Trusted Professional

Regulatory Roundup - March 19-25

CBO 

Cost Estimate
H.R. 1839, Medicaid Services Investment and Accountability Act of 2019
March 22, 2019
As introduced in the House of Representatives on March 21, 2019

Report
Answers to Questions for the Record Following a Hearing on CBO’s Appropriation Request for Fiscal Year 2019 Conducted by the Subcommittee on the Legislative Branch, House Committee on Appropriations
March 22, 2019
The House Appropriations Committee convened a hearing at which Director Keith Hall testified about CBO’s appropriation request for fiscal year 2020. This document provides CBO’s answers to questions submitted for the record.

Cost Estimate
H.R. 854, Humanitarian Assistance to the Venezuelan People Act of 2019
March 21, 2019
As ordered reported by the House Committee on Foreign Affairs on March 14, 2019

Cost Estimate
H.R. 1616, European Energy Security and Diversification Act of 2019
March 21, 2019
As ordered reported by the House Committee on Foreign Affairs on March 14, 2019

Cost Estimate
H.R. 920, Venezuela Arms Restriction Act
March 21, 2019
As ordered reported by the House Committee on Foreign Affairs on March 14, 2019

Cost Estimate
H.R. 1477, Russian-Venezuelan Threat Mitigation Act
March 21, 2019
As ordered reported by the House Committee on Foreign Affairs on March 14, 2019

Cost Estimate
S. 210, Tribal Law and Order Reauthorization and Amendments Act of 2019
March 20, 2019
As ordered reported by the Senate Committee on Indian Affairs on January 29, 2019

Report
Answers to Questions for the Record Following a Hearing Conducted by the House Committee on the Budget on The Budget and Economic Outlook: 2019 to 2029
March 20, 2019
The House Budget Committee convened a hearing at which Director Keith Hall testified about The Budget and Economic Outlook: 2019 to 2029. This document provides CBO’s answers to questions submitted for the record by Congressman Roy and Congresswoman Schakowsky.

Presentation
Prices for and Spending on Specialty Drugs in Medicare Part D and Medicaid
March 19, 2019
Presentation by Anna Anderson-Cook, Jared Maeda, and Lyle Nelson (all of CBO’s Health, Retirement, and Long-Term Analysis Division) at a seminar hosted by the Congressional Research Service.

Cost Estimate

As ordered reported by the Senate Committee on Indian Affairs on February 6, 2019

​Cost Estimate
S. 268, WILD Act
As reported by the Senate Committee on Environment and Public Works on February 5, 2019
Working Paper
Prices for and Spending on Specialty Drugs in Medicare Part D and Medicaid: An In-Depth Analysis: Working Paper 2019-02

In 2015, brand-name specialty drugs accounted for about 30 percent of net spending on prescription drugs under Medicare Part D and Medicaid, but they accounted for only about 1 percent of all prescriptions dispensed in each program.

Report
Prices for and Spending on Specialty Drugs in Medicare Part D and Medicaid
In 2015, brand-name specialty drugs accounted for about 30 percent of net spending on prescription drugs under Medicare Part D and Medicaid, but they accounted for only about 1 percent of all prescriptions dispensed in each program.

FASB

FASB Issues ASU 2019-03—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections  [03/21/19]
ASU 2019-03

GAO

Data Act:
OMB Needs to Formalize Data Governance for Reporting Federal Spending
GAO-19-284:Published: Mar 22, 2019. Publicly Released: Mar 22, 2019.

Border Security:
DHS Should Improve the Quality of Unlawful Border Entry Information and Other Metric Reporting
GAO-19-305:Published: Mar 21, 2019. Publicly Released: Mar 21, 2019.

DNA Evidence:
DOJ Should Improve Performance Measurement and Properly Design Controls for Nationwide Grant Program
GAO-19-216:Published: Mar 21, 2019. Publicly Released: Mar 21, 2019.

Homeland Security:
Research & Development Coordination Has Improved, but Additional Actions Needed to Track and Evaluate Projects
GAO-19-210:Published: Mar 21, 2019. Publicly Released: Mar 21, 2019.

Private Health Insurance:
Enrollment Remains Concentrated among Few Issuers, including in Exchanges
GAO-19-306:Published: Mar 21, 2019. Publicly Released: Mar 21, 2019.

Real Estate Assessment Center:
HUD Should Improve Physical Inspection Process and Oversight of Inspectors
GAO-19-254:Published: Mar 21, 2019. Publicly Released: Mar 21, 2019.

U.S. Currency:
Financial Benefit of Switching to a $1 Coin Is Unlikely, but Changing Coin Metal Content Could Result in Cost Savings
GAO-19-300:Published: Mar 21, 2019. Publicly Released: Mar 21, 2019.

Air Ambulance:
Available Data Show Privately-Insured Patients Are at Financial Risk
GAO-19-292:Published: Mar 20, 2019. Publicly Released: Mar 20, 2019.

International Air Alliances:
Greater Transparency Needed on DOT's Efforts to Monitor the Effects of Antitrust Immunity
GAO-19-237:Published: Mar 20, 2019. Publicly Released: Mar 20, 2019.

