Trusted Professional

Regulatory Roundup - March 29-April 4

AICPA 

Impact of Unfilled Jobs: Staff Restructurings, Delayed Projects and Deferred Expansions 
Almost one in four U.S. business executives said the ongoing impact of unfilled jobs had forced them to restructure staff to protect core operations or limited the pursuit of new projects or bids, according to an AICPA & CIMA survey
Mar 29, 2022 

CBO 

Suspension Bill
Legislation considered under suspension of the Rules of the House of Representatives during the week of April 4, 2022 
April 1, 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.

Report 
The Publication Date of CBO’s Baseline Projections and CBO’s Process for Setting Priorities 
April 1, 2022
CBO responds to Senator Mike Braun's questions about the publication date of the agency's baseline projections and about how CBO prioritizes its work.

Blog Post 
Update on the Timing of CBO’s Budget and Economic Projections 
April 1, 2022
CBO anticipates publishing its budget and economic projections during the week of May 23 and releasing its analysis of the President’s budget request by early July.

Cost Estimate 
H.R. 2501, Spectrum Coordination Act 
March 31, 2022
As ordered reported by the House Committee on Energy and Commerce on November 17, 2021

Cost Estimate 
H.R. 6387, School and Daycare Protection Act 
March 31, 2022
As ordered reported by the House Committee on Homeland Security on March 2, 2022

Cost Estimate 
Estimated Budgetary Effects of H.R. 6833, the Affordable Insulin Now Act 
March 30, 2022
As posted on the Website of the House Committee on Rules on March 28, 2022

Cost Estimate 
Estimated Changes in Direct Spending and Revenues Under H.R. 3617, the MORE Act 
March 30, 2022
As Reported by the House Committee on the Judiciary on March 24, 2022, and Posted on the Website of the House Committee on Rules as Committee Print 117-37 on March 24, 2022

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 2954, the Securing a Strong Retirement Act of 2022 
March 29, 2022
As posted on the website of the Clerk of the House on March 25, 2022

Presentation 
The Effect of Employer Matching and Defaults on Workers’ TSP Savings Behavior 
March 29, 2022
Presentation by Justin Falk and Nadia Karamcheva, analysts in CBO's Labor, Income Security, and Long-Term Analysis Division, to the Association for Public Policy Analysis & Management.

Working Paper 
A Markov-Switching Model of the Unemployment Rate: Working Paper 2022-05 
March 28, 2022
CBO developed a Markov-switching model to help incorporate asymmetric dynamics into macroeconomic projections and cost estimates that require simulations of the national unemployment rate.

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 1621, the Prohibiting Punishment of Acquitted Conduct Act of 2021 
March 28, 2022
As posted on the website of the Clerk of the House on March 25, 2022

Presentation 
The Contribution of Changes in Drug Mix and Price Growth to the Rising Costs of Brand-Name Drugs in Medicare Part D 
March 28, 2022
Presentation by Tamara Hayford, Chief of CBO’s Health Policy Studies Unit, at the Association for Public Policy Analysis & Management 2021 Annual Research Meeting.

FASB 

Financial Accounting Standards Advisory Council [04/01/22]
March 15, 2022 Meeting Recap

FASB Expands Disclosures and Improves Accounting Related to the Credit Losses Standard [03/31/22] 
Media Advisory | ASU 2022-02 

Emerging Issues Task Force [03/29/22] 
March 24, 2022 Meeting Recap

FASB Improves and Expands Hedge Accounting [03/28/22] 
Media Advisory | ASU 2022-01 

GAO

2021 Lobbying Disclosure 
Observations on Lobbyists' Compliance with Disclosure Requirements 
GAO-22-105181 
Published: Apr 01, 2022. 
Publicly Released: Apr 01, 2022.
The Lobbying Disclosure Act requires paid lobbyists to file reports on their lobbying activity, on whether they previously held certain government positions, and more. 

Medicaid 
CMS Should Assess Effect of Increased Telehealth Use on Beneficiaries' Quality of Care 
GAO-22-104700 
Published: Mar 31, 2022. 
Publicly Released: Mar 31, 2022. 
Telehealth has helped people get the health care they need while reducing their COVID-19 exposure risk. 

Indian Health Service 
Relief Funding and Agency Response to COVID-19 Pandemic 
GAO-22-104360 
Published: Mar 31, 2022. 
Publicly Released: Mar 31, 2022.
Indian Health Service provides health care to 2.6 million American Indians and Alaskan Natives. Outdated facilities, few inpatient beds, and health care provider shortages make IHS's pandemic response especially challenging. 

