Regulatory Roundup - Jan. 28 - Feb. 3
CBO
Cost Estimate
H.R. 2546, Colorado Wilderness Act of 2019
January 29, 2020
As ordered reported by the House Committee on Natural Resources on November 20, 2019
Cost Estimate
S. 2750, Operation Stonegarden Authorization Act
January 29, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 6, 2019
Report
Testimony on CBO’s Budget and Economic Outlook: 2020 to 2030
January 29, 2020
CBO Director Phillip Swagel testifies about The Budget and Economic Outlook: 2020 to 2030 before the House Budget Committee.
Presentation
An Overview of The Budget and Economic Outlook: 2020 to 2030
January 28, 2020
Director Phillip Swagel briefs members of the press on The Budget and Economic Outlook: 2020 to 2030.
Interactive
CBO’s Waterfall Model for Projecting Discretionary Spending, January 2020
January 28, 2020
CBO’s new interactive tool allows users to simulate the agency’s process for projecting discretionary budget authority and outlays for different types of spending over the course of 10 years.
Blog Post
Director’s Statement on The Budget and Economic Outlook: 2020 to 2030
January 28, 2020
This afternoon I briefed the press about the Congressional Budget Office’s new report, The Budget and Economic Outlook: 2020 to 2030. It shows deficits that are slightly larger over the next 10 years and notably larger over the next 30 years than those that CBO previously projected.
Report
The Budget and Economic Outlook: 2020 to 2030
January 28, 2020
In CBO’s projections of the outlook under current law, deficits remain large by historical standards, federal debt grows to 98 percent of GDP by 2030, and the economy expands at an average annual rate of 1.7 percent from 2021 to 2030.
Presentation
The Budget Outlook for 2020 to 2030 in 13 Slides
January 28, 2020
This presentation highlights some key findings about the budget outlook from CBO’s recent report The Budget and Economic Outlook: 2020 to 2030.
Presentation
The Economic Outlook for 2020 to 2030 in 24 Slides
January 28, 2020
This presentation highlights some key findings about the economic outlook from CBO’s recent report The Budget and Economic Outlook: 2020 to 2030.
Cost Estimate
H.R. 4500, Promoting United States Wireless Leadership Act of 2019
As ordered reported by the House Committee on Energy and Commerce on November 20, 2019
Cost Estimate
H.R. 4508, Malala Yousafzai Scholarship Act
As ordered reported by the House Committee on Foreign Affairs on December 18, 2019
Cost Estimate
H.R. 886, Veteran Treatment Court Coordination Act of 2019
As passed by the House of Representatives on October 28, 2019
Cost Estimate
S. 1570, Aquifer Recharge Flexibility Act
As reported by the Senate Committee on Energy and Natural Resources on October 29, 2019
Cost Estimate
S. 2535, Enhancing Entrepreneurship for the 21st Century Act
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
Cost Estimate
S. 2683, Child Care Protection Improvement Act of 2019
As reported by the Senate Committee on Health, Education, Labor, and Pensions on December 17, 2019
Cost Estimate
S. 2695, National Bio and Agro-Defense Facility Act of 2019
As reported by the Senate Committee on Agriculture, Nutrition, and Forestry on December 17, 2019
GAO
Drug Development:
FDA's Priority Review Voucher Programs
GAO-20-251:Published: Jan 31, 2020. Publicly Released: Jan 31, 2020.
Ocean Carrier Bankruptcies:
Federal Agencies Have a Limited Role in Addressing Effects on Cargo
GAO-20-353R:Published: Jan 31, 2020. Publicly Released: Jan 31, 2020.
Defense Management:
More Progress Needed for DOD to Meet Outstanding Statutory Requirements to Improve Collaboration
GAO-20-312:Published: Jan 30, 2020. Publicly Released: Jan 30, 2020.
