AICPA

AICPA Issues Updated Standard on Accounting Estimates and Disclosures for Auditors Navigating a Complex Financial Reporting Environment
Standards will help auditors exercise professional skepticism and improve audit quality.
July 10, 2020

Press Release
AICPA’s New Audit Evidence Standard Recognizes Evolving Nature of Business
Use of automated tools and techniques and expanding sources of information at the forefront of the new standard.
July 9, 2020

Press Release
CARES Act Causes Unexpected Valuation Considerations for Divorces, Estate Plans and Equity Partnerships
The COVID-19 pandemic and federal CARES Act could have major implications on business valuations with trickle down effects on divorces, estate planning, and other ventures.
July 8, 2020

Press Release
AICPA PFP Conference at ENGAGE 2020 Focuses on Financial Planning during COVID-19
The AICPA’s Advanced Personal Financial Planning (PFP) Conference at ENGAGE 2020 will take place online from July 20-22, 2020.
July 7, 2020

Press Release
Global Coalition Issues Guidance on How Businesses Can Adopt a Long-Term Value Creation Agenda
IFAC, IIRC and the Association released new guidance for Chief Financial Officers (CFOs) and finance teams to navigate their organizations toward long-term value creation.
July 7, 2020

CBO

Report
CBO's Work in Progress as of July 6, 2020
July 9, 2020

Cost Estimate
H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021
July 8, 2020

Report
Monthly Budget Review for June 2020
July 8, 2020

Report
Trends in the Internal Revenue Service’s Funding and Enforcement
July 8, 2020

FASB

FASB Issues Proposal to Delay Long-Duration Insurance Standard and Ease Early Adoption Provisions  [07/09/20]
Media Advisory
Exposure Document

GAO

DATA Act:
OIGs Reported That Quality of Agency-Submitted Data Varied, and Most Recommended Improvements
GAO-20-540: Published: Jul 9, 2020. Publicly Released: Jul 9, 2020.

Military and Veteran Support:
Performance Goals Could Strengthen Programs that Help Servicemembers Obtain Civilian Employment
GAO-20-416: Published: Jul 9, 2020. Publicly Released: Jul 9, 2020.

K-12 Education:
Characteristics of School Shootings
GAO-20-455: Published: Jun 9, 2020. Publicly Released: Jul 9, 2020.

Child Welfare:
Various HHS Offices Provided Input on Decision to Grant Exception from Religious Nondiscrimination Requirement [Reissued with revisions on Jul. 9, 2020.]
GAO-20-69R: Published: Oct 25, 2019. Publicly Released: Nov 25, 2019.

Gun Control:
DOJ Can Further Improve Guidance on Federal Firearm Background Check Records
GAO-20-528: Published: Jul 8, 2020. Publicly Released: Jul 8, 2020

2018 Pacific Disasters:
Preliminary Observations on FEMA’s Disaster Response and Recovery Efforts
GAO-20-614T: Published: Jul 8, 2020. Publicly Released: Jul 8, 2020.

Science & Tech Spotlight:
Herd Immunity For COVID-19
GAO-20-646SP: Published: Jul 7, 2020. Publicly Released: Jul 7, 2020.

IASB

10 July 2020
July IASB meeting papers and agenda now available

09 July 2020
Forthcoming third webinar in Korean on Exposure Draft General Presentation and Disclosures

08 July 2020
Forthcoming third webinar in Japanese on Exposure Draft General Presentation and Disclosures

08 July 2020
IFRS Foundation appoints new members to the SME Implementation Group

07 July 2020
Digital reporting—questions for practitioners, standard-setters and researchers

IRS

IRS says a Paycheck Checkup helps avoid tax surprises
IR-2020-149, July 10, 2020 — The IRS  is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year.

IRS provides last-minute tips for last-minute filers
IR-2020-148, July 10, 2020 — With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations.

IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income
IR-2020-147, July 9, 2020 — The IRS issued final regulations final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code.

IRA contributions made by July 15 count as 2019 tax deduction
IR-2020-146, July 9, 2020 — The IRS today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.

IRS.gov has answers about filing, paying and July 15 due date
IR-2020-145, July 9, 2020 — As the July due date for filing a tax return draws closer, the IRS reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year.

Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid
IR-2020-144, July 8, 2020 — The Treasury Department and the IRS today provided guidance in Notice 2020-54 to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act on Form W-2.

IRS resources available in English, Spanish and other languages to help taxpayers still needing to file their 2019 tax returns
IR-2020-143, July 8, 2020 — As the tax-filing deadline fast approaches, the IRS reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English.

Taxpayers need to resume payments by July 15
IR-2020-142, July 8, 2020 — The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments.

Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
IR-2020-141, July 7, 2020 — The IRS  today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020.

IRS reminds members of the U. S. Armed Forces of special tax breaks, helpful resources as the July 15 tax deadline approaches
IR-20-140, July 7, 2020 ― The IRS today encouraged members of the military and their families to learn more about the special tax benefits available to them as the July 15 tax filing season deadline approaches

Find a qualified tax professional using IRS website resources
IR-2020-139, July 6, 2020 — With the federal income tax deadline just around the corner, the Internal Revenue Service wants to remind taxpayers that IRS.gov offers tips on finding a qualified tax professional.

NYS

One Week to Go! Your Tax Filing Questions Answered
July 8, 2020

SEC

SEC Charges App Developer for Unregistered Security-Based Swap Transactions
2020-153, July 13, 2020 — The Securities and Exchange Commission today charged California-based Abra and a related firm in the Philippines for offering and selling security-based swaps to retail investors without registration and for failing to transact those swaps on a registered national exchange.

SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers; Amend Reporting Threshold to Reflect Today’s Equities Markets
2020-152, July 10, 2020 — The Securities and Exchange Commission today announced that it has proposed to amend Form 13F to update the reporting threshold for institutional investment managers and make other targeted changes. The threshold has not been adjusted since the Commission adopted Form 13F over 40 years ago.

SEC Issues Agenda for July 16 Special Meeting of the Asset Management Advisory Committee
2020-151, July 8, 2020 —The Securities and Exchange Commission today released the agenda for the virtual July 16 special meeting of the Asset Management Advisory Committee (AMAC). AMAC was formed to provide the Commission with a range of perspectives on asset management and related advice and recommendations.

SEC Adopts Amendments to Exemptive Applications Procedures
2020-150, July 6, 2020 — The Securities and Exchange Commission today announced that it has voted to adopt rule amendments to establish an expedited review procedure for exemptive and other applications under the Investment Company Act that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process. These actions are intended to make the application process more efficient as well as to provide additional certainty and transparency regarding the process.

TIGTA

The Annual Inventory Certification Process for Non–Information Technology Assets Needs Improvement
July 9, 2020​

Tax Compliance Checks for Federal Employment Suitability Have Improved, but There Are Still Some Inconsistencies
July 9, 2020

Fiscal Year 2020 Mandatory Review of Compliance With the Freedom of Information Act