TARC Updates
- Prepayment of Property Taxes
- April 6, 2018, TARC updates
- IGFOA has received inquiries from members regarding prepayments of property taxes made in response to federal tax law changes and related distributions made from the various counties. Governments should continue to follow their own policies regarding…
- TARC Recommended Accounting Treatment for PPRT Update
- November 28, 2017, TARC updates
- BackgroundIn late April 2016, local governments received a notice from the Illinois Department of Revenue (IDOR) that a misallocation of Personal Property Replacement Taxes (PPRT) had resulted in an overpayment of an estimated $168 million to local g…
- Public Act 100-0023 - Recommended Accounting Treatment
- November 28, 2017, TARC updates
- BackgroundAs part of the State Budget process, the Illinois General Assembly passed Public Act 100-0023. Public Act 100-0023 provides that, beginning in July 2017, 2% of locally imposed sales taxes collected by the state be transferred to the Tax Com…
- TARC responds to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model
- March 15, 2017, TARC updates
- The Technical Accounting and Review Committee (TARC) of IGFOA has drafted its response to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model, (click here). The document is available as a word document, so that IGFOA members…
- Technical Accounting Review Committee (TARC)
- May 6, 2016, TARC updates
- Monitors and comments on activities and rulings of the Governmental Accounting Standards Board (GASB). The committee provides testimony on GASB standards and educates the IGFOA membership on those standards.
- TARC Recommends Accounting Treatment for PPRT Revenue Misallocation
- April 29, 2016, TARC updates
- Background In late April, local governments received a notice from the Illinois Department of Revenue (IDOR) that a misallocation of Personal Property Replacement Taxes (PPRT) had resulted in an overpayment of an estimated $168 million to local gover…
- TARC Recommended Practice for Treatment of Balances in IMET Liquidating Trust
- February 19, 2015, TARC updates
- For information onTARC's Recommended Practice for Treatment of Balances in IMET Liquidating Trust, please review the whitepaper developed by the Technical Accounting and Review Committee (TARC).
- Implementation of GASB 67
- January 16, 2015, TARC updates
- GASB Statement No. 67, which is effective for fiscal years beginning after June 15, 2013, applies to financial reports issued by downstate police and firefighters’ pension funds. If your downstate police and firefighters’ pension fund doe…
- Telecommunications Excise Tax Reductions Reporting
- July 3, 2014, TARC updates
- In late June, municipalities received a notice from the Illinois Department of Revenue (IDOR) regarding a federal class action lawsuit settlement involving improperly charged telecommunications excise taxes. As a result of the settlement, IDOR must r…
- GASB seeks feedback on effectiveness of Statement 34
- May 19, 2014, TARC updates
- IGFOA members are encouraged to complete the survey before the June 6th deadline.