Regulatory Roundup - April 7-13
AICPA
Press Release
AICPA Recommends Lender Documents and Key Calculations to Use in PPP Applications
The AICPA recommended a defined set of documents for lenders to rely on as well as some key clarifications in the Treasury Department and Small Business Administration’s Paycheck Protection Program (PPP) application process.
April 10, 2020
Press Release
AICPA Thanks Congressional Caucus on CPAs and Accountants for Calling for Consistency in PPP Loan Application Documents
AICPA has made recommendations for lender documents, as well as provided direction on a few key calculations, all of which closely align with the Caucus’ proposa
April 9, 2020
Press Release
AICPA Commends Treasury and IRS for Issuing Broad Tax Relief in Light of COVID-19
We commend Treasury and IRS for taking action to ensure taxpayers and their advisors can take care of their families and their employees appropriately
April 9, 2020
Legislative Letters
Letter from CPAs in Congress to Treasury and SBA on CARES Act and PPP documentation (PDF)
Letter expressing concern that approved lenders, as defined by the Coronavirus Aid, Relief and Economic Security (CARES) Act (Public Law 116-136), may lack the necessary guidance from the Treasury Department and the Small Business Administration (SBA) to implement PPP
April 9, 2020
Press Release
AICPA Letter to Mnuchin: “…it’s impractical, if not impossible, for taxpayers and their advisors to continue business as usual…”
AICPA President & CEO, Barry Melancon, delivered a letter to Treasury Secretary Steven Mnuchin expressing concern that they have failed to grant extensions for all filing and payment deadlines.
April 7, 2020
Press Release
AICPA Applauds Additional Clarity in Treasury FAQ on Paycheck Protection Program
The AICPA praised the Treasury Department and Small Business Administration for providing updated information for applicants to the Paycheck Protection Program, which provides relief to small businesses.
April 7, 2020
CBO
Cost Estimate
H.R. 139, Springfield Race Riot Study Act
April 8, 2020
As ordered reported by the House Committee on Natural Resources on March 11, 2020
Cost Estimate
H.R. 3798, Equal Access to Contraception for Veterans Act
April 8, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 4153, Health Care Access for Urban Native Veterans Act
April 8, 2020
As ordered reported by the House Committee on Natural Resources on March 11, 2020
Cost Estimate
H.R. 4739, Synthetic Opioid Exposure Prevention and Training Act
April 8, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 202
Report
Monthly Budget Review for March 2020
April 7, 2020
The federal budget deficit was $741 billion in the first half of fiscal year 2020, CBO estimates, $50 billion more than the deficit recorded during the same period last year.
FASB
FASB Issues Staff Q&A Document on Accounting for Leases during COVID-19 Pandemic [04/10/20] Media Advisory
FASB Staff Q&A
Statement of FASB Chairman Russell G. Golden on FASB Meeting on Accounting Relief during COVID-19 Pandemic [04/08/20]
Media Advisory
GAO
Bureau of Indian Education:
Actions Needed to Improve Management of a Supplemental Education Program
GAO-20-308: Published: Apr 9, 2020. Publicly Released: Apr 10, 2020.
Sexual Harassment Policies:
Smithsonian Has Procedures for Prevention, but Could Improve Guidance and Monitoring
GAO-20-414R: Published: Apr 9, 2020. Publicly Released: Apr 9, 2020.
Border Security:
U.S. Customs and Border Protection's Management of a Temporary Facility in Texas Raised Concerns about Resources Used
GAO-20-321R: Published: Mar 11, 2020. Publicly Released: Apr 9, 2020.
Vessel Safety:
GAO-20-459: Published: Apr 8, 2020. Publicly Released: Apr 8, 2020.
The Coast Guard Conducts Recurrent Inspections and Has Issued Guidance to Address Emergency Preparedness
GAO-20-459: Published: Apr 8, 2020. Publicly Released: Apr 8, 2020.
Science & Tech Spotlight:
CRISPR Gene Editing
GAO-20-478SP: Published: Apr 7, 2020. Publicly Released: Apr 7, 2020.
