AICPA

Press Release
AICPA Recognizes Innovative Accounting Educators
Eight college accounting professors were recognized with the 2020 Effective Learning Strategies awards for their creative ways of teaching accounting.
October 5, 2020

CBO

Report
The Distribution of Household Income, 2017
October 2, 2020
In 2017, average household income before accounting for means-tested transfers and federal taxes was $21,300 for the lowest quintile and $309,400 for the highest quintile. After transfers and taxes, those averages were $35,900 and $229,700.

Presentation
An Overview of The 2020 Long-Term Budget Outlook
October 1, 2020
Presentation by Phill Swagel, CBO’s Director, to the Prosperity Caucus

Blog Post
CBO's Theresa Gullo Named a Fellow by the National Academy of Public Administration
October 1, 2020
Congratulations to Theresa Gullo, CBO’s Director of Budget Analysis, on her selection as a fellow by the National Academy of Public Administration. Her selection acknowledges her wealth of public policy knowledge and the outstanding public service she provides to the Congress.

Cost Estimate
H.R. 5619, Suicide Prevention Act
October 1, 2020
As passed by the House of Representatives on September 21, 2020

Cost Estimate
H.R. 5821, Helping Our Senior Population in Comfort Environments Act
October 1, 2020
As ordered reported by the House Committee on Ways and Means on February 12, 2020

Report
Policies to Achieve Near-Universal Health Insurance Coverage
October 1, 2020
CBO examines four policy approaches that could achieve near-universal health insurance coverage.

Cost Estimate
S. 4049, the National Defense Authorization Act for Fiscal Year 2021
October 1, 2020
As passed by the Senate on July 23, 2020

Cost Estimate
H.R. 7682, Sudan Democratic Transition, Accountability, and Fiscal Transparency Act of 2020
September 30, 2020
As ordered reported by the House Committee on Foreign Affairs on July 29, 2020

Report
Who Went Without Health Insurance in 2019, and Why?
September 30, 2020
In 2019, about 12 percent of people under 65 were not enrolled in a health insurance plan or a government program that provides financial protection from major medical risks. In this report, CBO describes that uninsured population.

Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 4996, The Helping Medicaid Offer Maternity Services Act of 2020
September 29, 2020
As submitted to CBO on September 28, 2020 (version 092820.034.xm)

Report
Federal Subsidies for Health Insurance Coverage for People Under 65: 2020 to 2030
September 29, 2020
CBO and JCT project that federal subsidies, taxes, and penalties associated with health insurance coverage for people under age 65 will result in a net subsidy from the federal government of $920 billion in 2021 and $1.4 trillion in 2030.

Cost Estimate
H.R. 4644, Libya Stabilization Act
September 29, 2020
As ordered reported by the House Committee on Foreign Affairs on July 29, 2020

Cost Estimate
H.R. 7805, Stop Predatory Organ Trafficking Act of 2020
September 29, 2020
As ordered reported by the House Committee on Foreign Affairs on July 29, 2020

Cost Estimate
S. 332, A bill to require the Comptroller General of the United States to submit to Congress a report on repealing the manifestation periods for presumptions of service connection
September 29, 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. 7718, The Protecting the Health and Wellness of Babies and Pregnant Women in Custody Act
September 28, 2020
As posted on the website of the Clerk of the House on September 25, 2020
https://docs.house.gov/billsthisweek/20200928/BILLS-116hr7718-SUSv1.pdf

Cost Estimate
H.R. 5373, United States Anti-Doping Agency Reauthorization Act of 2019
September 28, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020

Cost Estimate
H.R. 7340, Chai Suthammanont Remembrance Act of 2020
September 28, 2020
As ordered reported by the House Committee on Oversight and Reform on September 16, 2020

Cost Estimate
H.R. 7496, COVID PREPARE Act of 2020
September 28, 2020
As ordered reported by the House Committee on Oversight and Reform on September 16, 2020

Cost Estimate
S. 3248, United States Anti-Doping Agency Reauthorization Act of 2020
September 28, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 11, 2020

FASB

Private Company Council [09/29/20]
September 22, 2020 Meeting Recap

GAO

Combating Wildlife Trafficking:
Agencies Work to Address Human Rights Abuse Allegations in Overseas Conservation Programs
GAO-21-139R: Published: Oct 2, 2021. Publicly Released: Oct 2, 2020.

Army Modernization:
Army Should Improve Use of Alternative Agreements and Approaches by Enhancing Oversight and Communication of Lessons Learned
GAO-21-8: Published: Oct 1, 2020. Publicly Released: Oct 1, 2020.

