Regulatory Roundup - Nov. 17-30
AICPA
Engagement Letter
AICPA Comment Letter Regardling Loan Necessity Questionnaires
In a letter sent today to regulators, the AICPA reiterated that the new "PPP Loan Necessity Questionnaires” are burdensome and do not represent Congress’ intent when it established the relief program.
November 25, 2020
Press Release
AICPA Encourages SBA and OMB to Follow Congress’ Intent and Reconsider Need for Burdensome PPP Loan Questionnaire
In a letter sent today to regulators, the AICPA reiterated that the new "PPP Loan Necessity Questionnaires” are burdensome and do not represent Congress’ intent when it established the relief program.
November 25, 2020
Press Release
AICPA Recognizes Three Tax Experts with Arthur J. Dixon Award and Jonathan Horn Distinguished Service Award During Fall Tax Division Meeting
Roby Sawyers received Arthur J. Dixon Award and Jamie C. Yesnowitz, and Jeff Martin have received the Jonathan Horn Distinguished Service Award
November 24, 2020
Press Release
Largest Global Association for Accounting and Finance Professionals Sets ESG Roadmap for Education, Resources, Guidance in 2021
These efforts reflect and further advance public and management accountants’ decades of work in helping organizations understand and report on the value of ESG information
November 23, 2020
Press Release
AICPA & its Members Urge Congress to Support PPP Expense Deductibility
AICPA calls on its members to ask Congress to pass bipartisan legislation that will ensure the receipt and forgiveness of PPP assistance does not result in an unexpected and burdensome tax cost.
November 23, 2020
Press Release
IRS Maintains Current Penalty Relief Measures Are ‘Enough’; AICPA Disagrees
AICPA releases statement following testimony given by IRS Commissioner Charles Rettig before the House Committee on Ways and Means, Subcommittee on Oversight.
November 20, 2020
Press Release
SEC, PCAOB and FASB Leaders to Address 2020’s Biggest Accounting, Auditing and Regulatory Developments at AICPA SEC-PCAOB Conference
Annual conference will preview what accounting and audit practitioners can expect for 2021
November 19, 2020
Press Release
Accounting Profession Expresses Concern About PPP “Loan Necessity Questionnaires” and the Burden They Place on Small Businesses
AICPA joins more than 80 national organizations in calling for quick action and a better solution to PPP loan review processes
November 19, 2020
Press Release
14 Financial Planning Tips from AICPA to Act on Before Year-End
CPA financial planners provide tips to help Americans save money.
November 17, 2020
Press Release
AICPA Renews Request for Penalty Relief for 2019 Tax Year Filing Season
The AICPA submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) requesting penalty relief for the 2019 tax year filing season.
November 17, 2020
CBO
Cost Estimate
H.R.5663, Safeguarding Therapeutics Act
November 25, 2020
As passed by the House of Representatives on September 21, 2020
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 8428, Hong Kong People’s Freedom and Choice Act of 2020
November 24, 2020
As ordered reported by the House Committee on Foreign Affairs on October 1, 2020
Cost Estimate
H.R. 4326, Sex Trafficking Demand Reduction Act
November 24, 2020
As ordered reported by the House Committee on Foreign Affairs on October 1, 2020
Cost Estimate
H.R. 4866, National Centers of Excellence in Continuous Pharmaceutical Manufacturing Act of 2020
November 24, 2020
As passed by the House of Representatives on September 21, 2020
Cost Estimate
H.R. 5843, Strengthening Oversight for Veterans Act of 2020
November 24, 2020
As ordered reported by the House Committee on Veterans’ Affairs on September 17, 2020
Cost Estimate
H.R. 6092, Veteran’s Prostate Cancer Treatment and Research Act
November 24, 2020
As ordered reported by the House Committee on Veterans’ Affairs on September 23, 2020
Cost Estimate
H.R. 2117, Food Allergy Safety, Treatment, Education, and Research Act of 2020
November 20, 2020
As passed by the House of Representatives on November 17, 2020
Cost Estimate
S. 3591, America’s Water Infrastructure Act of 2020
November 20, 2020
As reported by the Senate Committee on Environment and Public Works on May 11, 2020
Presentation
CBO’s Economic Projections as of July 2020
November 19, 2020
Presentation by Robert Arnold, a Unit Chief in CBO’s Macroeconomic Analysis Division, at the University of Michigan’s 68th Annual Economic Outlook Conference.
