Regulatory Roundup: Dec. 11-17
CBO
Cost Estimate
S. 3649, First Step Act of 2018
December 14, 2018
Blog Post
CBO Is One of the Best Places to Work in the Federal Government
December 14, 2018
Blog Post
Director's Statement on CBO's Latest Volume of Budget Options
December 13, 2018
Report
Options for Reducing the Deficit: 2019 to 2028
December 13, 2018
Working Paper
CBO’s Model for Forecasting Business Investment: Working Paper 2018-09
December 12, 2018
Cost Estimate
H.R. 2, Agriculture Improvement Act of 2018
December 11, 2018
Report
The Cost of Replacing Today’s Air Force Fleet
December 11, 2018
FASB
Private Company Council [12/13/18]
December 11, 2018 Meeting Recap
Remarks of FASB Chairman Russell G. Golden at the 2018 AICPA Conference on Current SEC and PCAOB Developments in Washington, DC [12/12/18]
Speech
GAO
Missile Defense:
Air Force Report to Congress Included Information on the Capabilities, Operational Availability, and Funding Plan for Cobra Dane
GAO-19-68: Published: Dec 17, 2018. Publicly Released: Dec 17, 2018.
VA Health Care:
Improvements Needed in Suicide Prevention Media Outreach Campaign Oversight and Evaluation
GAO-19-66: Published: Nov 15, 2018. Publicly Released: Dec 17, 2018.
DOD Depot Workforce:
Services Need to Assess the Effectiveness of Their Initiative to Maintain Critical Skills
GAO-19-51: Published: Dec 14, 2018. Publicly Released: Dec 14, 2018.
Federal Law Enforcement:
Purchases and Inventory Controls of Firearms, Ammunition, and Tactical Equipment
GAO-19-175: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
Medicare:
Payments for Certain Long-Term Care Hospitals that Specialize in Spinal Cord Treatment
GAO-19-141: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
Military Personnel:
DOD Needs to Improve Dental Clinic Staffing Models and Evaluate Recruitment and Retention Programs
GAO-19-50: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
National Security:
Long-Range Emerging Threats Facing the United States As Identified by Federal Agencies
GAO-19-204SP: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
Open Data:
Treasury Could Better Align USAspending.gov with Key Practices and Search Requirements
GAO-19-72: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
State and Local Government's Fiscal Outlook:
2018 Update
GAO-19-208SP: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
VA Construction:
Strengthened Pilot Design and a Dedicated Team Could Improve Real-Property Donation Pilot Program
GAO-19-117: Published: Dec 13, 2018. Publicly Released: Dec 13, 2018.
Colombia:
U.S. Counternarcotics Assistance Achieved Some Positive Results but State Needs to Review the Overall U.S. Approach
GAO-19-106: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
Emergency Communications:
Office of Emergency Communications Should Take Steps to Help Improve External Communications
GAO-19-171: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
Information Technology:
Implementation of Recommendations Is Needed to Strengthen Acquisitions, Operations, and Cybersecurity
GAO-19-275T: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
National Guard:
Office of Complex Investigations Should Update Policies to Require Additional Documentation for Sexual Assault Cases
GAO-19-109: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
Navy and Marine Corps:
Rebuilding Ship, Submarine, and Aviation Readiness Will Require Time and Sustained Management Attention
GAO-19-225T: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
Sexual Assault:
Information on the Availability of Forensic Examiners
GAO-19-259T: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
State Department:
Better Oversight and Controls Could Improve Timely Delivery of Legal Documents for Terrorism Victims
GAO-19-139: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
VA Disability Benefits:
Planning Gaps Could Impede Readiness for Successful Appeals Implementation
GAO-19-272T: Published: Dec 12, 2018. Publicly Released: Dec 12, 2018.
Federal Budget:
Government-Wide Inventory of Accounts with Spending Authority and Permanent Appropriations, Fiscal Years 1995 to 2015
GAO-19-289T: Published: Dec 11, 2018. Publicly Released: Dec 11, 2018.
Information Technology:
Agencies Need Better Information on the Use of Noncompetitive and Bridge Contracts
GAO-19-63: Published: Dec 11, 2018. Publicly Released: Dec 11, 2018.
Federal Budget:
Government-Wide Inventory of Accounts with Spending Authority and Permanent Appropriations, Fiscal Years 1995 to 2015
GAO-19-36: Published: Nov 29, 2018. Publicly Released: Dec 11, 2018.
IASB
14 December 2018
December IASB Update published and work plan updated
14 December 2018
Podcast on December 2018 IASB meeting on IFRS 17 now available
14 December 2018
December 2018 IFRS for SMEs Update
14 December 2018
IASB completes review of the Standard on fair value measurement
13 December 2018
IASB to propose narrow-scope amendment to IFRS 17
13 December 2018
IASB proposes clarifications for companies assessing whether contracts will be loss-making
11 December 2018
Speech: Are we ready for the next crisis?
