Posted: 29 Apr 2006 at 00:45 | IP Logged
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Quote from http://www.icpas.org/icpas/legislative/newlaw.asp
For State of ILLINOIS:
Q: I am a CPA but not currently licensed. How do I know if the new "registration" requirement applies to me? A: Anyone who does not have a license and who wishes to continue to hold him or herself out to the public as a "CPA" whether on letterhead, stationery, business cards, firm name, telephone book, resume, etc. must register with the Illinois Department of Financial and Professional Regulation (DFPR) beginning in 2006.
Q: How do I know if I should be "registered" or "licensed?" A: A license is required of anyone providing attest services, or any CPA who is a partner in a CPA firm that provides attest services. PLEASE NOTE: If you practice before the IRS (or plan to), click here for more information.
Q: What is the difference between getting a "license" and "registration?" A: Registration is much simpler than obtaining a license and the fee is less ($90 for registration, $120 for a license). Obtaining a license requires at least one year of experience and 120 hours of continuing professional education (CPE) including four hours in ethics every three years. Registration allows you to hold yourself out to the public as a CPA. A license authorizes you to hold yourself out as a CPA and provide attest services.
Q: I am a licensed CPA. Do I have to register also? A: No. If you are already licensed, you do not have to register.
Q: I am an unlicensed CPA. When do I have to register? A: The registration requirement is effective October 1, 2006. You may register anytime between now and then, and the registration will be valid thru September 30, 2009. Registration forms can be downloaded from the Department of Financial and Professional Regulation website. (See: http://www.idfpr.com/dpr/WHO/pa.asp )
Q: What happens if I just dont register? A: If you fail to register and you are found to be holding yourself out to the public as a "CPA," the department may issue a reprimand or a "cease and desist" order, and/or fine you up to $5,000. In addition, you may be found guilty of a Class B misdemeanor, which provides for a fine up to $1,500 and up to six months in jail. If you do not register prior to 2010, and then decide you want to use the "CPA" designation, you will have to get a license, even if you do not provide attest services.
Q: What is required to "register?" A: You will have to obtain and submit a form to the Department of Financial and Professional Regulation, supply basic identifying information, prove you have passed the Uniform CPA exam, and pay a fee of $90. No experience is necessary, and CPE is not required.
Q: How often do I need to register? A: The regulations require that you renew your registration every three years. The initial registration is due by October 1, 2006; therefore the first renewal will be required by October 1, 2009, and then every three years after that.
Q: I am a retired CPA. Do I need to register? A: Probably not. If you are sure you do not want to hold yourself out as being a "CPA," you probably do not need to register. However, if there is some possibility that you might start a full- or part-time practice and use your "CPA" title, you would probably want to register just to be safe. If you are not sure of your plans, the safest thing to do is register.
Q: I am currently not using my "CPA" designation, but may want to use it at some point in the future. Should I register? A: Yes. Remember that anyone who is not registered by 2010 will have to obtain a license if they want to use the "CPA" title after that time. If you think you might want to use the "CPA" title in the future but not provide attest services it may be prudent to register.
Also, the law provides for an "inactive" status for both registered and licensed CPAs. Once you have registered or obtained a license, you may apply to the department to put your license or registration on "inactive" status. During the period the license or registration is on inactive status, you do not have to pay the triennial renewal fee or take CPE (if you are licensed), but you may not use the "CPA" designation or title, nor provide attest services.
Restoring a license to active status requires payment of the current renewal fee and some CPE hours (as specified by department rule). Requirements for restoring a registration from inactive status will be set by rule, but are not expected to require anything more than filing a form and paying the current registration fee.
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