IL HB4381

Amends the Illinois Public Accounting Act to establish an 8-member task force to study regulation of commercial tax return preparers

Task force membership includes representatives from the Department of Financial and Professional Regulation, CPA associations, tax return preparation industry, Department of Revenue, and four legislative leaders (Speaker and President of Senate plus both Minority Leaders)

Task force must prepare a report determining the appropriate scope of tax return preparer regulation, qualifications (including minimum education and continuing education requirements), and other relevant matters

Task force must meet at least 3 times during the year the act becomes effective and submit final report by December 1, 2015 to the Secretary of Financial and Professional Regulation, Governor, and General Assembly

Task force members receive no compensation but are reimbursed for necessary expenses; the task force authority expires July 1, 2016