Regulatory Roundup - July 14-20
AICPA
AICPA and CPA.com Team Up with Biz2Credit to Launch PPP Loan Forgiveness Tool
The AICPA, CPA.com and Biz2Credit launched a Paycheck Protection Program loan forgiveness platform, www.pppforgivenesstool.com, for small business owners and the CPA firms that assist them.
July 20, 2020
Press Release
Updated AICPA Digital Assets Practice Aid Examines Client Acceptance and Continuance
Practice Aid highlights unique challenges facing today’s auditors.
July 16, 2020
Press Release
AICPA Comments on Proposed Regulations Regarding Beneficiary’s Ability to Claim Excess Deductions
Treasury and IRS issued proposed regs to provide guidance from changes under the TCJA. AICPA released comments addressing the provisions concerning excess deductions of a terminating trust or estate.
July 15, 2020
Press Release
AICPA Urges IRS to ‘Act Immediately’ to Provide Broader Tax Administrative and Penalty Relief Due to Pandemic
The AICPA submitted a letter to the Department of the Treasury and the IRS strongly calling for more tax administrative and penalty relief due to the pandemic.
July 15, 2020
CBO
Cost Estimate
H.R. 7027, Child Care is Essential Act
July 17, 2020
Cost Estimate
H.R. 7327, Child Care for Economic Recovery Act
July 17, 2020
Cost Estimate
Direct Spending Effects of the Senate Amendment to H.R. 1957, Great American Outdoors Act
July 16, 2020
Cost Estimate
H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021
July 16, 2020
Cost Estimate
H.R. 192, Trans-Sahara Counterterrorism Partnership Program Act of 2020
July 15, 2020
Cost Estimate
S. 3176, United States-Israel Security Authorization Act of 2020
July 15, 2020
FASB
FASB Proposes Concepts for Defining Elements in a Financial Statement [07/16/20]
Media Advisory
Exposure Document
FASB In Focus
Private Company Council [07/15/20]
June 25, 2020 Meeting Minutes
GAO
VA Health Care:
Actions Needed to Improve Oversight of Graduate Medical Education Reimbursement
GAO-20-553: Published: Jul 17, 2020. Publicly Released: Jul 17, 2020.
Capital Investment Grants Program:
FTA Should Improve the Effectiveness and Transparency of Its Reviews
GAO-20-512: Published: Jul 16, 2020. Publicly Released: Jul 16, 2020.
Coast Guard:
Actions Needed to Ensure Investments in Key Data System Meet Mission and User Needs
GAO-20-562: Published: Jul 16, 2020. Publicly Released: Jul 16, 2020.
Military Depots:
Army and Marine Corps Need to Improve Efforts to Address Challenges in Measuring Performance and Planning Maintenance Work
GAO-20-401:Published: Jul 16, 2020. Publicly Released: Jul 16, 2020.
Military Parachutes:
Observations on Army and Marine Corps Acquisition Programs
GAO-20-524: Published: Jul 16, 2020. Publicly Released: Jul 16, 2020.
Targeting Federal Funds:
Information on Funding to Areas with Persistent or High Poverty
GAO-20-518: Published: Jul 16, 2020. Publicly Released: Jul 16, 2020.
Southwest Border
CBP Should Improve Oversight of Funds, Medical Care, and Reporting of Deaths
GAO-20-680T: Published: Jul 15, 2020. Publicly Released: Jul 15, 2020.
Southwest Border:
CBP Needs to Increase Oversight of Funds, Medical Care, and Reporting of Deaths
GAO-20-536: Published: Jul 14, 2020. Publicly Released: Jul 15, 2020.
Sexual Harassment:
Inconsistent and Incomplete Policies and Information Hinder VA's Efforts to Protect Employees
GAO-20-387: Published: Jun 15, 2020. Publicly Released: Jul 15, 2020.