Cost Estimate
H.R. 7163, VA FOIA Reform Act of 2020
November 18, 2020
As ordered reported by the House Committee on Veterans’ Affairs on September 17, 2020
Presentation
The Role of Defined Benefit and Defined Contribution Plans in the Distribution of Family Wealth
November 18, 2020
Presentation by Nadia Karamcheva, an analyst in CBO’s Microeconomic Studies Division, at the 113th Annual Meeting of the National Tax Association.
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 2281, Easy Medication Access and Treatment for Opioid Addiction Act
November 17, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 2914, Housing Survivors of Major Disasters Act of 2020
November 17, 2020
As posted on the website of the House of Representatives (https://docs.house.gov/billsthisweek/20201116/BILLS-116hr2914-SUSv1.pdf)
Cost Estimate
S. 3896, PLUM Act of 2020
November 17, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 22, 2020
Cost Estimate
S. 514, Deborah Sampson Act
November 17, 2020
As reported by the Senate Committee on Veterans’ Affairs on September 15, 2020
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 5953, Preventing Disaster Revictimization Act
FAF
Financial Accounting Foundation Names Five New Members to the Board of Trustees [11/17/20]
News Release
FAF Trustees Appoint Frederick L. Cannon and Reappoint
Christine A. Botosan to the Financial Accounting Standards Board [11/17/20]
News Release
FASB
Investor Advisory Committee [11/25/20]
November 10, 2020 Meeting Recap
Registration Opens for December 14 FASB Webcast for Private Companies & Not-for-Profit Organizations [11/19/20]
Media Advisory
Registration
Small Business Advisory Committee [11/18/20]
November 12, 2020 Meeting Recap
Financial Accounting Foundation Names Five New Members to the Board of Trustees [11/17/20]
News Release
FAF Trustees Appoint Frederick L. Cannon and Reappoint Christine A. Botosan to the Financial Accounting Standards Board [11/17/20]
News Release
GAO
Disaster Response:
Agencies Should Assess Contracting Workforce Needs and Purchase Card Fraud Risk
GAO-21-42: Published: Nov 24, 2020. Publicly Released: Nov 24, 2020.
5G Wireless:
Capabilities and Challenges for an Evolving Network
GAO-21-26SP: Published: Nov 24, 2020. Publicly Released: Nov 24, 2020.
Reagan National Airport:
Information on Effects of Federal Statute Limiting Long-Distance Flights
GAO-21-176: Published: Nov 24, 2020. Publicly Released: Nov 24, 2020.
Southwest Border:
Information on Federal Agencies' Process for Acquiring Private Land for Barriers
GAO-21-114: Published: Nov 17, 2020. Publicly Released: Nov 23, 2020.
Federal Contracting:
Actions Needed to Improve Department of Labor's Enforcement of Service Worker Wage Protections
GAO-21-11: Published: Oct 29, 2020. Publicly Released: Nov 23, 2020.
Consumer Privacy:
Better Disclosures Needed on Information Sharing by Banks and Credit Unions
GAO-21-36: Published: Oct 22, 2020. Publicly Released: Nov 23, 2020.
GAO Audits Involving DOD:
Status of Efforts to Schedule and Hold Timely Entrance Conferences
GAO-21-185R: Published: Nov 20, 2020. Publicly Released: Nov 20, 2020
Biomedical Research:
NIH Should Publicly Report More Information about the Licensing of Its Intellectual Property
GAO-21-52: Published: Oct 22, 2020. Publicly Released: Nov 20, 2020.
Crude Oil Markets:
Effects of the Repeal of the Crude Oil Export Ban
GAO-21-118: Published: Oct 21, 2020. Publicly Released: Nov 20, 2020.
Food Safety:
CDC Could Further Strengthen Its Efforts to Identify and Respond to Foodborne Illnesses
GAO-21-23: Published: Oct 21, 2020. Publicly Released: Nov 20, 2020.
Consumer Product Safety Commission:
Actions Needed to Improve Processes for Addressing Product Defect Cases
GAO-21-56: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Defense Acquisitions:
Joint Cyber Warfighting Architecture Would Benefit from Defined Goals and Governance
GAO-21-68: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Defense Intelligence:
Comprehensive Plan Needed to Improve Stakeholder Engagement in the Development of New Military Intelligence System
GAO-21-57: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Defense Production Act:
Opportunities Exist to Increase Transparency and Identify Future Actions to Mitigate Medical Supply Chain Issues:
GAO-21-108: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Distance Learning:
Challenges Providing Services to K-12 English Learners and Students with Disabilities during COVID-19
GAO-21-43: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Global Food Security:
Information on Spending and Types of Assistance Provided by the United States and Other Donors
GAO-21-47R: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020
Nuclear Waste Disposal:
Better Planning Needed to Avoid Potential Disruptions at Waste Isolation Pilot Plant
GAO-21-48: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Weapon System Sustainment:
Aircraft Mission Capable Rates Generally Did Not Meet Goals and Cost of Sustaining Selected Weapon Systems Varied Widely
GAO-21-101SP: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
EPA Grants to Tribes:
Additional Actions Needed to Effectively Address Tribal Environmental Concerns
GAO-21-150: Published: Oct 20, 2020. Publicly Released: Nov 19, 2020.
