Regulatory Roundup: Sept. 10-16
AICPA
Press Release
AICPA Awards 2019-20 Legacy Scholarships
The AICPA, its Foundation and partner organizations have granted $666,000 to 129 students studying accounting as part of the Legacy Scholarships program.
September 12, 2019
CBO
Cost Estimate
H.R. 1668, Internet of Things Cybersecurity Improvement Act of 2019
September 13, 2019
As ordered reported by the House Committee on Oversight and Reform on June 12, 2019
Cost Estimate
H.R. 860, Social Security 2100 Act
September 13, 2019
Analysis of Effects on Social Security of H.R. 860, as introduced on January 30, 2019
Cost Estimate
S. 1883, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019
September 13, 2019
As reported by the Senate Committee on the Judiciary on July 23, 2019
Cost Estimate
S. 253, Streamlining Energy Efficiency for Schools Act
September 13, 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on July 16, 2019
Cost Estimate
S. 734, Internet of Things Cybersecurity Improvement Act of 2019
September 13, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019
Report
CBO’s 2019 Long-Term Projections for Social Security: Additional Information
September 12, 2019
In lieu of publishing a separate report providing additional information about CBO’s long-term projections for Social Security, the agency is publishing the data that it would have presented in that report.
Cost Estimate
H.R. 2513, Corporate Transparency Act of 2019
September 12, 2019
As ordered reported by the House Committee on Financial Services on June 11, 2019
Cost Estimate
H.R. 3439, PATIENTS Act
September 12, 2019
As ordered reported by the House Committee on Ways and Means on June 26, 2019
Cost Estimate
H.R. 359, Enhancing Grid Security through Public-Private Partnerships Act
September 12, 2019
As ordered reported by the House Committee on Energy and Commerce on July 17, 2019
Cost Estimate
S. 1148, ATC Hiring Reform Act of 2019
September 12, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 24, 2019
Report
An Evaluation of CBO’s Past Deficit and Debt Projections
September 11, 2019
CBO analyzes its baseline projections of deficits and debt held by the public that were made each year beginning in 1984. In this report, CBO reviews its projections for the first and fifth years after the fiscal year already under way.
Cost Estimate
S. 1102, Eastern Mediterranean Security and Energy Partnership Act of 2019
September 11, 2019
As reported by the Senate Committee on Foreign Relations on July 10, 2019
Report
Accounting for Federal Retirement and Veterans' Benefits: Cash and Accrual Measures
September 10, 2019
CBO examines the differences between cash and accrual accounting for federal retirement and veterans’ benefits, the information that the two types of estimates provide, and ways to expand the use of accrual measures for such benefits.
Cost Estimate
H.R. 3429, HEARTS and Rural Relief Act
September 10, 2019
As ordered reported by the House Committee on Ways and Means on June 26, 2019
Cost Estimate
H.R. 3436, Improving Chronic Care Management Act
September 10, 2019
As ordered reported by the House Committee on Ways and Means on June 26, 2019
Blog Post
Remarks to the Committee for a Responsible Federal Budget
September 10, 2019
Since I joined CBO four months ago, it has been a great treat for me to work with and learn from its skilled, knowledgeable, and dedicated people. Some of the issues at CBO have been new to me, but the budgetary challenge that the nation faces is all too familiar.
Cost Estimate
Rules Committee Print 116-29 for H.R. 205, the Protecting and Securing Florida's Coastline Act of 2019, with the Manager's Amendment
September 10, 2019
Preliminary CBO Cost Estimate of Direct Spending Effects of Rules Committee Print 116-29 for H.R. 205 with the Manager's Amendment, as posted on the website of the House Committee on Rules on September 6, 2019
Cost Estimate
Rules Committee Print 116-30 for H.R. 1146, the Arctic Cultural and Coastal Plain Protection Act, with the Manager's Amendment
September 10, 2019
Preliminary CBO Cost Estimate of Direct Spending Effects of Rules Committee Print 116-30 for H.R. 1146 with the Manager's Amendment, as posted on the website of the House Committee on Rules on September 6, 2019
Cost Estimate
Rules Committee Print 116-31 for H.R. 1941, the Coastal and Marine Economies Protection Act, with the Manager's Amendment
September 10, 2019
Preliminary CBO Cost Estimate of Direct Spending Effects of Rules Committee Print 116-31 for H.R. 1941 with the Manager's Amendment, as posted on the website of the House Committee on Rules on September 6, 2019
Cost Estimate
S. 2166, Regional Ocean Partnership Act
September 10, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 24, 2019
Cost Estimate
Sections 534 and 535 of H.R. 3931, the Department of Homeland Security Appropriations Act, 2020
September 10, 2019
Analysis of the immigration provisions in sections 534 and 535 of the Department of Homeland Security Appropriations Act, 2020, as reported by the House Committee on Appropriations on July 24, 2019.