Prescription Drug Monitoring Programs:
Views on Usefulness and Challenges of Programs
GAO-21-22: Published: Oct 1, 2020. Publicly Released: Oct 1, 2020.

Small Business Administration:
COVID-19 Loans Lack Controls and Are Susceptible to Fraud
GAO-21-117T: Published: Oct 1, 2020. Publicly Released: Oct 1, 2020.

Child Care Facilities:
Federal Agencies Need to Enhance Monitoring and Collaboration to Help Assure Drinking Water is Safe from Lead
GAO-20-597: Published: Sep 28, 2020. Publicly Released: Oct 1, 2020.

Disaster Assistance:
Additional Actions Needed to Strengthen FEMA's Individuals and Households Program
GAO-20-503: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Federal Criminal Restitution:
Department of Justice Has Ongoing Efforts to Improve Its Oversight of the Collection of Restitution and Tracking the Use of Forfeited Assets
GAO-20-676R: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Financial Management:
DOD Needs to Implement Comprehensive Plans to Improve Its Systems Environment
GAO-20-252: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Information Technology:
Selected Federal Agencies Need to Take Additional Actions to Reduce Contract Duplication
GAO-20-567: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Small Business Research Programs:
Many Agencies' Award Issuances Are Not Timely; Some Practices May Improve Timeliness
GAO-20-693: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Supplemental Material for GAO-20-503:
FEMA Individuals and Households Program Applicant Data 2016 – 2018
GAO-20-675SP: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Supplemental Material for GAO-20-503:
Select Disaster Profiles for FEMA's Individuals and Households Program 2016-2018 GAO-20-674SP: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Supplemental Material For GAO-20-686:
Transit Asset Management: Survey of TAM Program Participants
GAO-20-687SP: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Transit Asset Management:
FTA Should Clarify Performance Data and Develop a Plan to Guide Future Program Improvements
GAO-20-686: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

VA Acquisition Management:
Actions Needed to Improve Management of Medical-Surgical Prime Vendor Program and Inform Future Decisions
GAO-20-487: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020

VA Health Care:
Additional Steps Could Help Improve Community Care Budget Estimates
GAO-20-669: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Veterans Community Care Program:
Improvements Needed to Help Ensure Timely Access to Care
GAO-20-721T: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.

Chemical Security:
DHS Could Use Available Data to Better Plan Outreach to Facilities Excluded from Anti-Terrorism Standards
GAO-20-722: Published: Sep 29, 2020. Publicly Released: Sep 29, 2020.

Coast Guard:
Improved Analysis of Vessel Response Plan Use Could Help Mitigate Marine Pollution Risk
GAO-20-554: Published: Sep 29, 2020. Publicly Released: Sep 29, 2020.

Disaster Assistance:
FEMA Should Take Additional Actions to Strengthen Fraud Risk Management for Public Assistance Emergency Work Grants
GAO-20-604: Published: Sep 29, 2020. Publicly Released: Sep 29, 2020.

Federal Student Loans:
Supplemental Data on Income and Family Size Information for Income-Driven Repayment Plans
GAO-20-591R: Published: Sep 29, 2020. Publicly Released: Sep 29, 2020.

Science & Tech Spotlight:
Agile Software Development
GAO-20-713SP: Published: Sep 29, 2020. Publicly Released: Sep 29, 2020.

Agile Assessment Guide:
Best Practices for Agile Adoption and Implementation
GAO-20-590G: Published: Sep 28, 2020. Publicly Released: Sep 28, 2020.

Veterans Community Care Program:
Improvements Needed to Help Ensure Timely Access to Care
GAO-20-643: Published: Sep 28, 2020. Publicly Released: Sep 28, 2020.

Intellectual Property:
Additional Agency Actions Can Improve Assistance to Small Businesses and Inventors GAO-20-556: Published: Aug 27, 2020. Publicly Released: Sep 28, 2020.

Whistleblower Protection:
Actions Needed to Strengthen Selected Intelligence Community Offices of Inspector General Programs
GAO-20-699: Published: Sep 25, 2020. Publicly Released: Sep 25, 2020.