Cybersecurity 
OMB Should Update Inspector General Reporting Guidance to Increase Rating Consistency and Precision 
GAO-22-104364 
Published: Mar 31, 2022. 
Publicly Released: Mar 31, 2022.
We reviewed how 23 civilian federal agencies implemented the Federal Information Security Modernization Act of 2014. Results were mixed in whether and how agencies implemented required security programs. For example, most reported meeting goals for detecting and preventing incidents. 

Privatized Military Housing 
Update on DOD's Efforts to Address Oversight Challenges 
GAO-22-105866 
Published: Mar 31, 2022. 
Publicly Released: Mar 31, 2022. 
Private-sector companies own and operate about 99% of homes on military installations in the United States. We've looked at how DOD monitors privatized housing, in light of concerns about poor conditions—including mold and pests. 

Military Health Care 
Preliminary Observations on DOD's Monitoring of Provider Qualifications and Competence 
GAO-22-105890 
Published: Mar 30, 2022. 
Publicly Released: Mar 30, 2022.
After concerns about the quality of servicemembers' health care arose in 2014, Congress put the Defense Health Agency in charge of administering DOD's domestic medical facilities. We testified about how DHA monitors health care providers in the facilities. 

Career and Technical Education 
Perspectives on Program Strategies and Challenges 
GAO-22-104544 
Published: Mar 30, 2022. 
Publicly Released: Mar 30, 2022.
Career and technical education programs provide high school and college students with academic and technical skills, like computer science, for in-demand jobs—and provide employers with a trained workforce. About 11 million students participated in these programs in 2019-20. In FY21, about $1. 

Mental Health Care 
Consumers with Coverage Face Access Challenges 
GAO-22-105912 
Published: Mar 30, 2022. 
Publicly Released: Mar 30, 2022.
Can people with mental health care coverage easily access services? We looked at challenges they experience, and federal efforts to improve access to mental health services. We testified that people may have difficulty finding in-network mental health providers. 

Artificial Intelligence 
DOD Should Improve Strategies, Inventory Process, and Collaboration Guidance 
GAO-22-105834 
Published: Mar 30, 2022. 
Publicly Released: Mar 30, 2022.
The Defense Department believes that artificial intelligence will transform warfare, and failure to adopt AI technology could hinder national security. DOD is making organizational changes and investing billions of dollars to incorporate AI technology. 

Veterans Community Care Program 
VA Should Improve Its Ability to Identify Ineligible Health Care Providers 
GAO-22-105831 
Published: Mar 30, 2022. 
Publicly Released: Mar 30, 2022.
The VA allows eligible veterans to receive care from community providers when they face challenges accessing care at VA medical facilities. The VA is still responsible for ensuring that these community providers are qualified and competent. 

Mental Health Care 
Access Challenges for Covered Consumers and Relevant Federal Efforts 
GAO-22-104597 
Published: Mar 29, 2022. 
Publicly Released: Mar 30, 2022.
Can people with mental health care coverage easily access services? We looked at challenges they experience, and federal efforts to improve access to mental health services. We found that people may have difficulty finding in-network mental health providers that accept new patients. 

Defense Acquisitions Cyber Command Needs to Develop Metrics to Assess Warfighting Capabilities . 

As cyber threats increase in sophistication, the Department of Defense is continually evolving its systems and operations to support cyber warfare. 

Defense Health Care 
DOD Expects New IT System Capabilities to Improve Other Health Insurance Processing 
GAO-22-105131 
Published: Mar 29, 2022. 
Publicly Released: Mar 29, 2022.
DOD's TRICARE health plan covers servicemembers, retirees, and their families. If beneficiaries have additional insurance, that insurance generally pays first, and TRICARE pays second. 

Freedom of Information Act 
Selected Agencies Adapted to COVID-19 Challenges but Actions Needed to Reduce Backlogs 
GAO-22-105845 
Published: Mar 29, 2022. 
Publicly Released: Mar 29, 2022.
The Freedom of Information Act (FOIA) seeks to promote the principles of openness and accountability in government, allowing the public to request access to certain federal records. We testified about FOIA request processing during the COVID-19 pandemic. 

Patient-Centered Outcomes Research Institute 
Review of the Audit of the FY 2021 Financial Statements 
GAO-22-105587 
Published: Mar 29, 2022. 
Publicly Released: Mar 29, 2022.
The Patient-Centered Outcomes Research Institute is a federally funded, nonprofit corporation that was established to fund and evaluate research aimed at helping patients, doctors, and policymakers make better health care decisions. 

COVID-19 
Information on HHS's Public Education Campaign 
GAO-22-104724 
Published: Mar 29, 2022. 
Publicly Released: Mar 29, 2022. 
In the summer of 2020, the Department of Health and Human Services began a $265 million campaign to promote COVID-19 prevention and encourage vaccine acceptance. HHS made awards to two consulting firms for this effort. 