Federal-Aid Highways:
States and Local Governments Reported Benefits to Federal Highway Fund Swapping, but Impacts Cannot be Definitively Determined
GAO-21-88: Published: Oct 20, 2020. Publicly Released: Nov 19, 2020.
Comparative Effectiveness Research:
Patient-Centered Outcomes Research Institute and HHS Continue Activities and Plan New Efforts
GAO-21-61: Published: Nov 18, 2020. Publicly Released: Nov 18, 2020.
Drug Misuse:
Agencies Have Not Fully Identified How Grants That Can Support Drug Prevention Education Programs Contribute to National Goals
GAO-21-96: Published: Nov 18, 2020. Publicly Released: Nov 18, 2020.
Federal Telework:
Key Practices That Can Help Ensure the Success of Telework Programs
GAO-21-238T: Published: Nov 18, 2020. Publicly Released: Nov 18, 2020.
Military Personnel:
Perspectives on DOD's and the Military Services' Use of Borrowed Military Personnel
GAO-21-27R: Published: Nov 18, 2020. Publicly Released: Nov 18, 2020.
Federal Social Safety Net Programs:
Millions of Full-Time Workers Rely on Federal Health Care and Food Assistance Programs
GAO-21-45: Published: Oct 19, 2020. Publicly Released: Nov 18, 2020.
IRS Reorganization:
Planning Addressed Key Reform Practices, but Goals and Measures for the Plan Have Not Been Finalized
GAO-21-18: Published: Oct 19, 2020. Publicly Released: Nov 18, 2020.
COVID-19:
Federal Efforts Accelerate Vaccine and Therapeutic Development, but More Transparency Needed on Emergency Use Authorizations
GAO-21-207: Published: Nov 17, 2020. Publicly Released: Nov 17, 2020.
Puerto Rico Electricity:
FEMA and HUD Have Not Approved Long-Term Projects and Need to Implement Recommendations to Address Uncertainties and Enhance Resilience
GAO-21-54: Published: Nov 17, 2020. Publicly Released: Nov 17, 2020.
Aviation Certification:
FAA Needs to Strengthen Its Design Review Process for Small Airplanes
GAO-21-85: Published: Nov. 16, 2020 Publicly Released: Nov. 16, 202
Farm Programs:
USDA Has Improved Its Completion of Eligibility Compliance Reviews, but Additional Oversight Is Needed
GAO-21-95: Published: Oct. 30, 2020 Publicly Released: Nov. 16, 2020
Financial Audit:
Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial Statements
GAO-21-174R: Published: Nov. 16, 2020 Publicly Released: Nov. 16, 2020
Financial Audit:
Federal Housing Finance Agency's FY 2020 and FY 2019 Financial Statements
GAO-21-201R: Published: Nov. 16, 2020 Publicly Released: Nov. 16, 2020
Financial Audit:
Securities and Exchange Commission's FY 2020 and FY 2019 Financial Statements
GAO-21-192R: Published: Nov. 16, 2020 Publicly Released: Nov. 16, 2020
Performance and Accountability Report Fiscal Year 2020
GAO-21-4SP: Published: Nov. 16, 2020 Publicly Released: Nov. 16, 2020
GASB
Financial Accounting Foundation Names Five New Members to the Board of Trustees [11/17/20]
News Release
GASB Proposes New Implementation Guidance to Assist Stakeholders with Application of Its Pronouncements [11/17/20]
Media Advisory
Exposure Draft
IASB
30/11/20
IASB consults on possible new accounting requirements for mergers and acquisitions within a group
27/11/20
IFRS Taxonomy 2020 now available in Ukrainian
27/11/20
IASB proposes amendment to its leases Standard to improve accounting for sale and leaseback transactions
26/11/20
Emerging Economies Group 30 November–1 December 2020 meeting papers and agenda available
26/11/20
Forthcoming publication: IASB to publish Discussion Paper Business Combinations under Common Control
25/11/20
Forthcoming publication: IASB to publish Exposure Draft Lease Liability in a Sale and Leaseback
24/11/20
November 2020 IASB podcast available now
24/11/20
The IFRS Foundation proposes changes to the IFRS Taxonomy 2020 to support high-quality tagging of information related to employee benefits
23/11/20
Joint Capital Markets Advisory Committee and Global Preparers Forum October 2020 meeting summary available
20/11/20
December 2020 IFRS Interpretations Committee meeting papers and agenda available
20/11/20
November 2020 IASB Update and IASB–FASB joint meeting published and work plan updated
20/11/20
Educational material: the effects of climate-related matters on financial statements prepared applying IFRS Standards
20/11/20
Forthcoming publication: IFRS Foundation to publish Proposed IFRS Taxonomy Update 5/2020
18/11/20
Trustee webinars on sustainability reporting—recordings now available
18/11/20
IASB begins Post-implementation Review of classification and measurement requirements in IFRS 9
17/11/20
IFRS Foundation Trustees announce appointments to the IFRS Advisory Council from 2021
IRS
Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
IR-2020-264, November 25, 2020 — The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.