GASB

GASB Hosting Series of CPE Webinars on the Preliminary Views, Revenue and Expense Recognition  [09/30/20]
Media Advisory

IASB

05 October 2020
October 2020 IFRS Interpretations Committee podcast now available

02 October 2020
October 2020 IFRS Taxonomy Consultative Group meeting papers available

01 October 2020
September 2020 monthly news summary

30 September 2020
September 2020 IASB podcast available now

30 September 2020
IFRS Foundation Trustees consult on global approach to sustainability reporting and on possible Foundation role

28 September 2020
Speech: IASB Chair’s keynote at the IFRS Foundation Virtual Conference

25 September 2020
September 2020 IASB Update available and work plan updated

25 September 2020
Joint Capital Markets Advisory Committee and Global Preparers Forum—October meeting agenda and papers available

IRS

IRS provides details about settlements in syndicated conservation easement transaction initiative
IR-2020-228, October 1, 2020 — As the Internal Revenue Service continues combatting abusive syndicated conservation easements, the agency today released additional information to help address questions related to the ongoing settlement initiative.

IRS issues final regulations for Achieving a Better Life Experience accounts
IR-2020-227, October 1, 2020 — The Internal Revenue Service posted to IRS.gov final regulations today for Achieving a Better Life Experience (ABLE) accounts.

IRS expands enforcement focus on abusive micro-captive insurance schemes; taxpayers urged to consult independent tax advisor before Oct. 15 filing deadline
IR-2020-226, October 1, 2020 — With the Oct. 15th filing deadline quickly approaching, the Internal Revenue Service today encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction.

IRS issues final regulations on the deduction for meals and entertainment
IR-2020-225, September 30, 2020 — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions
IR-2020-224, September 30, 2020 — The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business.

IRS provides final regulations on income tax withholding on certain periodic retirement and annuity payments
IR-2020-223, September 28, 2020 — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after December 31, 2020.

NYS

Governor Cuomo Launches "Empire State Digital" With Global E-Commerce Companies to Accelerate New York's Small Businesses' Ability to Compete In the Digital Economy
October 1, 2020

Governor Cuomo Announces Final Regulations Requiring Insurers to Provide Fair Coverage for Mental Health & Substance Use Disorders
October 1, 2020

Governor Cuomo Updates New Yorkers On State's Progress During Covid-19 Pandemic
September 30, 2020

ICYMI: Superintendent Linda A. Lacewell's Op-Ed In Law360: We Must Hold Banks Accountable To Stop Money Laundering
September 29, 2020

SEC

SEC Charges Hospitality Company for Failing to Disclose Executive Perks

SEC Charges HP Inc. With Disclosure Violations and Control Failures

SEC Whistleblower Program Ends Record-Setting Fiscal Year With Four Additional Awards

SEC Awards Almost $30 Million to Two Insider Whistleblowers

Morgan Stanley Agrees to Pay $5 Million for Reg SHO Violations in Prime Brokerage Swaps Business

SEC Charges Manitex International and Three Former Senior Executives With Accounting Fraud
2020-237, Sept. 29, 2020 — The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts and heavy equipment, and three of its former senior executives for two accounting fraud schemes that resulted in the issuance of materially misstated financial statements.

SEC Charges Former Real Estate Executive With Misappropriating $26 Million in Ponzi Scheme
2020-236, Sept. 29, 2020 — The Securities and Exchange Commission today charged the former president of a Marin, California real estate development and management company with operating a fraudulent Ponzi scheme and misappropriating over $26 million from more than 1,300 investors – many of whom were elderly and retired.

SEC Charges Ratings Agency With Internal Controls Failures in Connection With Ratings of CMBS and CLO Combo Notes
2020-235, Sept. 29, 2020 — The Securities and Exchange Commission today announced that the credit ratings agency Kroll Bond Rating Agency Inc. (KBRA) has agreed to pay more than $2 million to settle separate charges relating to the rating of commercial mortgage-backed securities (CMBS) and of collateralized loan obligation combination notes (CLO Combo Notes).

SEC Charges Unregistered Brokers in Penny Stock Scheme Targeting Seniors
2020-234, Sept. 29, 2020 — The Securities and Exchange Commission today charged three Florida residents with fraudulent sales of stock in NIT Enterprises Inc., a South Florida technology company. The SEC previously charged NIT Enterprises, its former CEO, and two SEC-barred brokers with allegedly defrauding over 100 retail investors, many of them seniors.

J.P. Morgan Securities Admits to Manipulative Trading in U.S. Treasuries
2020-233, Sept. 29, 2020 — The Securities and Exchange Commission today announced charges against J.P. Morgan Securities LLC, a broker-dealer subsidiary of JPMorgan Chase & Co., for fraudulently engaging in manipulative trading of U.S. Treasury securities. J.P. Morgan Securities admitted the findings in the SEC's order, and agreed to pay disgorgement of $10 million and a civil penalty of $25 million to settle the action.