Sexual Assault 
DOD and Coast Guard Should Ensure Laws Are Implemented to Improve Oversight of Key Prevention and Response Efforts 
GAO-22-103973 
Published: Mar 28, 2022. 
Publicly Released: Mar 28, 2022.
Sexual assaults in the military continue to increase, although Congress, the Department of Defense, and the Coast Guard have taken actions to prevent and address them. 

DOD Small Business Contracting 
Use of Sole-Source 8(a) Contracts over $22 Million Has Increased 
GAO-22-105567 
Published: Mar 28, 2022. 
Publicly Released: Mar 28, 2022.
The Small Business Administration's 8(a) program encourages the government to award contracts to businesses owned by members of socially and economically disadvantaged groups, such as Indian tribes. 

Veterans Health Care 
Efforts to Hire Licensed Professional Mental Health Counselors and Marriage and Family Therapists 
GAO-22-104696 
Published: Mar 28, 2022. 
Publicly Released: Mar 28, 2022. 
Maintaining an adequate mental health workforce is critical for the Department of Veterans Affairs to meet the rising demand for its mental health services. VA expects this demand to grow further, estimating that veterans' mental health conditions got worse during the COVID-19 pandemic. 

Supplemental Material 
Status of DOD and Coast Guard Implementation of Statutory Requirements to Prevent and Respond to Sexual Assaults, 2004–2019 
GAO-22-105275 
 Supplemental Material To: GAO-22-103973 
Published: Mar 28, 2022. 
Publicly Released: Mar 28, 2022. 
This is a supplement to our report SEXUAL ASSAULT: DOD and Coast Guard Should Ensure Laws Are Implemented to Improve Oversight of Key Prevention and Response Efforts, GAO-22-103973.

IASB 

March 2022 IASB podcast now available  
Podcast
4 Apr 2022   

IRS 

Taxpayer Advocacy Panel welcomes 25 new members; calls for new volunteers to apply by April 8 to help shape future of IRS, improve taxpayer rights 
IR-2022-74, April 1, 2022 — The Internal Revenue Service today announced that it recommended, and the Department of the Treasury approved, the selection of 25 new members to serve on the Taxpayer Advocacy Panel (TAP) for 2022. 

IRS reminds holders of foreign bank and financial accounts of April FBAR deadline 
IR-2022-73, March 31, 2022 — The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. 

Letters about third-round of Economic Impact Payments issued; important steps to take for missing payments and corrections 
IR-2022-72, March 30, 2022 — With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit. 

Get an automatic six more months to file; all taxpayers can use IRS Free File to request an extension 
IR-2022-71, March 29, 2022 — The IRS reminds taxpayers that if they’re unable to file their tax return by this year’s April 18 deadline, there’s an easy, online option to get more time to complete their return. 

For the first time, maximum educator expense deduction rises to $300 in 2022; limit $250 for those filing 2021 tax returns 
IR-2022-70, March 29, 2022 — The IRS today reminded teachers and other educators planning ahead for 2022 that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. 

NYS 

File Your Tax Return Simply, Quickly, and for Free with These Tips 
April 1, 2022 

Take Advantage of New York’s Triple Play: E-file, Free File, and Direct Deposit
March 29, 2022

PCAOB

PCAOB Highlights Key Considerations for Auditors Related to the Russian Invasion of Ukraine 
Mar. 31, 2022 

PCAOB Adopts Charters for Its Two New Advisory Groups 
Mar. 29, 2022 

Karen B. Dietrich Named the Director of the Office of International Affairs for the PCAOB 
Mar. 28, 2022 

SEC 

SEC Division of Examinations Announces 2022 Examination Priorities 
2022-57, March 30, 2022 —The Securities and Exchange Commission’s Division of Examinations today announced its 2022 examination priorities, including several significant areas of focus and many perennial risk areas. The Division will focus on private funds, environmental, social and governance (ESG) investing, retail investor protections, information security and operational resiliency, emerging technologies, and crypto-assets. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. 

SEC Proposes Rules to Enhance Disclosure and Investor Protection Relating to Special Purpose Acquisition Companies, Shell Companies, and Projections 
2022-56, March 30, 2022 —The Securities and Exchange Commission today proposed new rules and amendments to enhance disclosure and investor protection in initial public offerings by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies, such as SPACs, and private operating companies. 
            
SEC Charges Seven California Residents in Insider Trading Ring 
2022-55, March 28, 2022 — The Securities and Exchange Commission today announced insider trading charges against three software engineers employed at Twilio, Inc., a San Francisco-based cloud computing communications company, and four family members and friends for allegedly generating more than $1 million in collective profits by insider trading ahead of the company’s positive first quarter 2020 earnings announcement on May 6, 2020.
                                 
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