IRS
IRS, Security Summit partners warn tax professionals of fake payroll direct deposit and wire transfer emails
IR-2018-253, December 17, 2018 — The IRS and its Security Summit partners today warned tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams.
First plug-in electric vehicle manufacturer crosses 200,000 sold threshold; Tax credit for eligible consumers begins phase down on Jan. 1
IR-2018-252, December 14, 2018 — The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018.
IRS issues standard mileage rates for 2019
IR-2018-251, December 14, 2018 — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
IRS issues proposed regulations on key new international provision, the base erosion and anti-abuse tax
IR-2018-250, December 13, 2018 — The Internal Revenue Service issued proposed regulations today on the section 59A base erosion and anti-abuse tax.
Wrongful incarceration exclusion reminder: Dec. 17 is deadline for older refund claims
IR-2018-249, December 13, 2018 — Wrongfully-incarcerated individuals, wishing to take advantage of the special retroactive tax exclusion, usually must file refund claims by Monday, Dec. 17, 2018, according to the IRS.
IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions
IR-2018-248, December 11, 2018 — The Internal Revenue Service today reminded retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
NYS Dept. of Taxation and Finance
Peekskill Store Owner Charged with Possessing More than 8,000 Untaxed Cigars
PCAOB
Megan Zietsman Named PCAOB Chief Auditor (Dec. 13)
SEC
BNY Mellon to Pay More Than $54 Million for Improper Handling of ADRs
Washington D.C., Dec. 17, 2018 —The Securities and Exchange Commission today announced that Bank of New York Mellon will pay more than $54 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).
Jeffrey S. Mooney Named Associate Director in the Office of Clearance and Settlement
Washington D.C., Dec. 14, 2018 —The Securities and Exchange Commission today announced that Jeffrey S. Mooney has been named Associate Director of the Office of Clearance and Settlement in the agency’s Division of Trading and Markets.
Jeffrey Minton, Office of the Chief Accountant Chief Counsel, to Retire from the SEC After 20 Years of Service
Washington D.C., Dec. 13, 2018 —The Securities and Exchange Commission today announced that Jeffrey Minton, Office of the Chief Accountant (OCA)'s Chief Counsel, will be retiring from the agency next month after more than 20 years of service at the SEC, with over half of that time spent in his role in OCA.
SEC, MSRB, FINRA to Hold Compliance Outreach Program for Municipal Advisors
Washington D.C., Dec. 13, 2018 —The Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for the Compliance Outreach Program for Municipal Advisors.
SEC Charges Former New York Investment Advisor and Daughter With Conducting a Ponzi Scheme
Washington D.C., Dec. 13, 2018 —The Securities and Exchange Commission today charged a former Rockland County, New York-based investment adviser and his daughter with conducting a multi-million dollar Ponzi scheme that defrauded local community members as well as members of their family and close friends.
SEC Charges The Hain Celestial Group with Internal Controls Failures
Washington D.C., Dec. 11, 2018 —The Securities and Exchange Commission today announced settled charges against a natural and organic food company stemming from weaknesses in the company's internal controls related to end-of-quarter sales practices that were designed to help the company meet its internal sales targets. Based upon its extensive cooperation with the SEC's investigation, which included self-reporting and remediation efforts, the SEC did not impose a monetary penalty on the company.
SEC Names Danae M. Serrano Acting Ethics Counsel and Designated Agency Ethics Official
Washington D.C., Dec. 11, 2018 —The Securities and Exchange Commission today announced that Danae M. Serrano has been named Acting Ethics Counsel and Designated Agency Ethics Official.
Three Developers Settle Charges of Fraudulent EB-5 Offering
Washington D.C., Dec. 12, 2018 —The Securities and Exchange Commission today announced that three Houston-area developers have agreed to settle charges that they misused investor funds raised from 90 Chinese investors under the EB-5 Immigrant Investor Program on unrelated projects.
Executives Settle ICO Scam Charges
Washington D.C., Dec. 12, 2018 —Two former executives behind an allegedly fraudulent initial coin offering (ICO) that was stopped by the Securities and Exchange Commission earlier this year have been ordered in federal court to pay nearly $2.7 million and prohibited from serving as officers or directors of public companies or participating in future offerings of digital securities.
SEC Charges Agria Corporation and Executive Chairman With Fraud
Washington D.C., Dec. 10, 2018 —A multinational agricultural company has agreed to pay $3 million to settle charges that it concealed substantial losses from investors through fraudulent accounting in connection with its divestiture of its primary operating entity. In a related action, the company’s executive chairman Lai Guanglin (aka Alan Lai) settled charges that he manipulated the company’s share price.
Three Broker-Dealers to Pay More Than $6 Million in Penalties for Providing Deficient Blue Sheet Data
Washington D.C., Dec. 10, 2018 —The Securities and Exchange Commission today announced that three broker-dealers have agreed to pay more than $6 million to settle charges for providing the SEC with incomplete and inaccurate securities trading information in required SEC productions known as “blue sheet data,” which the SEC uses to carry out its enforcement and regulatory obligations, including the investigation of insider trading and other fraudulent activity.