SEC Charges Swedish National with Global Scheme Defrauding Retail Investors, Including Deaf Community Members
2020-232, Sept. 29, 2020 — The Securities and Exchange Commission today charged a Swedish national living in Thailand with conducting a multi-million dollar online offering fraud that victimized thousands of retail investors worldwide, including hundreds of investors from the Deaf, Hard of Hearing, and Hearing Loss communities.

SEC Issues $1.8 Million Whistleblower Award to a Company Outsider
2020-231, Sept. 28, 2020 — The Securities and Exchange Commission today announced an award of over $1.8 million to a company outsider, who expeditiously reported significant information to the Commission about ongoing securities law violations.

Fiat Chrysler Agrees to Pay $9.5 Million Penalty for Disclosure Violations
2020-230, Sept. 28, 2020 — The Securities and Exchange Commission today announced that Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that it made misleading disclosures about an internal audit of its emissions control systems.

SEC Staff to Host October 26 Roundtable on Regulation Best Interest and Form CRS
2020-229, Sept. 28, 2020 — The Securities and Exchange Commission today announced October 26 as the date for its roundtable at which Commission staff and the Financial Industry Regulatory Authority (FINRA) will discuss initial observations on Regulation Best Interest and Form CRS implementation.

SEC Charges Amazon Finance Manager and Family With Insider Trading
2020-228, Sept. 28, 2020 — The Securities and Exchange Commission today charged a former finance manager at Amazon.com Inc. and two family members with insider trading in advance of Amazon earnings announcements between January 2016 and July 2018.

SEC Proposes Rules to Extend Regulations ATS and SCI to Treasuries and Other Government Securities Markets
2020-227, Sept. 28, 2020 — The Securities and Exchange Commission today announced a proposal to enhance the operational transparency, system integrity, and regulatory oversight for alternative trading systems (ATSs) that trade government securities as well as repurchase and reverse repurchase agreements on government securities (Government Securities ATSs) and issued a concept release soliciting public comment on the regulatory framework for electronic platforms that trade corporate debt and municipal securities.

SEC Charges Companies, Former Executives as Part of Risk-Based Initiative
2020-226, Sept. 28, 2020 — The Securities and Exchange Commission today filed settled actions against two public companies for violations that resulted in the improper reporting of quarterly earnings per share (EPS) that met or exceeded analyst consensus estimates.  The actions are the first arising from investigations generated by the Division of Enforcement’s EPS Initiative, which utilizes risk-based data analytics to uncover potential accounting and disclosure violations caused by, among other things, earnings management practices.

SEC Issues Two Whistleblower Awards for High-Quality Information Regarding Overseas Conduct
2020-225, Sept. 25, 2020 — The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of over $2.5 million. In the first order, a whistleblower was awarded over $1.8 million for taking both personal and professional risks in reporting information through the internal compliance system at a company.  The tip revealed overseas conduct that would otherwise have been hard to detect.  The whistleblower’s internal report resulted in an internal investigation at the company and a subsequent report of the findings to the SEC.  The whistleblower also provided the information to the SEC.

SEC Charges Top Executive of California Microcap Company for Misleading Claims Concerning COVID-19 Test and Financial Statements
2020-224, Sept. 25, 2020 — The Securities and Exchange Commission today charged Mark Schena, the President and Chief Science Officer of Arrayit Corporation, for making allegedly false and misleading statements concerning Arrayit's development of a COVID-19 blood test and its intention to resolve its delinquency in filing required periodic reports with the SEC.

TIGTA

Processes Do Not Ensure That Taxpayers Filing an Incorrect Form 1120 Series Tax Return Are Appropriately *****2*****

September 29, 2020​

Mainframe Computing Environment Security Needs Improvement
September 28, 2020

More Enforcement and a Centralized Compliance Effort Are Required for Expatriation Provisions
September 28, 2020

Individual Returns With Large Business Losses and No Income Pose Significant Compliance Risk
September 28, 2020

Process Automation Benefits Are Not Being Maximized, and Development Processes Need Improvement
Report Date: 09/25/2020
Audit Report: PDF

Fiscal Year 2020 Evaluation of the Internal Revenue Service’s Cybersecurity Program Against the Federal Information Security Modernization Act
Report Date: 09/25/2020
Audit Report: PDF