Medicaid:
States' Changes to Payment Rates for Substance Use Disorder Services
GAO-20-260:Published: Jan 30, 2020. Publicly Released: Jan 30, 2020.
Military Depots:
DOD Can Benefit from Further Sharing of Best Practices and Lessons Learned
GAO-20-116:Published: Jan 30, 2020. Publicly Released: Jan 30, 2020.
National Nuclear Security Administration Contracting:
Review of the NNSA Report on the Los Alamos National Laboratory Contract Competition
GAO-20-292R:Published: Jan 30, 2020. Publicly Released: Jan 30, 2020.
U.S. Ports of Entry:
Update on CBP Public-Private Partnership Programs
GAO-20-255R:Published: Jan 30, 2020. Publicly Released: Jan 30, 2020.
Drug Control:
Actions Needed to Ensure Usefulness of Data on Suspicious Opioid Orders
GAO-20-118:Published: Jan 29, 2020. Publicly Released: Jan 29, 2020.
NASA Commercial Crew Program:
Significant Work Remains to Begin Operational Missions to the Space Station
GAO-20-121:Published: Jan 29, 2020. Publicly Released: Jan 29, 2020.
Countering Illicit Finance and Trade:
U.S. Efforts to Combat Trade-Based Money Laundering
GAO-20-314R:Published: Dec 30, 2019. Publicly Released: Jan 29, 2020.
Democracy Assistance:
State Should Improve Information Sharing with Embassies
GAO-20-173:Published: Jan 28, 2020. Publicly Released: Jan 28, 2020.
Innovative Technologies in Manufacturing:
Commerce Has Stopped Efforts to Implement Loan Guarantee Program
GAO-20-326R:Published: Jan 28, 2020. Publicly Released: Jan 28, 2020.
James Webb Space Telescope:
Technical Challenges Have Caused Schedule Strain and May Increase Costs
GAO-20-224:Published: Jan 28, 2020. Publicly Released: Jan 28, 2020.
340B Drug Discount Program:
Oversight of the Intersection with the Medicaid Drug Rebate Program Needs Improvement
GAO-20-212: Published: Jan. 21, 2020 Publicly Released: Jan. 27, 2020
IASB
03 February 2020
IFRS 17 podcast on January IASB meeting now available
31 January 2020
January 2020 IASB Update available and work plan updated
30 January 2020
Forthcoming webinar on the Exposure Draft General Presentation and Disclosures
29 January 2020
IFRS Taxonomy 2019 now available in Japanese
28 January 2020
IASB consults on approach to updating its IFRS for SMEs Standard
IRS
IRS takes next step on abusive micro-captive transactions; nearly 80 percent accept settlement, 12 new audit teams established
IR-2020-26, January 31, 2020 — The Internal Revenue Service announced today the overwhelming acceptance of a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
IRS revises Form 1023 for applying for tax-exempt status
IR-2020-25, January 31, 2020 — As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month.
New Form 1040-SR, alternative filing option available for seniors
IR-2020-24, January 30, 2020 ― The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use.
IRS outlines new tax law effect on tax exempt organizations
IR-2020-23, January 28, 2020 — The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them.
IRS, partners nationwide mark Jan. 31 as "EITC Awareness Day"
IR-2020-22, January 28, 2020 − The Internal Revenue Service and its partners nationwide remind taxpayers about the Earned Income Tax Credit on January 31, “EITC Awareness Day.”
IRS: Jan. 31 filing deadline for employers, other businesses to file wage statements, independent contractor forms
IR-2020-21, January 28, 2020 — With just a few days remaining until the deadline, the Internal Revenue Service reminds employers and other businesses that Jan. 31 is the filing deadline for submitting wage statements and forms for independent contractors with the government.
IRS kicks off 2020 tax filing season with returns due April 15; help available on IRS.gov for fastest service
IR-2020-20, January 27, 2020 ― The Internal Revenue Service successfully opened the 2020 tax filing season today as the agency begins accepting and processing federal tax returns for tax year 2019.