Telecommunications:
Agencies Should Fully Implement Established Transition Planning Practices to Help Reduce Risk of Costly Delays
GAO-20-155: Published: Apr 7, 2020. Publicly Released: Apr 7, 2020.
Maternal Mortality:
Trends in Pregnancy-Related Deaths and Federal Efforts to Reduce Them
GAO-20-248: Published: Mar 12, 2020. Publicly Released: Apr 7, 2020.
FDA Drug Approval:
Application Review Times Largely Reflect Agency Goals
GAO-20-244: Published: Mar. 6, 2020 Publicly Released: Apr. 6, 2020
FDA Drug Approval:
Application Review Times Largely Reflect FDA Goals
GAO-20-301: Published: Mar. 6, 2020 Publicly Released: Apr. 6, 2020
Movement of Household Goods:
DOD Should Take Additional Steps to Assess Progress toward Achieving Program Goals
GAO-20-295: Published: Apr. 6, 2020 Publicly Released: Apr. 6, 2020
IASB
10 April 2020
April IASB meeting papers and agenda now available—IASB to consider impact of covid-19
10 April 2020
Application of IFRS 16 in the light of the covid-19 uncertainty
09 April 2020
IASB proposes further amendments to IFRS Standards in response to interest rate benchmark reform
07 April 2020
Compilation of Agenda Decisions—Volume 2 published
IRS
Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
IR-2020-69, April 10, 2020 — To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.
IRS urges taxpayers to use electronic options; outlines online assistance
IR-2020-68, April 9, 2020 — IRS urges taxpayers to use electronic options; outlines online assistance.
IRS provides guidance under the CARES Act to taxpayers with net operating losse
IR-2020-67, April 9, 2020 — The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns.
IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
IR-2020-66, April 9, 2020 — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses
NYS
D.A. Vance to Deliver $10 Million to New York State Following Investigation Into Christie’s Auction House
April 9, 2020
2020-84, April 8, 2020 —The Securities and Exchange Commission today announced that it is providing temporary, conditional exemptive relief for business development companies (BDCs) to enable them to make additional investments in small and medium-sized businesses, including those with operations affected by COVID-19. BDCs were created to provide capital to smaller domestic operating companies that otherwise may not be able to readily access the capital markets. Today’s relief will provide additional flexibility for BDCs to issue and sell senior securities in order to provide capital to such companies, and to participate in investments in these companies alongside certain private funds that are affiliated with the BDC. Today’s relief is subject to investor protection conditions, including specific requirements for obtaining an independent evaluation of the issuances’ terms and approval by a majority of a BDC’s independent board members.
In Response to Self-Executing Congressional Mandates, SEC Adopts Offering Reforms for Business Development Companies and Registered Closed-End Funds
Rule Amendments Allow Eligible Funds to Use Offering Methods that Have Long Been Available to Operating Companies
2020-83, April 8, 2020 —The Securities and Exchange Commission today voted to adopt rule amendments to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act relating to business development companies and other closed-end funds.
SEC Office of Compliance Inspections and Examinations Publishes Risk Alerts Providing Advance Information Regarding Inspections for Compliance with Regulation Best Interest and Form CRS
2020-82, April 7, 2020 — The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) has issued two risk alerts: Examinations that Focus on Compliance with Regulation Best Interest and Examinations that Focus on Compliance with Form CRS. These risk alerts provide broker-dealers and investment advisers with advance information about the expected scope and content of the initial examinations for compliance with Regulation Best Interest and Form CRS. Regulation Best Interest and Form CRS are key components of a broader package of rules and interpretations, adopted contemporaneously on June 5, 2019, to enhance the quality and transparency of retail investors’ relationships with broker-dealers and investment advisers. The compliance date for Regulation Best Interest and Form CRS is June 30, 2020.
Cantor Fitzgerald Agrees to Pay $3.2 Million to Settle Charges for Providing Deficient Blue Sheet Data
2020-81, April 6, 2020 —The Securities and Exchange Commission today announced that Cantor Fitzgerald & Co. has agreed to pay $3.2 million to settle charges for providing the SEC with incomplete and inaccurate securities trading information known as “blue sheet data.”
TIGTA
April 7, 2020
Interim Results Of The 2020 Filing Season [PDF]
Highlights