Get Ready for Taxes: Steps to take now to make tax filing easier in 2021
IR-2020-263, November 24, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.
The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property
IR-2020-262, November 23, 2020 — Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges.
IRS announces procurement research partnership to improve contracting processes
IR-2020-261, November 23, 2020 — The Internal Revenue Service’s Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia.
Register by Nov. 21 to get an Economic Impact Payment; same deadline for federal beneficiaries to get missed $500 per child payments
IR-2020-260, November 19, 2020 — The IRS Service today reminded people who don’t normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment.
Security Summit partners announce National Tax Security Awareness Week dates; urge increased security measures as fraudsters exploit COVID-19 concerns
IR-2020-259, November 19, 2020 — The IRS, state tax agencies and the nation's tax industry today announced that the 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4.
IRS Advisory Council issues 2020 Annual Report
IR-2020-258, November 18, 2020 — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020, including recommendations to the IRS on new and continuing issues in tax administration.
Nov. 21 deadline nears to register online for Economic Impact Payment; Some people can claim special credit next tax filing season
IR-2020-257, November 17, 2020 — The IRS today reminded anyone who doesn’t normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment.
Get Ready for Taxes: Get ready now to file 2020 federal income tax returns
IR-2020-256, November 17, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments.
IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 billion in tax fraud
IR-2020-255, November 16, 2020 — The IRS today released the Criminal Investigation Division's annual report, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19.
NYS
State Encourages New Yorkers to Shop Locally on Small Business Saturday
November 25, 2020
Erie County Landscaping Business Pays Back More than $95,000 After Pocketing Sales Tax Money Owed to New York State
November 25, 2020
Governor Cuomo Announces Completion of Tropical Storm Isaias Utility Investigation
November 19, 2020
Superintendent Lacewell Announces DFS Approves Two New Bank Branches
November 19, 2020
DFS Superintendent Linda A. Lacewell Launches New Office to Investigate Skyrocketing Prescription Drug Prices and Announces the Appointment of the New Drug Accountability Board
November 19, 2020
DFS Superintendent Linda A. Lacewell Announces Settlement with NRA to Resolve Case Involving Violations of New York Insurance Law
November 18, 2020
Beware of Bogus Collection Companies that Offer to Settle Tax Debt
November 17, 2020
Department of Financial Services Partners with Global Cyber Alliance to Help Small Businesses Improve Cybersecurity
November 17, 2020
PCAOB
News Release
Megan Zietsman Sworn in as PCAOB Board Member
Nov. 20, 2020
News Release
PCAOB Approves 2021 Budget, Reaffirms Strategic Direction
Nov. 19, 2020
News Release
PCAOB Adopts Amendments to Align Independence Requirements with SEC Rules
Nov. 19, 2020
SEC
SEC Issues Agenda for Dec. 1 Meeting of the Asset Management Advisory Committee
2020-296, Nov. 25, 2020 —The Securities and Exchange Commission today released the agenda for the Dec. 1 meeting of the Asset Management Advisory Committee (AMAC). AMAC was formed to provide the Commission with diverse perspectives on asset management and related advice and recommendations.
SEC Investor Advisory Committee to Meet Remotely on Dec. 3
2020-295, Nov. 24, 2020 — The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on Dec. 3 by remote means. The meeting will begin at 10 a.m. ET, is open to the public via live webcast, and will be archived on the committee's website for later viewing.
