Regulatory Roundup - March 9-15
AICPA
Press Release
Lisa Simpson, CPA, CGMA, vice president of firm services testified about the profession’s support for PPP borrowers and the challenges they continue to face with the PPP application process.
March 10, 2021
CBO
Cost Estimate
Estimated Budgetary Effects of H.R. 1319, American Rescue Plan Act of 2021
March 10, 2021
As Passed by the Senate on March 6, 2021
Report
Measuring the Cost of Government Activities That Involve Financial Risk
March 10, 2021
This report explains the details of two approaches to measuring the cost of government activities that involve financial risk, the qualitative differences between them, and their application to various activities and programs.
Cost Estimate
H.R. 1280, George Floyd Justice in Policing Act of 2021
March 9, 2021
Letter to the Honorable Jason Smith
The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, CBO estimates—$423 billion more than the deficit recorded during the same period last year.
FASB
FASB Appoints Two New Members to Emerging Issues Task Force [03/11/21]
Media Advisory
GAO
Coastal Barrier Resources Act
GAO-21-258
Published: Feb 24, 2021.
Publicly Released: Mar 10, 2021.
What GAO Found Under the Coastal Barrier Resources Act (CBRA), federal agencies must consult with the Department of the Interior's Fish and Wildlife Service (FWS) before making expenditures pursuant to statutory exceptions in certain relatively undeveloped coastal areas.
Cybersecurity and Infrastructure Security Agency
GAO-21-236
Published: Mar 10, 2021.
Publicly Released: Mar 10, 2021.
What GAO Found To implement the requirements of the Cybersecurity and Infrastructure Security Agency (CISA) Act of 2018, CISA leadership within the Department of Homeland Security launched an organizational transformation initiative.
Davis Bacon Act
Army Corps of Engineers Provides Guidance on Wage Requirements, but Opportunities Exist to Improve Monitoring
GAO-21-203R
Published: Mar 10, 2021.
Publicly Released: Mar 10, 2021.
What GAO Found Army Corps of Engineers (Corps) guidance documents describe how agency staff should monitor and enforce compliance with federal requirements for construction wages paid by contractors under the Davis-Bacon Act, as amended, (the Act) but some sections lack information that could help the...
Fiscal Year 2022 Budget Request
U.S. Government Accountability Office
GAO-21-407T
Published: Mar 10, 2021.
Publicly Released: Mar 10, 2021.
In fiscal year (FY) 2020, GAO’s work yielded $77.6 billion in financial benefits, a return of about $114 for every dollar invested in GAO.
Electricity Grid Resilience
Climate Change Is Expected to Have Far-reaching Effects and DOE and FERC Should Take Actions
GAO-21-423T
Published: Mar 10, 2021.
Publicly Released: Mar 10, 2021.
What GAO Found Climate change is expected to have far-reaching effects on the electricity grid that could cost billions and could affect every aspect of the grid from generation, transmission, and distribution to demand for electricity, according to several reports GAO reviewed.
K-12 Education
U.S. Military Families Generally Have the Same Schooling Options as Other Families and Consider Multiple Factors When Selecting Schools
GAO-21-80
What GAO Found Traditional public schools were the most commonly available schooling option for military families near military installations, similar to schools available to U.S. families in general, according to GAO's analysis of Department of Education 2018-19 data
What GAO Found Containerized shipping—performed by oceangoing vessels using standardized shipping containers—accounted for approximately 60 percent of all world seaborne trade, which was valued at approximately $12 trillion in 2017.
GASB
Bond Buyer Interview with GASB Vice Chair Jeffrey Previdi: How the Pandemic Has Affected Public Finance [03/10/21]
Interview
IASB
12 March 2021
March 2021 IASB meeting papers and agenda now available
11 March 2021
Accounting Standards Advisory Forum—call for candidates
11 March 2021
IASB discusses covid-19-related rent concessions at supplementary March 2021 Board meeting
09 March 2021
Speech: The balancing act of finding the right accounting answer
09 March 2021
Join the IFRS Interpretations Committee
IRS
IRS begins delivering third round of Economic Impact Payments to Americans
IR-2021-54, March 12, 2021 — The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.
Tax Time Guide: Get credit for IRA contributions made by April 15 on 2020 tax returns
IR-2021-53, March 11, 2021 — The IRS notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement made through April 15, 2021.
Tax Time Guide: Make protecting tax and financial information a habit
IR-2021-52, March 9, 2021 — The Internal Revenue Service today urged people to continue practicing proper cybersecurity habits by securing computers, phones and other devices.
NYS
DFS Announces Winners of Techsprint on Digital Regulatory Reporting in Cryptocurrency
March 12
Superintendent Lacewell Announces DFS Grants Virtual Currency and Money Transmitter Licenses to Bakkt Marketplace, LLC
March 11
Department of Financial Services Issues Cybersecurity Alert to Regulated Entities Concerning Microsoft Exchange Email Servers
March 9
New York State Department of Financial Services Sends Letter on Behalf Of Multi-State Coalition of Regulators, Inviting U.S. Secretary Of Education to Join them in Protecting Student Loan Borrowers
March 9
SEC
SEC Awards Approximately $1.5 Million to Whistleblower
2021-44, March 9, 2021 —The Securities and Exchange Commission today announced an award of approximately $1.5 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.
SEC Charges Unregistered Investment Adviser with Defrauding Investors in Decade-Long Scheme
2021-45, March 9, 2021 —The Securities and Exchange Commission today charged George Heckler, of Charleston, South Carolina, for operating a decade-long investment adviser fraud through two private hedge funds, Cassatt Short Term Trading Fund LP (Cassatt) and CV Special Opportunity Fund LP (CV Special), that Heckler formed to conceal massive losses incurred by Conestoga Holdings LP (Conestoga), another fund controlled by Heckler.
TIGTA
March 10, 2021
High-Income Taxpayers Who Owe Delinquent Taxes Could Be More Effectively Prioritized