Presentation
The Current Outlook for the Economy and the Budget
September 10, 2019
Presentation by Phillip Swagel, CBO Director, at PwC.
Cost Estimate
H.R. 2500, National Defense Authorization Act for Fiscal Year 2020
As passed by the House of Representatives on July 12, 2019
Cost Estimate
H.R. 3256, Protecting and Securing Chemical Facilities from Terrorist Attacks Act of 2019
As ordered reported by the House Committee on Homeland Security on June 19, 2019
Report
Monthly Budget Review for August 2019
The federal budget deficit was $1,067 billion for the first 11 months of fiscal year 2019, CBO estimates, $168 billion more than the deficit recorded during the same period last year. Revenues were $102 billion higher and outlays were $271 billion higher than in the same period in fiscal year 2018.
Cost Estimate
H.R. 3501, Safeguard Our Elections and Combat Unlawful Interference in Our Democracy Act
As ordered reported by the House Committee on Foreign Affairs on July 17, 2019
Cost Estimate
H.R. 3609, Wind Energy Research and Development Act of 2019
As ordered reported by the House Committee on Science, Space and Technology, Space, and Technology on July 24, 2019
Cost Estimate
H.R. 3620, Strategy and Investment in Rural Housing Preservation Act of 2019
As ordered reported by the House Committee on Financial Services on July 11, 2019
FASB
FASB Issues Revised Proposal to Improve Balance Sheet Debt Classification [09/12/19]
Media Advisory
Exposure Document
Investor Presentation on CECL, SOFR, and Other Standards by FASB Member R. Harold Schroeder, Barclays Global Financial Services Conference, New York, NY [09/11/19]
Presentation
GAO
Science & Tech Spotlight:
Blockchain & Distributed Ledger Technologies
GAO-19-704SP: Published: Sep 16, 2019. Publicly Released: Sep 16, 2019.
Science & Tech Spotlight:
Hypersonic Weapons
GAO-19-705SP: Published: Sep 16, 2019. Publicly Released: Sep 16, 2019.
Science & Tech Spotlight:
Opioid Vaccines
GAO-19-706SP: Published: Sep 16, 2019. Publicly Released: Sep 16, 2019.
Science & Tech Spotlight:
Probabilistic Genotyping Software
GAO-19-707SP: Published: Sep 16, 2019. Publicly Released: Sep 16, 2019.
Disaster Response:
Federal Assistance and Selected States and Territory Efforts to Identify Deaths from 2017 Hurricanes
GAO-19-486: Published: Sep 13, 2019. Publicly Released: Sep 13, 2019.
Surface Transportation:
DHS Is Developing and Testing Security Technologies, but Could Better Share Test Results
GAO-19-636: Published: Sep 12, 2019. Publicly Released: Sep 12, 2019.
Higher Education:
More Information Could Help Student Parents Access Additional Federal Student Aid
GAO-19-522: Published: Aug 20, 2019. Publicly Released: Sep 12, 2019.
Medicaid:
Efforts to Identify, Predict, or Manage High-Expenditure Beneficiaries
GAO-19-569: Published: Aug 13, 2019. Publicly Released: Sep 12, 2019
USAID Reform:
Efforts Address Most Key Practices but Could Improve in Performance Assessment and Strategic Workforce Planning
GAO-19-609: Published: Sep 11, 2019. Publicly Released: Sep 11, 2019.
Department of Homeland Security:
Review of Report on Agency Estimates of Foreign Nationals Unlawfully Residing in the U.S.
GAO-19-640R: Published: Sep 10, 2019. Publicly Released: Sep 10, 2019.
Information Technology:
DOD Needs to Fully Implement Program for Piloting Open Source Software
GAO-19-457: Published: Sep 10, 2019. Publicly Released: Sep 10, 2019.
U.S. Assistance to Mexico:
State and USAID Allocated over $700 Million to Support Criminal Justice, Border Security, and Related Efforts from Fiscal Year 2014 through 2018
GAO-19-647: Published: Sep 10, 2019. Publicly Released: Sep 10, 2019.
Aviation Safety:
Opportunities Exist for FAA to Improve Airport Terminal Area Safety Efforts
GAO-19-639: Published: Aug 30, 2019. Publicly Released: Sep 10, 2019.
Department of Homeland Security:
Review of Report on Agency Estimates of Foreign Nationals Unlawfully Residing in the U.S.