SEC Proposes Amendments to Modernize Framework for Securities Offerings and Sales to Workers
2020-294, Nov. 24, 2020 — The Securities and Exchange Commission today announced that it has voted to propose amendments to Securities Act Rule 701, which provides an exemption from registration for the issuance of compensatory securities by non-reporting issuers, and Form S-8, the Securities Act registration statement for compensatory offerings by reporting issuers.
SEC Proposes Temporary Rules to Facilitate Measured Participation by Certain "Platform Workers" in Compensatory Offerings Under Rule 701 and Form S-8
2020-293., Nov. 24, 2020 — The Securities and Exchange Commission today voted to propose rules that, on a temporary basis and subject to percentage limits (no more than 15% of annual compensation), dollar limits (no more than $75,000 in three years) and other conditions, would permit an issuer provide equity compensation to certain "platform workers" who provide services available through the issuer's technology-based platform or system.
SEC Issues Statement on European Central Counterparties Seeking to Register or Request Exemptions From the SEC
2020-292, Nov. 23, 2020 — The Securities and Exchange Commission today issued a Policy Statement and Guidance focused on central counterparties (CCPs) authorized under the European Markets Infrastructure Regulation (EMIR) that may seek to access and operate in the U.S. securities markets. The Statement provides transparency into the Commission’s processes and highlights efficient ways that CCPs based in the European Union (EU) can register as a clearing agency or request exemptions from certain requirements under the Securities Exchange Act of 1934.
SEC Charges E-Commerce Startup and CEO With Defrauding Investors
2020-291, Nov. 23, 2020 — The Securities and Exchange Commission today charged a San Francisco-based e-commerce startup and its chief executive officer with misleading investors about purported contracts with well-known consumer brands.
SEC Adopts Amendments to Modernize and Enhance Management’s Discussion and Analysis and other Financial Disclosures
2020-290, Nov. 19, 2020 — The Securities and Exchange Commission today announced that it has voted to adopt amendments that will modernize, simplify and enhance certain financial disclosure requirements in Regulation S-K. The amendments are intended to enhance the focus of financial disclosures on material information for the benefit of investors, while simplifying compliance efforts for registrants.
Lourdes Caballes and Michael Rufino Named Associate Directors of OCIE's Broker-Dealer Examination Program in the SEC's New York Regional Office
2020-289, Nov. 19, 2020 — The Securities and Exchange Commission today announced that Lourdes Caballes and Michael Rufino have been named Associate Directors of the Office of Compliance Inspections and Examinations (OCIE) Broker-Dealer Examination Program in the New York Regional Office. Together, Ms. Caballes and Mr. Rufino will oversee a staff of nearly 80 accountants, examiners and attorneys responsible for inspections of SEC-registered broker-dealers in New York and New Jersey. Ms. Caballes and Mr. Rufino succeed Robert Sollazzo who retired in July after 38 years of service to the SEC.
SEC Awards Whistleblower Over $900,000
2020-288 Nov. 19, 2020 — The Securities and Exchange Commission today announced an award of over $900,000 to a whistleblower who identified securities law violations occurring overseas. The whistleblower's timely and important information resulted in a significant expansion of an ongoing investigation.
Marie-Louise Huth Named as Associate General Counsel for Legal Policy
2020-287, Nov. 18, 2020 — The Securities and Exchange Commission today announced that it has named Marie-Louise (Malou) Huth as an Associate General Counsel for Legal Policy in the Office of the General Counsel (OGC). As an Associate General Counsel, Ms. Huth will provide legal advice to the Commission and SEC divisions and offices on a wide range of matters, with a particular emphasis on regulatory recommendations to the Commission from the Divisions of Investment Management and Trading and Markets.
SEC Adopts Rules to Facilitate Electronic Submission of Documents to the Agency
2020-286, Nov. 17, 2020 — The Securities and Exchange Commission today voted to adopt rules and rule amendments that will provide additional flexibility in connection with documents filed with the Commission by permitting the use of electronic signatures in authentication documents, and facilitate electronic service and filing in the Commission's administrative proceedings. These new rules and amendments are part of a series of initiatives designed to modernize and strengthen the agency's operations.
OECD Working Group on Bribery Issues Report Commending United States for Maintaining Leading Role in the Fight Against Transnational Corruption
2020-285, Nov. 17, 2020 — The Working Group on Bribery of the Organisation for Economic Co-operation and Development (OECD Working Group) issued its Phase 4 Report of the United States today, announced the Securities and Exchange Commission and the U.S. Departments of Justice, Commerce, and State.