Regulatory Roundup - Feb. 23-March 1
AICPA
Press Release
Skills Financial Planners Need to Succeed in Today’s Environment
Leaders in the financial planning space gathered online for the AICPA’s 2021 PFP Summit to discuss best practices for serving clients, leading firms, and caring for themselves.
March 1, 2021
Press Release
The standard requires immediate past auditors and presumed successor auditors, once management consents to the past auditor responding, to communicate about potential NOCLAR situations.
February 25, 2021
Press Release
AICPA Urges IRS For Certainty and Penalty Relief for 2020 Tax Year
The AICPA calls for greater certainty for taxpayers & tax practitioners and underpayment & late payment penalty relief, both of which will provide greater assistance to those affected by the pandemic.
February 24, 2021
CBO
Report
Potential Statutory Pay-As-You-Go Effects of the American Rescue Plan Act of 2021
February 25, 2021
CBO responds to a request for information about whether a sequestration could be triggered in accordance with the Statutory Pay-As-You-Go Act of 2010 if the American Rescue Plan Act of 2021 was enacted.
Report
Additional Information About the Economic Outlook: 2021 to 2031
February 23, 2021
This document provides additional information on the economic forecast that CBO initially released on February 1, 2021.
Cost Estimate
February 23, 2021
As Posted on the website of the House Committee on Rules on
February 19, 2021
Blog Post
CBO to Release New Long-Term Budget Projections on March 4
CBO will release The 2021 Long-Term Budget Outlook on Thursday, March 4, at 2:00 p.m. The report will provide projections of federal spending, revenues, deficits, and debt for the next 30 years.
GAO
Man-Made Chemicals and Potential Health Risks:
EPA Has Completed Some Regulatory-Related Actions for PFAS
GAO-21-37: Published: Jan 27, 2021. Publicly Released: Mar 1, 2021.
Defense Transportation:
DOD Can Better Leverage Existing Contested Mobility Studies and Improve Training
GAO-21-125: Published: Feb 26, 2021. Publicly Released: Feb 26, 2021.
Servicemember Rights:
GAO-21-221: Published: Feb 26, 2021. Publicly Released: Feb 26, 2021.
Immigration Enforcement:
ICE Can Further Enhance Its Planning and Oversight of State and Local Agreements
GAO-21-186: Published: Jan 27, 2021. Publicly Released: Feb 26, 2021.
Airport Worker Screening:
TSA Could Further Strengthen Its Approach to Estimating Costs and Feasibility of Security Measures
GAO-21-273: Published: Feb 25, 2021. Publicly Released: Feb 25, 2021.
Low-Income Workers:
GAO-21-410T: Published: Feb 25, 2021. Publicly Released: Feb 25, 2021.
Military Service Uniforms:
DOD Could Better Identify and Address Out-of-Pocket Cost Inequities
GAO-21-120: Published: Feb 25, 2021. Publicly Released: Feb 25, 2021.
Bureau of Prisons:
Opportunities Exist to Better Analyze Staffing Data and Improve Employee Wellness Programs
GAO-21-123: Published: Feb 24, 2021. Publicly Released: Feb 24, 2021.
Covid-19:
Key Insights from GAO's Oversight of the Federal Public Health Response
GAO-21-396T: Published: Feb 24, 2021. Publicly Released: Feb 24, 2021.
Defense Budget:
Opportunities Exist to Improve DOD's Management of Defense Spending
GAO-21-415T: Published: Feb 24, 2021. Publicly Released: Feb 24, 2021.
Financial Services:
Fair Lending, Access, and Retirement Security
GAO-21-399T: Published: Feb 24, 2021. Publicly Released: Feb 24, 2021.
Science & Tech Spotlight:
GAO-21-342SP: Published: Feb 24, 2021. Publicly Released: Feb 24, 2021.
Pregnant Women in DOJ Custody:
U.S. Marshals Service and Bureau of Prisons Should Better Align Policies with National Guidelines
GAO-21-147: Published: Jan 25, 2021. Publicly Released: Feb 24, 2021.