GAO-19-640R: Published: Sep. 10, 2019 Publicly Released: Sep. 10, 2019
Information Technology:
DOD Needs to Fully Implement Program for Piloting Open Source Software
GAO-19-457: Published: Sep. 10, 2019 Publicly Released: Sep. 10, 2019
U.S. Assistance to Mexico:
State and USAID Allocated over $700 Million to Support Criminal Justice, Border Security, and Related Efforts from Fiscal Year 2014 through 2018
GAO-19-647: Published: Sep. 10, 2019 Publicly Released: Sep. 10, 2019
Architect of the Capitol:
Efforts Are Ongoing to Update Cannon House Office Building's Renovation Cost and Schedule Estimates
GAO-19-712T: Published: Sep. 10, 2019 Publicly Released: Sep. 9, 2019
Conflict Minerals:
2018 Company Reports on Mineral Sources Were Similar in Number and Content to Those Filed in the Prior 2 Years
GAO-19-607: Published: Sep. 9, 2019 Publicly Released: Sep. 9, 2019
Conventional Arms Transfer Policy:
Agency Processes for Reviewing Direct Commercial Sales and Foreign Military Sales Align with Policy Criteria
GAO-19-673R: Published: Sep. 9, 2019 Publicly Released: Sep. 9, 2019
Date Labels on Packaged Foods:
USDA and FDA Could Take Additional Steps to Reduce Consumer Confusion
GAO-19-407: Published: Sep. 9, 2019 Publicly Released: Sep. 9, 2019
Foreign Assistance:
State Department Should Take Steps to Improve Timeliness of Required Budgetary Reporting
GAO-19-600: Published: Sep. 9, 2019 Publicly Released: Sep. 9, 2019
Investigational Drugs:
FDA and Drug Manufacturers Have Ongoing Efforts to Facilitate Access for Some Patients
GAO-19-630: Published: Sep. 9, 2019 Publicly Released: Sep. 9, 2019
Job Corps:
Actions Needed to Improve Planning for Center Operation ContractsGAO-19-326:
Published: Aug. 8, 2019 Publicly Released: Sep. 9, 2019
Nuclear Waste Cleanup:
DOE Faces Project Management and Disposal Challenges with High-Level Waste at Idaho National Laboratory
GAO-19-494: Published: Sep. 9, 2019 Publicly Released: Sep. 9, 2019
IASB
12 September 2019
IFRS Taxonomy 2019 now available in Ukrainian
12 September 2019
IFRS Taxonomy 2019 now available in Spanish
10 September 2019
Better information about business combinations—Goodwill and Impairment
IRS
Treasury, IRS release final and proposed regulations on new 100% depreciation
IR-2019-156, September 13, 2019 — The Treasury Department and the Internal Revenue Service today released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
Tax Withholding Estimator helps retirees; figures tax on Social Security benefits
IR-2019-155, September 13, 2019 — The new Tax Withholding Estimator, launched last month on IRS.gov, includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments.
IRS expanding the Compliance Assurance Process for 2020, accepting new corporate applicants
IR-2019-154, September 12, 2019 — The Internal Revenue Service announced today the opening of the application period for the 2020 Compliance Assurance Process program.
IRS announces leadership appointments in the Small Business/Self-Employed Division; Harris, Guillot join Hylton in key enforcement positions
IR-2019-153, September 11, 2019 — The Internal Revenue Service today announced that Darren Guillot has been selected as the Deputy Commissioner for Collection and Operations Support in the Small Business/Self-Employed Division (SB/SE) and De Lon Harris has been selected as the Deputy Commissioner for Examination.
Third quarter estimated tax payment due Sept. 16
IR-2019-152, September 9, 2019 – With major tax reform now in its second year and taxpayers seeing its full effect on 2018 returns, the Internal Revenue Service today reminded people who pay estimated tax that their third quarter payment for 2019 is due Monday, Sept. 16.
NYS Dept. of Taxation and Finance
Guilty Plea Leads to Forfeiture of $12,000 Following Seizure of 34,000 Cigars
September 12, 2019
PCAOB
PCAOB Sanctions Two Firms and One Individual for Auditor Independence Violations (September 10)
SEC
James M. Daly, Division of Corporation Finance Associate Director, to Retire from the SEC After More Than 38 Years of Service
2019-174 Washington D.C., Sept. 11, 2019 — The Securities and Exchange Commission today announced that James M. Daly, Division of Corporation Finance Associate Director, will retire at the end of the month after more than 38 years of service at the SEC.
SEC Proposes Transparency and Financial Accountability Amendments to the CAT NMS Plan
2019-173 Washington D.C., Sept. 9, 2019 —The Securities and Exchange Commission today voted to propose amendments to the national market system plan governing the Consolidated Audit Trail (the “CAT NMS Plan”).
Chandler Smith Costello Named Deputy Director for Public Affairs
2019-172 Washington D.C., Sept. 9, 2019 —The Securities and Exchange Commission today announced Chandler Smith Costello has been named Deputy Director for the Office of Public Affairs. Costello comes to the SEC from the Office of Senate Majority Whip John Thune where she served as his leadership communications director for the Whip office.
September 11, 2019
Additional Actions Are Needed to Further Reduce Undeliverable Mail [PDF]
Highlights
September 11, 2019
The Internal Revenue Service Should Revise the Approach Used to Identify Foreign Corporations That Do Not File Required U.S. Income Tax Returns [PDF]
Highlights