AICPA 

Press Release
AICPA Testifies at IRS Hearing on Qualified Business Income Deduction Rules
The testimony by Troy Lewis, CPA, CGMA, chair of the AICPA’s QBI Task Force, echoed the AICPA's Oct. 1 comment letter on issues including qualification of rental real estate as a trade or business.
October 22, 2018

Press Release
AICPA and Leading CPA Firms Commit to Dynamic Audit Solution Initiative
The AICPA and a significant number of the nation’s largest accounting firms are moving forward with a multiyear initiative to create a new, innovative process for auditing using technology.
October 22, 2018

Press Release
AICPA Honors 4 Members with Sustained Contribution Award
Four members of the AICPA have been honored with the Sustained Contribution Award, recognizing CPAs for dedication to volunteer service.
October 21, 2018

Press Release
Lester H. McKeever Jr. Honored with AICPA Gold Medal Award
The AICPA is pleased to announce that Lester H. McKeever Jr., CPA, is the recipient of the 2018 AICPA Gold Medal Award of Distinction, the highest honor granted by AICPA.
October 21, 2018

CBO

Cost Estimate
H.R. 5706, World War II Pacific Sites Establishment Act
October 22, 2018

Cost Estimate
H.R. 3325, Advancing Care for Exceptional Kids Act
October 22, 2018

Cost Estimate
S. 3137, Reforming Government Act of 2018
October 22, 2018

Cost Estimate
S. 2827, a bill to amend the Morris K. Udall and Stewart L. Udall Foundation Act
October 22, 2018

Cost Estimate
H.R. 4644, Yellowstone Gateway Protection Act
October 19, 2018

Cost Estimate
H.R. 6730, Injunctive Authority Clarification Act of 2018
October 19, 2018

Cost Estimate
S. 1149, a bill to amend the Alaska Native Claims Settlement Act to repeal a provision limiting the export of timber harvested from land conveyed to the Kake Tribal Corporation under that Act
October 19, 2018

Cost Estimate
S. 3484, GREAT Act
October 19, 2018

Cost Estimate
S. 1965, Allowing Alaska IVORY Act
October 19, 2018

Cost Estimate
S. 3178, Justice for Victims of Lynching Act of 2018
October 18, 2018

Cost Estimate
S. 2785, DETER Act
October 18, 2018

Cost Estimate
H.R. 6777, Settlement Agreement Information Database Act of 2018
October 18, 2018

Report
An Analysis of the Navy's Fiscal Year 2019 Shipbuilding Plan
October 18, 2018

Cost Estimate
H.R. 6666, a bill to authorize the Secretary of the Interior to grant to States and local government easements and rights-of-way over Federal land within Gateway National Recreation Area for construction, operation, and maintenance of projects for control
October 17, 2018

Cost Estimate
S. 414, Pershing County Economic Development and Conservation Act.
October 17, 2018

Cost Estimate
H.R. 5636, Flatside Wilderness Enhancement Act
October 17, 2018

Cost Estimate
S. 1787, National Geologic Mapping Act Reauthorization Act
October 17, 2018

Report
Federal Support for Financing State and Local Transportation and Water Infrastructure
October 17, 2018

Cost Estimate
H.R. 600, Digital Global Access Policy Act of 2018
October 17, 2018

Cost Estimate
H.R. 6737, Protect Affordable Mortgages for Veterans Act of 2018
October 17, 2018

Cost Estimate
H.R. 1677, Caesar Syria Civilian Protection Act of 2018
October 17, 2018

FASB

Registration Opens for CPE Webcast
IN FOCUS: FASB Update for Private Companies on Revenue from Contracts with Customers  [10/23/18]
News Release
Course Description and Registration

Private Company Council  [10/18/18]
October 9, 2018 Meeting Recap

GAO

Opioid Crisis:
Status of Public Health Emergency Authorities
GAO-18-685R:Published: Sep 26, 2018. Publicly Released: Oct 23, 2018.

Tax Administration:
Opportunities Exist to Improve Monitoring and Transparency of Appeal Resolution Timeliness
GAO-18-659:Published: Sep 21, 2018. Publicly Released: Oct 22, 2018.

IASB

22 October 2018
IASB amends definition of business in IFRS Standard on business combinations

18 October 2018
Interview with Chair of the Trustees Erkki Liikanen

IRS 

2019 PTIN renewal period underway for tax professionals
IR-2018-207, Oct. 23, 2018 — The IRS today reminded the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers for 2019.

Treasury, IRS issue proposed regulations on new Opportunity Zone tax incentive
IR-2018-206, October 19, 2018 —The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive.

Reduced 24-percent withholding rate applies to small businesses and other payers; Revised backup withholding publication features helpful FAQs
IR-2018-205, October 18, 2018 — The Internal Revenue Service today urged small businesses and other payers to check out the agency’s newly-revised backup withholding publication, now available on IRS.gov.

NYS Dept. of Taxation and Finance

Putnam County Store Owner Charged with Selling Contraband Cigarettes
October 22, 2018​

SEC
​SEC Announces $23.8 Million Settlement with the Self-Proclaimed “Frack Master”
Washington D.C., Oct. 23, 2018 —The Securities and Exchange Commission today announced it has agreed to a settlement with Christopher A. Faulkner—the self-proclaimed “Frack Master”—in connection with his wide-ranging securities-fraud scheme that raised over $80 million from hundreds of investors nationwide. Faulkner has simultaneously entered into a plea agreement relating to the same misconduct under which he will serve 12 years in federal prison for securities fraud, money laundering, and tax evasion.

SEC Suspends Trading in Company for Making False Cryptocurrency-Related Claims about SEC Regulation and Registration
Washington D.C., Oct. 22, 2018 —The Securities and Exchange Commission today suspended trading in the securities of a company amid questions surrounding its statements about partnering with a claimed SEC-qualified custodian for use with cryptocurrency transactions and a purportedly registered public offering of preferred stock.

SEC Charges Lawyer and Her Husband in EB-5 Fraud: Defendants Allegedly Altered Evidence in Cover Up
Washington D.C., Oct. 18, 2018 —The Securities and Exchange Commission today charged a California-based immigration attorney and her husband in a fraudulent scheme that generated millions of dollars of undisclosed compensation from foreign investors seeking permanent U.S. residency through the EB-5 Immigrant Investor Program. 

SEC Launches New Strategic Hub for Innovation and Financial Technology
Washington D.C., Oct. 18, 2018 — The U.S. Securities and Exchange Commission today announced the launch of the agency's Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. The FinHub also replaces and builds on the work of several internal working groups at the SEC that have focused on similar issues.

SEC Announces 2018 Government-Business Forum to Be Held at The Ohio State University
Washington D.C., Oct. 18, 2018 —The Securities and Exchange Commission today announced it is partnering with the National Center for the Middle Market at The Ohio State University Max M. Fisher College of Business to host the SEC’s annual Government-Business Forum on Small Business Capital Formation on Dec. 12. This annual forum provides a platform to highlight additional measures to improve small business capital formation

SEC Charges Investment Adviser With Stealing From Friends, Community Members
Washington D.C., Oct. 17, 2018 —The Securities and Exchange Commission today announced charges against an investment adviser with a history of violating the securities laws for defrauding his close friends and community members.  According to the SEC’s complaint filed Tuesday, from at least 2017, Bruce J. Fixelle solicited investments from close friends he met through a local community organization, telling them that he was going to invest their money in initial and secondary offerings, which he would then sell before the end of the trading day. Fixelle described his trading strategy as safe and successful. In reality, rather than investing these funds, he allegedly used investor money to pay mounting personal debt and personal expenses.