Regulatory Roundup - June 7-13
AICPA
David Lifson Honored with Prestigious AICPA Kess Award
Jun 08, 2022
IRS Issues Among Top Challenges for CPA Firms, AICPA Survey Finds
Jun 07, 2022
Twelve CPAs Recognized with Professional Awards at AICPA & CIMA ENGAGE
Jun 07, 2022
CBO
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of June 13, 2022
June 13, 2022
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.
Cost Estimate
H.R. 7158, Long-Term Care Veterans Choice Act
June 10, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022
Presentation
The Pell Grant Program
June 10, 2022
Presentation by Leah Koestner, a principal analyst in CBO’s Budget Analysis Division, to the Postsecondary National Policy Institute.
Cost Estimate
H.R. 3544, COVS Act
June 9, 2022
As ordered reported by the House Committee on Oversight and Reform on April 6, 2022
Cost Estimate
H.R. 5129, Community Services Block Grant Modernization Act of 2022
June 9, 2022
As passed by the House of Representatives on May 13, 2022
Cost Estimate
H.R. 6450, SCORE for Small Business Act of 2022
June 9, 2022
As passed by the House of Representatives on April 26, 2022
Cost Estimate
H.R. 7777, Industrial Control Systems Cybersecurity Training Act
June 9, 2022
As ordered reported by the House Committee on Homeland Security on May 19, 2022
Cost Estimate
S. 2042, Interagency Committee on Women’s Business Enterprise Act of 2022
June 9, 2022
As reported by the Senate Committee on Small Business and Entrepreneurship on May 3, 2022
Cost Estimate
S. 2923, Fishery Resource Disasters Improvement Act
June 9, 2022
As ordered reported by the House Committee on Natural Resources on November 17, 2021
Cost Estimate
S. 3487, Honoring Civil Servants Killed in the Line of Duty Act
June 9, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 2, 2022
Presentation
The Budget Outlook for 2022 to 2032 in 8 Slides
June 9, 2022
This slide deck highlights some key findings about the budget outlook from CBO’s recent report The Budget and Economic Outlook: 2022 to 2032.
Presentation
The Economic Outlook for 2022 to 2032 in 10 Slides
June 9, 2022
This slide deck highlights some key findings about the economic outlook from CBO’s recent report The Budget and Economic Outlook: 2022 to 2032.
Report
Work Requirements and Work Supports for Recipients of Means-Tested Benefits
June 9, 2022
CBO analyzes the effects of work requirements and work supports on employment and income of participants in Temporary Assistance for Needy Families, the Supplemental Nutrition Assistance Program, and Medicaid.
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 7776, the Water Resources Development Act of 2022
June 8, 2022
As Posted on the Website of the House Committee on Rules on June 6, 2022
Cost Estimate
H.R. 2773, Recovering America’s Wildlife Act of 2022
June 8, 2022
As Posted on the Website of the House Committee on Rules on June 6, 2022
Report
How Changes in Economic Conditions Might Affect the Federal Budget: 2022 to 2032
June 8, 2022
To show how variations in economic conditions might affect its budget projections, CBO analyzed how the budget might change if values of four key economic variables differed from those in the agency’s forecast.
Report
Monthly Budget Review: May 2022
June 8, 2022
The federal budget deficit was $423 billion in the first eight months of fiscal year 2022, CBO estimates. That amount is about one-fifth of the $2.1 trillion shortfall recorded during the same period in 2021.
Interactive
Workbook for How Changes in Economic Conditions Might Affect the Federal Budget: 2022 to 2032
June 8, 2022
This workbook allows users to define and analyze alternative economic scenarios by specifying differences in the values of four economic variables from those underlying CBO's May 2022 projections.
Cost Estimate
Estimated Budgetary Effects of H.R. 7910, the Protecting Our Kids Act
June 7, 2022
As posted on the website of the Clerk of the House on June 6, 2022
Cost Estimate
H.R. 7535, Quantum Computing Cybersecurity Preparedness Act
June 7, 2022
As ordered reported by the House Committee on Oversight and Reform on May 11, 2022
Cost Estimate
H.R. 7683, Artificial Intelligence Training for the Acquisition Workforce Act
June 7, 2022
As ordered reported by the House Committee on Oversight and Reform on May 11, 2022
Interactive
How Changes in Revenues and Outlays Would Affect Debt Service, Deficits, and Debt
June 7, 2022
This interactive workbook allows users to see how revenues and outlays that differed from those in CBO’s May 2022 baseline budget projections would increase or decrease net interest costs and thus affect deficits and debt.