COVID-19:
FEMA's Role in the Response and Related Challenges
GAO-20-685T: Published: Jul. 14, 2020 Publicly Released: Jul. 14, 2020
Medicaid:
Primer on Financing Arrangements
GAO-20-571R: Published: Jul. 14, 2020 Publicly Released: Jul. 14, 2020
Social Cost of Carbon:
Identifying a Federal Entity to Address the National Academies' Recommendations Could Strengthen Regulatory Analysis
GAO-20-254: Published: Jun. 23, 2020 Publicly Released: Jul. 14, 2020
GASB
GASB Adds Resources to Emergency Toolbox Addressing Issues Arising from COVID-19 Pandemic [07/20/20]
Stakeholder Advisory
IASB
20 July 2020
IASB releases third webcast on Request for Information: Comprehensive Review of the IFRS for SMEs Standard
20 July 2020
Join the IFRS Advisory Council
17 July 2020
Goodwill and Impairment project webinars in Portuguese and Spanish—recordings now available
17 July 2020
Recording of IASB and EAA virtual seminar on Exposure Draft General Presentation and Disclosures
16 July 2020
Report of the Emerging Economies Group May 2020 posted
15 July 2020
IASB defers the effective date of amendments to IAS 1
IRS
Security Summit focuses on tax pro security during coronavirus; new series on working virtually: protecting tax data at home and at work
IR-2020-163, July 17, 2020 — The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.
IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
IR-2020-162, July 17, 2020 — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.
IRS debunks tax refund myths
IR-2020-161, July 16, 2020 ― With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued.
IRS unveils "Dirty Dozen" list of tax scams for 2020; Americans urged to be vigilant to these threats during the pandemic and its aftermath
IR-2020-160, July 16, 2020 — The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.
IRS announces 2021 PTIN fees for tax return preparers
IR-2020-159, July 15, 2020 — The Internal Revenue Service announced today the annual fee for 2021 that t
ax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).
IRS is sending letters to those experiencing a delay with advance payment of employer credits
IR-2020-158, July 15, 2020 — The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19.
Where’s My Refund? tool on IRS.gov takes guesswork out of when to expect refunds
IR-2020-157, July 15, 2020 — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where’s My Refund? tool on the IRS website and the IRS2Go app.
IRS provides additional relief for tax-exempt hospitals: Deadline for completing certain needs assessment requirements moved to Dec. 31
IR-2020-156, July 14, 2020 — Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements.
Treasury and IRS release draft partnership form to provide greater clarity on international tax reporting
IR-2020-155, July 14, 2020 — The Treasury Department and the IRS today released a proposed redesigned partnership form for tax year 2021 (filing season 2022).
IRS reminder: File and pay 2019 business taxes by July 15; 2020 estimated tax also due
IR-2020-154, July 14, 2020 — The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15.
IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes
IR-2020-153, July 14, 2020 — The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return.
Tax Court strikes down four more abusive syndicated conservation easement transactions; IRS calls on taxpayers to accept settlement offers in syndicated conservation easement cases
IR-2020-152, July 13, 2020 — On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions.
J5 reflects on two-years pursuing global tax cheats
IR-2020-151, July 13, 2020 — Leaders from five international tax organizations are marking the two-year anniversary of the formation of the Joint Chiefs of Global Tax Enforcement (J5) this week.
IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15
IR-2020-150, July 13, 2020 — The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can’t be paid in full.
NYS
Governor Cuomo Announces Expanded Tax Filing Assistance Ahead of Tonight's Filing Deadline
July 15, 2020
SEC
SEC Files Fraud Charges Against Co-Founder of IIG
2020-157, July 17, 2020 — The Securities and Exchange Commission today charged David Hu, the co-founder and chief investment officer of International Investment Group LLC (IIG), a former registered investment adviser, with fraud for his role in a $60 million Ponzi-like scheme.
SEC, MSRB, FINRA to Hold Compliance Outreach Program for Municipal Advisors
020-156, July 16, 2020 — The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for a virtual Compliance Outreach Program for Municipal Advisors. The webcast program will be held Thursday, August 13, 2020, from 1 p.m. to 3 p.m. ET. Additional information, including the agenda, is available on SEC.gov.
SEC Issues $3.8 Million Whistleblower Award
2020-155, July 14, 2020 — The Securities and Exchange Commission today announced a $3.8 million award to a whistleblower who provided significant information that helped the SEC disrupt an ongoing fraudulent scheme. The resulting enforcement action returned millions of dollars to harmed investors.
SEC Charges Wind Turbine Company and Individuals With Defrauding Investors
2020-154, July 14, 2020 — The Securities and Exchange Commission today announced charges against Thunderbird Power Corp., an Arizona-based company claiming to be developing a wind turbine technology, and three individuals for defrauding investors out of more than $1.9 million in the unregistered offer and sale of Thunderbird stock.