Regulatory Roundup - Aug. 22-28
CBO
Cost Estimate
S. 3265, Waterfront Community Revitalization and Resiliency Act of 2018
August 27, 2018
Working Paper
Fiscal Substitution of Investment for Highway Infrastructure: Working Paper 2018-08
August 24, 2018
Report
Transitioning to Alternative Structures for Housing Finance: An Update
August 23, 2018
Presentation
Paying for College: What the Federal Investment Means for Students and Universities
August 23, 2018
FASB
FASB Improves the Effectiveness of Disclosures in Notes to Financial Statements [08/28/18]
News Release
ASU 2018-13
ASU 2018-14
Concepts Statements
FASB In Focus
GAO
Federal Student Loans:
Further Actions Needed to Implement Recommendations on Oversight of Loan Servicers
GAO-18-587R:Published: Jul 27, 2018. Publicly Released: Aug 27, 2018.
2020 Census:
Actions Needed to Address Challenges to Enumerating Hard-to-Count Groups
GAO-18-599:Published: Jul 26, 2018. Publicly Released: Aug 27, 2018.
Columbia River Basin:
Additional Federal Actions Would Benefit Restoration Efforts
GAO-18-561:Published: Aug 24, 2018. Publicly Released: Aug 24, 2018.
Medicare Fee-For-Service:
Information on the First Year of Nationwide Reduced Payment Rates for Durable Medical Equipment
GAO-18-534:Published: Jul 25, 2018. Publicly Released: Aug 24, 2018.
Consumer Protection:
Gender-Related Price Differences for Goods and Services
GAO-18-500:Published: Aug 9, 2018. Publicly Released: Aug 23, 2018.
Health Insurance Exchanges:
HHS Should Enhance Its Management of Open Enrollment Performance
GAO-18-565:Published: Jul 24, 2018. Publicly Released: Aug 23, 2018.
Tax Fraud and Noncompliance:
IRS Could Further Leverage the Return Review Program to Strengthen Tax Enforcement
GAO-18-544:Published: Jul 24, 2018. Publicly Released: Aug 23, 2018.
IASB
22 August 2018
IASB Research Forum 2018—call for non-academic applicants
22 August 2018
Summary of the joint CMAC and GPF meeting available
IRS
IRS announces adjustments to the Compliance Assurance Process (CAP) program
IR-2018-174, Aug. 27, 2018 – Internal Revenue Service officials announced today changes to the Compliance Assurance Process program for 2019.
New law makes clear: Combat-zone contract workers qualify for foreign earned income exclusion
IR-2018-173, Aug. 24, 2018 — Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion.
Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits
IR-2018-172, Aug. 23, 2018 — Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.
IRS to introduce new tax transcript to better protect taxpayer data
IR-2018-171, Aug. 22, 2018 — Moving to better protect taxpayer data, the IRS today announced a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series.
NYS Dept. of Taxation and Finance
Two New Jersey Corporations Sentenced for Failing to Pay NYS Sales Tax
August 24, 2018
Buffalo Resident Pleads Guilty to Four Felonies
August 23, 2018
SEC
SEC Charges Moody’s With Internal Controls Failures and Ratings Symbols Deficiencies
Washington D.C., Aug. 28, 2018 —The Securities and Exchange Commission today announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks the first time the SEC has filed an enforcement action involving rating symbol deficiencies
Legg Mason Charged With Violating the FCPA
Washington D.C., Aug. 27, 2018 —The Securities and Exchange Commission today announced that Legg Mason Inc. will pay over $34 million to resolve an SEC charge that the company violated the Foreign Corrupt Practices Act (FCPA) in a scheme to bribe Libyan government officials.
Transamerica Entities to Pay $97 Million to Investors Relating to Erros in Quantitative Investment Models
Washington D.C., Aug. 27, 2018 —The Securities and Exchange Commission today announced charges against four Transamerica entities for misconduct involving faulty investment models and ordered the entities to refund $97 million to misled retail investors.
Statement on Status of the Consolidated Audit Trail
Aug. 27, 2018
SEC Announces Agenda for Sept. 13 Investor Advisory Committee Meeting
Washington D.C., Aug. 24, 2018 —The Securities and Exchange Commission today announced the agenda for the Sept. 13 meeting of its Investor Advisory Committee (IAC). The meeting will begin at 9:00 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, NE, Washington, D.C., and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing.
Fee Rate Advisory #1 for Fiscal Year 2019
Washington D.C., Aug. 24, 2018 —The Securities and Exchange Commission today announced that in fiscal year 2019 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $121.20 per million dollars.
SEC Names Matthew S. Jacques as Chief Accountant in Enforcement Division
Washington D.C., Aug. 23, 2018 —The Securities and Exchange Commission today announced that Matthew S. Jacques has been named the new chief accountant in the SEC’s Division of Enforcement.
Barry Miller, Associate Director in Division of Investment Management, to Leave SEC After More Than 40 Years of Public Service
Washington D.C., Aug. 23, 2018 —The Securities and Exchange Commission today announced that Barry D. Miller, Associate Director of Disclosure Review and Accounting in the Division of Investment Management, will retire from the SEC at the end of this month after more than 40 years of public service, including more than 30 years of service at the SEC.
SEC Chairman Clayton Announces Additional Investor Roundtable in Baltimore for Main Street Investors to ‘Tell Us’ About Their Investor Experience
Washington D.C., Aug. 22, 2018 —Securities and Exchange Commission Chairman Jay Clayton announced today that an additional investor roundtable to discuss the Commission’s recently proposed rules regarding the obligations of financial professionals to investors will be held in Baltimore on the evening of Sept. 20, 2018. Commissioners Kara Stein and Robert Jackson are expected to join Chairman Clayton and senior SEC staff at this event.
Statement on Investor Roundtables Regarding Standards of Conduct for Investment Professionals Rulemaking
Aug. 22, 2018
TIGTA
Fiscal Year 2018 Statutory Audit of Compliance With Legal Guidelines Restricting the Use of Records of Tax Enforcement Results
Report Date: 08/24/2018
Audit Highlights: HTML
Audit Reports: PDF
Fiscal Year 2018 Statutory Audit of Compliance With Notifying Taxpayers of Their Rights When Requested to Extend the Assessment Statute
Report Date: 08/23/2018
Audit Highlights: HTML
Audit Reports: PDF
Fiscal Year 2018 Statutory Audit of Compliance With Legal Guidelines Prohibiting the Use of Illegal Tax Protester and Similar Designations
Report Date: 08/22/2018
Audit Highlights: HTML
Audit Reports: PDF