Cost Estimate
S. 3903, a bill to require the Commissioner of U.S. Customs and Border Protection to establish procedures for conducting maintenance projects at ports of entry at which the Office of Field Operations conducts certain enforcement and facilitation activitese
June 7, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 30, 2022
GAO
Priority Open Recommendations
Internal Revenue Service
GAO-22-105632
Published: Jun 06, 2022.
Publicly Released: Jun 13, 2022.
What GAO Found In June 2021, GAO identified 25 priority recommendations for the Internal Revenue Service (IRS).
Priority Open Recommendations Social Security Administration
Priority Open Recommendations
Board of Governors of the Federal Reserve System
Priority Open Recommendations Small Business Administration
Defense Real Property Developing Department-Wide Instructions and Adequate Internal Controls Should Help DOD Improve Recording of Transferred Assets
Priority Open Recommendations General Services Administration
Electricity Grid DOE Should Address Lessons Learned from Previous Disasters to Enhance Resilience
Economic and Commercial Diplomacy State and Commerce Could Build on Efforts to Improve Coordination and Effectiveness
Priority Open Recommendations Department of Justice
Priority Open Recommendations Department of the Interior
Priority Open Recommendations Federal Deposit Insurance Corporation
Pandemic Learning Less Academic Progress Overall, Student and Teacher Strain, and Implications for the Future
Weapon Systems Annual Assessment Challenges to Fielding Capabilities Faster Persist
Electronic Health Records Additional DOD Actions Could Improve Cost and Schedule Estimating for New System
Federal Contracting
Opportunities Exist to Reduce Use of Time-And-Materials Contracts
Unemployment Insurance Transformation Needed to Address Program Design, Infrastructure, and Integrity Risks
Unemployment Insurance Pandemic Programs Posed Challenges, and DOL Could Better Address Customer Service and Emergency Planning
Pandemic Unemployment Assistance Federal Program Supported Contingent Workers Amid Historic Demand, but DOL Should Examine Racial Disparities in Benefit Receipt
International Space Station
Opportunities Exist to Improve Communication with National Laboratory Users
IASB
Join the staff—Office Director, Frankfurt June 2022 International Accounting Standards Board agenda and meeting papers now available Join the staff—Editor June 2022 joint Capital Markets Advisory Committee and Global Preparers Forum agenda and meeting papers now available IFRS Foundation Trustees appoint four further members to the International Sustainability Standards Board
Appointment
8 Jun 2022
May 2022 IASB podcast now available
Podcast
7 Jun 2022
IRS
IRS wraps up 2022 "Dirty Dozen" scams list; agency urges taxpayers to watch out for tax avoidance strategies
IR-2022-125, June 10, 2022 — The Internal Revenue Service today wrapped up its annual "Dirty Dozen" scams list for the 2022 filing season, with a warning to taxpayers to avoid being misled into using bogus tax avoidance strategies.
IRS increases mileage rate for remainder of 2022
IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
Missed the April tax deadline? File and pay by June 14 to avoid a larger penalty and interest
IR-2022-123, June 9, 2022 — The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14.
Dirty Dozen: IRS, Security Summit reiterate recent warning to tax professionals and other businesses of dangerous spear phishing attacks
IR-2022-122, June 9, 2022 — The Internal Revenue Service today announced that spear phishing is the 8th item on the 2022 "Dirty Dozen" scams warning list and a serious problem because it can be tailored to attack and steal the computer system credentials of any small business with a client data base, such as tax professionals' firms.
Dirty Dozen: Scammers use every trick in their communication arsenal to steal your identity, personal financial information, money and more
IR-2022-121, June 8, 2022 — Suspicious communications in all its forms designed to either trick, surprise or scare someone into responding before thinking is No. 7 on the 2022 "Dirty Dozen" scams warning list, the Internal Revenue Service announced today, warning everyone to be on the lookout for bogus calls, texts, emails and posts online to gain trust or steal.
For those who pay estimated taxes, second quarter June 15 deadline approaches
IR-2022-120, June 8, 2022 — The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their second quarter tax liability is June 15.
