Regulatory Roundup, Feb. 7-14
With so many regulators out there, it can be tough to keep track of everything they say from week to week.
AICPA
AICPA Announces Awards for Assurance-Related Research
NEW YORK (February 7, 2017) – The American Institute of CPAs' (AICPA) Assurance Research Advisory Group (ARAG) has announced two awards for funding and/or access to accounting firm personnel for research that addresses assurance topics of interest to the CPA profession.
New Survey of CPA Financial Planners Explores Financial Impact of Divorce on Retirement
NEW YORK (February 9, 2017) – Most happy couples don’t spend time thinking about what their life would look like in the event of a divorce. However unromantic the idea of discussing a retirement plan with your significant other may be, it’s crucial that both individuals in a marriage have a working knowledge of the family finances – just in case. In fact, three-in-four (75.6 percent) retirement age divorcees need a better understanding of how to manage their personal finances, according to a new Personal Financial Planning (PFP) Trends Survey of CPA financial planners from the AICPA. And as the divorce rate for Americans over the age of 50 has doubled since 1990, an increasing number of Americans near retirement age will find themselves scrambling to solidify their finances as they approach their golden years.
AICPA Announces $630,000 in Accounting Scholarships Now Available
New York (February 13, 2017) – The American Institute of CPAs is pleased to announce that the AICPA Legacy Scholarship application for undergraduate and graduate accounting students is now available on ThisWayToCPA.com for the 2017-18 academic year.
CBO
Blog Post
CBO Releases Updated Budget Infographics
February 8, 2017
Cost Estimate
H.R. 657, Follow the Rules Act
February 13, 2017
Cost Estimate
S. 19, Making Opportunities for Broadband Investment and Limiting Excessive and Needless Obstacles to Wireless Act
February 13, 2017
Cost Estimate
H.R. 702, Federal Employee Antidiscrimination Act of 2017
February 10, 2017
Cost Estimate
H.R. 725, Innocent Party Protection Act
February 10, 2017
Cost Estimate
H.R. 194, Federal Agency Mail Management Act of 2017
February 9, 2017
Cost Estimate
S. 134, Spoofing Prevention Act of 2017
February 9, 2017
Presentation
The 2017 Budget and Economic Outlook
February 9, 2017
Cost Estimate
S. 102, Securing Access to Networks in Disasters Act of 2017
February 8, 2017
Cost Estimate
S. 89, a bill to amend title 46, United States Code, to exempt old vessels that only operate within inland waterways from the fire-retardant materials requirement if the owners of such vessels make annual structural alterations to at least 10 percent...
February 8, 2017
Cost Estimate
H.R. 720, Lawsuit Abuse Reduction Act of 2017
February 8, 2017
FAF
Financial Accounting Foundation Board of Trustees [02/14/17]
Meeting Notice
The meeting will be held at the Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT.
GAO
U.S. Postal Service:
Key Considerations for Restoring Fiscal Sustainability
GAO-17-404T:Published: Feb 7, 2017. Publicly Released: Feb 7, 2017.
Information Technology:
HUD Needs to Address Significant Weaknesses in Its Cost Estimating Practices
GAO-17-281:Published: Feb 7, 2017. Publicly Released: Feb 7, 2017.
Medicaid Managed Care:
Improved Oversight Needed of Payment Rates for Long-Term Services and Supports
GAO-17-145:Published: Jan 9, 2017. Publicly Released: Feb 8, 2017.
Grants Management:
EPA Partially Follows Leading Practices of Strategic Workforce Planning and Could Take Additional Steps
GAO-17-144:Published: Jan 9, 2017. Publicly Released: Feb 8, 2017
DOD Financial Management:
Significant Efforts Still Needed for Remediating Audit Readiness Deficiencies
GAO-17-85:Published: Feb 9, 2017. Publicly Released: Feb 9, 2017.
Medicaid:
CMS Needs Better Data to Monitor the Provision of and Spending on Personal Care Services
GAO-17-169:Published: Jan 12, 2017. Publicly Released: Feb 13, 2017.
Cybersecurity:
Actions Needed to Strengthen U.S. Capabilities
GAO-17-440T:Published: Feb 14, 2017. Publicly Released: Feb 14, 2017.
IASB
13 Feb 2017
Three new Trustees appointed to the IFRS Foundation
10 Feb 2017
IASB Vice-Chair Sue Lloyd to chair the IFRS Interpretations Committee
IRS
IRS Warns of Abusive Tax Shelters on 2017 “Dirty Dozen” List of Tax Scams
IR-2017-31, Feb. 14, 2017 — For the third consecutive year, the IRS places abusive micro-captive insurance tax shelters on its list of “Dirty Dozen” tax scams.
Avoid the Rush; Use IRS.gov for Quick Answers to Questions
IR-2017-30, Feb. 13, 2017 — The IRS today reminded taxpayers that the next couple of weeks, especially around Presidents’ Day, marks the busiest time of year for IRS toll-free phone services.