Southwest Border Security:
GAO-21-356: Published: Feb 23, 2021. Publicly Released: Feb 23, 2021.
DOD's Report to Congress Identifies Steps Taken to Improve Management, But Does Not Address Some Key Planning Issues
GAO-21-267R: Published: Feb. 22, 2021 Publicly Released: Feb. 22, 2021
IASB
February 2021 monthly news summary
March 2021 Global Preparers Forum meeting papers available
March 2021 Capital Markets Advisory Committee meeting papers available
February 2021 IASB podcast available
Accounting Standards Advisory Forum March 2021 meeting papers available
Emerging Economies Group 30 November-1 December 2020 meeting report posted
Due Process Oversight Committee March 2021 meeting papers available
IRS
IRS reminds businesses to report large cash transactions; e-file encouraged
IR-2021-47, February 26, 2021 — The IRS today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.
Tax Time Guide: Select a tax return preparer with care
IR-2021-46, February 25, 2021 — The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some cause great harm through fraud, identity theft and other scams every year.
IRS issues alert on improper corporate domestic production activities deduction refund claims
IR-2021-45, February 25, 2021 — IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction.
Tax Time Guide: How to do taxes for free and get refunds fast
IR-2021-44, February 23, 2021 — During this tax season when many people are trying to stay safe at home, the Internal Revenue Service reminds taxpayers about ways to do their taxes for free online or with help from volunteers.
Victims of Texas winter storms get deadline extensions and other tax relief
NYS
Schedule Your Free Virtual Tax Filing Assistance Session Today
February 26, 2021
DFS Approves HealthNow New York Inc.’s Affiliation with Highmark Subject to Conditions to Protect New Yorkers
February 24, 2021
Governor Cuomo Announces New Directive Requiring Insurers to Cover Infertility Services for New Yorkers Regardless of Sexual Orientation or Gender Identity
February 23, 2021
SEC
SEC Suspends Trading in Multiple Issuers Based on Social Media and Trading Activity
2021-35, Feb. 26, 2021 — As part of its continuing effort to respond to potential attempts to exploit investors during the recent market volatility, the Securities and Exchange Commission today suspended trading in the securities of 15 companies because of questionable trading and social media activity.
SEC Issues Whistleblower Awards Totaling Over $1.7 Million
2021-34, Feb. 25, 2021 — The Securities and Exchange Commission today announced awards totaling more than $1.7 million to two whistleblowers in separate proceedings. Both whistleblowers provided Forms TCR to the Commission within 30 days of their first learning of the Form TCR filing requirement as set forth in new Securities and Exchange Act Rule 21F-9(e).
SEC Charges Gas Exploration and Production Company and Former CEO with Failing to Disclose Executive Perks
2021-33, Feb. 24, 2021 — The Securities and Exchange Commission today announced settled charges against an Oklahoma-based gas exploration and production company, Gulfport Energy Corporation, and its former CEO, Michael G. Moore, for failing to properly disclose as compensation certain perks provided to Moore, as well as failing to disclose certain related person transactions.
SEC Charges Two Former KPMG Auditors for Improper Professional Conduct During Audit of Not-for-Profit College
2021-32, Feb. 23, 2021 —The Securities and Exchange Commission today suspended two former KPMG auditors from practicing before the SEC in connection with settled charges against the two for improper professional conduct during an audit of the now defunct, not-for-profit College of New Rochelle. The SEC previously charged the college’s former controller with fraud in connection with the college’s fiscal year 2015 financial statements.
SEC Awards More Than $9.2 Million to Whistleblower for Successful Related Actions, Including Agreement With DOJ
2021-31, Feb. 23, 2021 — The Securities and Exchange Commission today announced an award of more than $9.2 million to a whistleblower who provided information that led to successful related actions by the U.S. Department of Justice, one of which was a non-prosecution agreement (NPA) or deferred prosecution agreement (DPA). The whistleblower previously received an award for contributions to an SEC enforcement action based on the same information that supported the award for the related actions, a prerequisite for eligibility for a related-action award.
TIGTA
February 24, 2021
Emphasis on Unrelated Business Income Tax Enforcement Should Be Enhanced