Dirty Dozen: IRS urges anyone having trouble paying their taxes to avoid anyone claiming they can settle tax debt for pennies on the dollar, known as OIC mills
IR-2022-119, June 7, 2022 — As the 6th item on the 2022 "Dirty Dozen" scams warning list, the Internal Revenue Service today cautioned taxpayers with pending tax bills to contact the IRS directly and not go to unscrupulous tax companies that use local advertising and falsely claiming they can resolve unpaid taxes for pennies on the dollar.
U.S. Court of Appeals ruling affirms IRS position that abusive microcaptive insurance transactions are shams
IR-2022-118, June 7, 2022 — The Internal Revenue Service today said that a recent court decision upholds its long-standing position regarding abusive microcaptive insurance transactions. Taxpayers should be alert to these schemes, normally peddled by promoters, as they will ultimately cost them.
IRS continues with Dirty Dozen this week, urging taxpayers to continue watching out for pandemic-related scams including theft of benefits and bogus social media posts
IR-2022-117, June 6, 2022 — The Internal Revenue Service today kicked off the week with the 5th item on its 2022 annual Dirty Dozen scams warning list, with a sad reminder that criminals still use the COVID-19 pandemic to steal people's money and identity with bogus emails, social media posts and unexpected phone calls, among other things.
NYS
Queens Restaurant and Nightclub to Pay More Than $1 Million in Restitution After Guilty Plea to Multiple Felonies
June 06, 2022
Superintendent Adrienne A. Harris Announces New DFS Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins
2022-06-08
PCAOB
PCAOB Announces Agenda for June 15 Meeting of Its Standards and Emerging Issues Advisory Group
Jun. 10, 2022
Saba Qamar Named Investor Advocate at the PCAOB
Jun. 7, 2022
SEC
Schwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees
2022-104., June 13, 2022 — The Securities and Exchange Commission today charged three Charles Schwab investment adviser subsidiaries for not disclosing that they were allocating client funds in a manner that their own internal analyses showed would be less profitable for their clients under most market conditions. The subsidiaries agreed to pay $187 million to harmed clients to settle the charges.
SEC Reopens Comment Period for Proposed Rule on Recovery of Erroneously Awarded Compensation
2022-103., June 8, 2022 — The Securities and Exchange Commission today reopened the comment period on proposed rules for listing standards for recovery of erroneously awarded compensation, and the staff of the Commission released a memo that contains additional analyses and data that has the potential to be informative for evaluating the proposals.
SEC Charges CohnReznick LLP and Three Partners with Improper Professional Conduct
2022-102, June 8, 2022 — The Securities and Exchange Commission today charged audit firm CohnReznick LLP with improper professional conduct on engagements for two clients in 2017. The two clients, Sequential Brands Group, Inc. and Longfin Corp., previously were charged by the SEC for filing fraudulent financial statements prior to their bankruptcies and Nasdaq delisting. The Commission also charged firm partners Stephen M. Wyss, Stephen H. Jackson, and Robert G. Hilbert with improper professional conduct for violating numerous professional standards in their third quarter 2017 interim review and 2017 annual audit of Sequential’s financial statements. All respondents have agreed to settle charges and pay penalties. CohnReznick’s $1.9 million penalty will be returned to investors.
SEC Charges New Jersey Software Company and Senior Employees with Accounting-Related Misconduct
2022-101, June 7, 2022 — The Securities and Exchange Commission today charged Bridgewater, NJ-based Synchronoss Technologies, Inc. and seven senior employees, including the former CFO, in connection with their roles related to long-running accounting improprieties that ran from 2013 to 2017. In addition, the company’s founder and former CEO, Stephen Waldis, while not charged with misconduct, agreed to reimburse the company for more than $1.3 million in stock sale profits and bonuses as well as to return previously granted shares of company stock pursuant to Section 304 of the Sarbanes-Oxley Act (SOX).
SEC Investor Advisory Committee to Discuss Non-Traditional Accounting and Climate Disclosure on June 9
2022-100., June 6, 2022 — The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 9 at 10 a.m. ET. The meeting will be webcast on the SEC website.
TIGTA
TIGTA Releases Public Service Announcements Warning Taxpayers of the Ongoing Threat of IRS Impersonation Scams
June 10, 2022