IRS provides relief to financial institutions affected by tax law change raising the age for required minimum distributions
IR-2020-19, January 27, 2020 — The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by January 31, 2020.
NYS Dept. of Taxation and Finance
Review Your Eligibility for Valuable Benefits on National Earned Income Tax Credit Awareness Day
January 31, 2020
Governor Cuomo Announces New Measures to Mitigate Tax Fraud are Included in FY 2021 Executive Budget
January 30, 2020
Secure Your Sensitive Information
January 28, 2020
Governor Cuomo Announces Tax Benefits for Farmers Included in FY 2021 Executive Budget
January 28, 2020
PCAOB
Chief of Staff Francis “Abe” Dymond to Leave the PCAOB
Jan. 31, 2020
SEC
SEC Brings Charges Against Fraud Targeting Amish and Mennonite Investors
2020-26, Jan. 31, 2020 — On Wednesday, Jan. 29, the Securities and Exchange Commission charged a Pennsylvania man with defrauding Amish and Mennonite community members by making false claims about the use of their funds and guaranteed returns.
SEC Proposes Amendments to Modernize and Enhance Financial Disclosures
2020-25., Jan. 30, 2020 — The Securities and Exchange Commission today announced that it has voted to propose amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. The proposed amendments would eliminate duplicative disclosures and modernize and enhance Management's Discussion and Analysis disclosures for the benefit of investors, while simplifying compliance efforts for companies. The Commission also announced that it is providing guidance on key performance indicators and metrics in Management's Discussion and Analysis.
Agencies Propose Changes to Modify “Covered Funds” Restrictions of Volcker Rule
2020-24, Jan. 30, 2020 —Five federal financial regulatory agencies on Thursday invited public comment on a proposal to modify regulations implementing the Volcker rule’s general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds – known as “covered funds.”
SEC Issues Agenda for February 4 Meeting of Small Business Capital Formation Advisory Committee
2020-23, Jan. 28, 2020 —The Securities and Exchange Commission today released the agenda for the Tuesday, Feb. 4 meeting of its Small Business Capital Formation Advisory Committee. During the meeting, the committee will continue to explore funding gaps that impede growth opportunities for entrepreneurs and job creators. To help analyze these gaps, the committee will explore detailed data on public and private companies, investors, funds, and investment activity to examine how entrepreneurs' diverse capital needs are being met and where policy solutions may be needed. The afternoon session will feature speakers from two smaller regional funds as well as an entrepreneur.
SEC Names Ray McInerney as Freedom of Information Act Officer
2020-22., Jan. 28, 2020 —The Securities and Exchange Commission today announced that Ray McInerney has been named Freedom of Information Act (FOIA) Officer in the agency’s Office of FOIA Services. This office promotes transparency in government by making SEC records available to the public and providing a timely and efficient response to each of the nearly 14,000 requests for SEC documents and records the agency receives each year.
SEC Charges Portfolio Manager and Advisory Firm with Misrepresenting Risk in Mutual Fund
2020-21, Jan. 27, 2020 —The Securities and Exchange Commission today announced charges against a New York-based investment adviser for misleading investors about the management of risk in a mutual fund. Catalyst Capital Advisors LLC (CCA) and its President and Chief Executive Officer, Jerry Szilagyi, agreed to pay a combined $10.5 million to settle the charges. The SEC also filed a complaint in federal district court in Madison, Wisconsin, against Senior Portfolio Manager, Edward Walczak, for fraudulently misrepresenting how he would manage risk for the fund.
SEC Office of Compliance Inspections and Examinations Publishes Observations on Cybersecurity and Resiliency Practices
2020-20,Jan. 27, 2020 —The Securities and Exchange Commission Commission's Office of Compliance Inspections and Examinations (OCIE) today issued examination observations related to cybersecurity and operational resiliency practices taken by market participants.