Federal Home Loan Banks:
Steps Have Been Taken to Promote Board Diversity, but Challenges Remain
GAO-19-252:Published: Feb 14, 2019. Publicly Released: Mar 20, 2019.

UN Peacekeeping Operations:
State Should Take Additional Steps to Work with the UN to Improve Effectiveness and Performance Information
GAO-19-224:Published: Mar 19, 2019. Publicly Released: Mar 19, 2019.

DOD Space Acquisitions:
Including Users Early and Often in Software Development Could Benefit Programs
GAO-19-136: Published: Mar. 18, 2019 Publicly Released: Mar. 18, 2019

DHS Can Take Additional Steps to Manage Fraud Risks Related to School Recertification and Program Oversight

GAO-19-297: Published: Mar. 18, 2019 Publicly Released: Mar. 18, 2019

IASB

22 March 2019
TRG for IFRS 17 Insurance Contracts—agenda papers for April 2019 meeting now available

21 March 2019
IASB March podcast published

21 March 2019
Management Commentary Consultative Group agenda papers available

21 March 2019
Disclosure Initiative—Principles of Disclosure project summary now available

20 March 2019
Join the Foundation: IASB Technical Staff—Taxonomy

20 March 2019
Feature: Agenda decisions—time is of the essence

19 March 2019
Summary of February IFRS Taxonomy Consultative Group meeting available

19 March 2019
Join the IFRS Foundation—Facilities Manager

IRS 

IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold lowered to 80 percent
IR-2019-55, March 22, 2019 — The Internal Revenue Service today provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

IRS issues proposed regulations on new tax reform reporting requirements for life insurance contract transactions; New reporting forms available
IR-2019-54, March 22, 2019 –The Internal Revenue Service today issued proposed regulations on the new information reporting requirements for certain life insurance contracts under the Tax Cuts and Jobs Act (TCJA).

Tax Time Guide: Free tax return help available in-person and online
IR-2019-53, IR-2019-53, March 21, 2019 — The Internal Revenue Service reminds taxpayers that free tax help is available at over 11,000 volunteer sites nationwide and online through IRS Free File.

IRS offers free March 28 webinar: Understanding how to do a ‘Paycheck Checkup’
IR-2019-52, March 21, 2019 — The Internal Revenue Service will provide a free online, web-based information session in two languages on Thursday, March 28, 2019, to help people understand how to do a ‘Paycheck Checkup.’

As the April tax deadline approaches, the IRS reminds members of the U. S. Armed Forces of special tax breaks, helpful resources
IR-2019-51, March 20, 2019 – The Internal Revenue Service today encouraged members of the military and their families to learn more about the special tax benefits available to them as the April 15 tax filing season deadline approaches.

IRS announces arrests and indictments after two-week campaign to fight refund fraud and identity theft
IR-2019-50, March 20, 2019 — The IRS today announced the results of a national two-week enforcement and education campaign to combat refund crimes and identity theft that resulted in numerous legal actions against suspected criminals and businesses committing these crimes.

IRS concludes "Dirty Dozen" list of tax scams for 2019: Agency encourages taxpayers to remain vigilant year-round
IR-2019-49, March 20, 2019  — The Internal Revenue Service today wrapped up issuing its annual "Dirty Dozen" list of tax scams.

Supplemental application period now open for LITC grants
IR-2019-48, March 19, 2019 — The IRS today announced it will accept applications for a partial-year LITC matching grant from qualified organizations.

Abusive tax shelters, trusts, conservation easements make IRS’ 2019 "Dirty Dozen" list of tax scams to avoid
IR-2019-47, March 19, 2019 — The IRS today warned taxpayers to steer clear of abusive tax avoidance schemes and the unscrupulous individuals who promote them.

Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns
IR-2019-46, March 19, 2019 — The IRS reminded taxpayers today that it’s not too late to contribute to an IRA and still claim it on a 2018 tax return.

Frivolous tax arguments remain on IRS’ ‘Dirty Dozen’ scams list for 2019
IR-2019-45, March 18, 2019 — The IRS today issued a warning to taxpayers against using frivolous tax arguments to avoid paying taxes. This scheme involving outlandish legal claims is on the agency’s top 12 list of tax scams.

NYS Dept. of Taxation and Finance

Employers Must Follow New Wage Reporting Requirements
March 21, 2019​

U.S. Attorney Announces Fraud And Money Laundering Charges Against Accountant
March 20, 2019

Tax Preparer Sentenced To 2 Years In Prison For Fraudlent Scheme To Steal Over $1 Million From His Clients
March 19, 2019

Don’t be Victimized by Scam Tactics this Filing Season
March 19, 2019​

SEC

Merrill Lynch to Pay Over $8 Million for Improper Handling of ADRs
Washington D.C., March 22, 2019 —The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Incorporated will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).

SEC Proposes Offering Reforms for Business Development Companies and Registered Closed-End Funds
Washington D.C., March 20, 2019 —The Securities and Exchange Commission today voted to propose rule amendments to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act. 

SEC Adopts Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure
Washington D.C., March 20, 2019 —The Securities and Exchange Commission today voted to adopt amendments to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies. These amendments are expected to benefit investors by eliminating outdated and unnecessary disclosure and making it easier for them to access and analyze material information.