Taking place Sept. 18-20, 2018 in Normal, IL, the conference will bring together trucking leaders to address top issues facing the transportation industry

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Amazon Opening Package Pickup Spot At Chicago’s University Of Illinois

PYMNTS

15) that it has entered into an agreement with the University of Illinois at Chicago to open a package pickup location inside the student center on the UIC campus, Amazon said in a press release. Amazon announced on Monday (Aug. The center, called Amazon@UIC, will be a staffed package pickup location where students, faculty and staff can pick up and return Amazon orders. The 2,300-square-foot Amazon@UIC is expected to open later this year. “We

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Chicago “Joint Readiness Summit” This Fri 2/4 – Small Biz Funding Opportunities

Nancy McClelland, LLC

Join the City of Chicago, Cook County, and State of Illinois leaders as well as other experts to learn about what it takes to be “ready” to apply for grants and contracts funded by American Rescue Plan Act (ARPA) and other economic recovery funding streams.

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How To Raise Capital For Your Small Business Start-Up — FREE Webinar 8/10/22

Nancy McClelland, LLC

Education Illinois Tips BACP capital chicago City of Chicago education financing free free webinar loans SCORE small business small business owner small businesses webinar webinars workshops

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How to Apply for a Chicago Sidewalk Cafe Permit – FREE Webinar 3/3/22

Nancy McClelland, LLC

Education Illinois Tips BACP business education chicago City of Chicago free sidewalk small business small business owner small businesses webinarThursday, 3/3 at 10:00 AM. How to Apply for a Sidewalk Cafe Permit.

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Important Changes for Chicago Businesses, Effective July 1, 2022

Nancy McClelland, LLC

Education Illinois Tips BACP chicago chicago ordinance city council City of Chicago cook county employee benefits employer employer requirements fair workweek free webinar July 1 labor laws minimum wage sexual harassment small business small business owner small businesses webinar webinars

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How To Download An IRS Account Transcript – UPDATED 2/6/2022

Nancy McClelland, LLC

To get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] and enter your SSN, Name, and the year (in this case 2021).

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The Enigma of Drop Shipments for Sales Tax Purposes

TaxConnex

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.

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Google, Amazon Tech Help States Handle Jobless Claim Boom

PYMNTS

Google and Amazon Web Services are assisting Rhode Island, Kansas, Illinois and New York in processing the unprecedented number of unemployment claims prompted by the coronavirus crisis, The Wall Street Journal (WSJ) reported.

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Data Breaches Impact Unemployment Benefit Applicants In Four States

PYMNTS

Arkansas, Colorado, Illinois and Ohio have warned tens of thousands of residents who have applied online for unemployment benefits due to COVID-19 of possible data breaches that could have exposed names, addresses and Social Security numbers.

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Six Flags Biometrics Ruling Could Affect Facebook, Google

PYMNTS

The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook. The lawsuit can proceed under the Illinois Biometric Information Privacy Act, the court said, which requires that companies collecting biometric information like iris and facial scans or fingerprint data get prior consent from individuals.

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Amazon (And Others) Brace For India’s New eCommerce Tax

PYMNTS

Separately, Facebook has reportedly settled a lawsuit for violating laws in the state of Illinois tied to facial recognition technology, agreeing to pay a fine of $550 million. The jousting over eCommerce taxes — especially for U.S.

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As Biometrics Advances, Laws And Regulations Try To Catch Up

PYMNTS

But the laws and regulations governing biometrics have yet to catch up to the reality of their use, and that’s perhaps most apparent when it comes to two recent, high-profile cases in Illinois. The Illinois Biometric Information Privacy Act , commonly known as BIPA, not only stands as the strictest biometric privacy law in the U.S., The Supreme Court in Illinois ruled on Jan. Legal biometrics Editors' Picks Illinois laws Lawsuits News privacy regulations Security

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Multi-channel selling sales tax: Wholesalers and Drop Shipping

TaxConnex

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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Auto-Tracking Road Warrior Employees As The Wheels Go ‘Round

PYMNTS

In Illinois, and a handful of other states, changes in how employees are reimbursed for business-related expenses herald changes on a broader scale, and in how firms use technology to make sure that expenses are being recorded accurately. In the case of Illinois, an amendment to the state Wage Payment and Collection Act means employers must reimburse for “all necessary expenditures” incurred in the course of normal duties, and need not require the submission of receipts.

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Sales Tax Complexity Snapshot: Chicago

TaxConnex

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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