IRS Includes Falsifying Income Scam in 2017 List of “Dirty Dozen”
IR-2017-29, Feb. 13, 2017 — The IRS today continued issuing its annual list of common tax scams by warning taxpayers to avoid schemes to erroneously claim tax credits. This year’s “Dirty Dozen” includes falsifying income to claim tax credits.
IRS Annual “Dirty Dozen” List of Tax Scams to Avoid Includes Falsely Padding Deductions
IR-2017-28, Feb. 10, 2017 — Avoid the temptation to falsely inflate deductions or expenses on tax returns, the IRS warned today in its 2017 “Dirty Dozen” list of tax scams. Doing so may result in paying less than is owed or receiving a larger refund than is due.
Excessive Claims for Business Credits Makes the IRS “Dirty Dozen” List of Tax Scams
IR-2017-27, Feb. 9, 2017 — The IRS today warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2017 filing season.
Falsely Inflating Refund Claims on the IRS “Dirty Dozen” List of Tax Scams for 2017
IR-2017-26, Feb. 8, 2017 — The IRS today warned taxpayers to be alert to unscrupulous tax return preparers touting inflated tax refunds. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for 2017.
Fake Charities on the IRS “Dirty Dozen” List of Tax Scams for 2017
IR-2017-25, Feb. 7, 2017 — The IRS today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, one of the “Dirty Dozen” Tax Scams for the 2017 filing season.
IRS Announces Two New Members for the Electronic Tax Administration Advisory Committee
IR-2017-24, Feb. 7, 2017 -- The Internal Revenue Service today announced the selection of two new members for the Electronic Tax Administration Advisory Committee (ETAAC).
NYC Dept. of Finance
February 13, 2017
Testimony of First Deputy Commissioner Michael Hyman before the New York City Council Finance Committee on proposals to amend the exemptions in the Commercial Rent Tax.
NYS Dept. of Taxation and Finance
Don’t Delay Your Tax Refund! File Accurately to Ensure Prompt Review and Processing
Missing or incorrect entries, unsubstantiated credit claims, and inflated deductions slow processing and refunds
More than 1 Million Tax Returns Filed in First Three Weeks of Tax Season; Combine E-filing and Direct Deposit for Refunds Twice as Fast
Check your refund status anytime online or by phone
Monroe County Business Owner Pleads Guilty to Sales Tax Fraud
Bell-Mar Enterprises failed to remit $105,000 in sales tax collected from customers
PCAOB
PCAOB Announces $1 Million Settlement with Indonesian Member of Ernst & Young Network for Audit Failure, Noncooperation, and Violations of Quality Control Standards
The Public Company Accounting Oversight Board today announced that it censured and imposed a $1 million civil penalty on KAP Purwantono, Suherman & Surja, the Indonesian member firm of the Ernst & Young global network, for audit failure, noncooperation, and violations of the Board's quality control standards.
SEC
Private Equity Adviser Barred From Industry for Improper Withdrawal From Funds
Washington D.C., Feb. 7, 2017 — The Securities and Exchange Commission today announced that a private equity adviser has been permanently barred from the securities industry and must pay a $1.25 million penalty to settle charges that he withdrew improper fees from two private equity funds he managed.
SEC Announces Agenda for February 15 Meeting of the Advisory Committee on Small and Emerging Companies
Washington D.C., Feb. 8, 2017 — The Securities and Exchange Commission today announced the agenda for the February 15 meeting of its Advisory Committee on Small and Emerging Companies. The committee will discuss secondary market liquidity for Regulation A companies and reporting companies not listed on an exchange, and explore why more companies may be choosing to stay private. It also will consider recommendations on corporate board diversity and on the treatment of so-called “finders” that assist companies in capital raising activities.
SEC Charges Chinese Citizens Who Reaped Massive Profits From Insider Trading on Comcast-Dreamworks Acquisition
Washington D.C., Feb. 10, 2017 — The Securities and Exchange Commission today announced that it obtained an emergency court order freezing brokerage accounts holding more than $29 million in illegal profits from insider trading in advance of the April 2016 acquisition of DreamWorks Animation SKG, Inc. by Comcast Corp.
Brokerage Firm Paying Penalty for Compliance and Trading Surveillance Failures
Washington D.C., Feb. 13, 2017 — The Securities and Exchange Commission today announced that a New York-based brokerage firm has agreed to pay a $100,000 penalty to settle charges of compliance and trading surveillance failures.
Morgan Stanley Settles Charges Related to ETF Investments
Washington D.C., Feb. 14, 2017 — The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney has agreed to pay an $8 million penalty and admit wrongdoing to settle charges related to single inverse ETF investments it recommended to advisory clients.
Purported Real Estate Investment Manager Settles Fraud Charges
Washington D.C., Feb. 14, 2017 — The Securities and Exchange Commission today announced that a purported real estate investment manager has agreed to pay more than a half-million dollars to settle charges that he pocketed investor money in an investment scheme.
TIGTA
February 9, 2017
Efforts Continue to Result in Improved Identification of Fraudulent Tax Returns Involving Identity Theft; However, Accuracy of Measures Needs Improvement