Regulatory Roundup - March 14-20

Nuclear Regulatory Commission:
Additional Action Needed to Improve Process for Billing Licensees
GAO-18-318: Published: Mar 8, 2018. Publicly Released: Mar 20, 2018.

New Trauma Care System:
DOD Should Fully Incorporate Leading Practices into Its Planning for Effective Implementation
GAO-18-300: Published: Mar 19, 2018. Publicly Released: Mar 19, 2018.

Committee on Foreign Investment in the United States:
Treasury Should Coordinate Assessments of Resources Needed to Address Increased Workload
GAO-18-249: Published: Feb 14, 2018. Publicly Released: Mar 16, 2018.

Community Reinvestment Act:
Options for Treasury to Consider to Encourage Services and Small-Dollar Loans When Reviewing Framework
GAO-18-244: Published: Feb 14, 2018. Publicly Released: Mar 16, 2018.

Border Security:
Progress and Challenges with the Use of Technology, Tactical Infrastructure, and Personnel to Secure the Southwest Border
GAO-18-397T: Published: Mar 15, 2018. Publicly Released: Mar 15, 2018.

Commercial Real Estate Lending:
Banks Potentially Face Increased Risk; Regulators Generally Are Assessing Banks' Risk Management Practices
GAO-18-245: Published: Mar 15, 2018. Publicly Released: Mar 15, 2018.

Homeownership:
Information on Mortgage Options and Effects on Accelerating Home Equity Building
GAO-18-297: Published: Mar 15, 2018. Publicly Released: Mar 15, 2018.

U.S. Ports of Entry:
CBP Public-Private Partnership Programs Have Benefits, but CBP Could Strengthen Evaluation Efforts
GAO-18-268: Published: Mar 15, 2018. Publicly Released: Mar 15, 2018.

Customs and Border Protection:
Automated Trade Data System Yields Benefits, but Interagency Management Approach Is Needed
GAO-18-271: Published: Mar 14, 2018. Publicly Released: Mar 14, 2018.

Department of Energy:
Continued Actions Needed to Address Management Challenges
GAO-18-438T: Published: Mar 14, 2018. Publicly Released: Mar 14, 2018.

Federal Regulations:
Opportunities to Improve the Effectiveness and Transparency of Regulatory and Guidance Practices
GAO-18-436T: Published: Mar 14, 2018. Publicly Released: Mar 14, 2018.

Information Technology:
Further Implementation of Recommendations Is Needed to Better Manage Acquisitions and Operations
GAO-18-460T: Published: Mar 14, 2018. Publicly Released: Mar 14, 2018.

Physical Security:
NIST and Commerce Need to Complete Efforts to Address Persistent Challenges [Reissued with Revisions Mar. 14, 2018]
GAO-18-95: Published: Oct 11, 2017. Publicly Released: Oct 11, 2017.

GASB

GASB Outlook E-Newsletter Q1 2018 [03/19/18]
Newsletter

IASB

20 March 2018
The IASB invites applications for membership of Management Commentary Consultative Group

20 March 2018
Makoto Takahashi appointed as IFRS Foundation's Office Director in Tokyo

16 March 2018
IFRS Foundation publishes IFRS Taxonomy 2018

16 March 2018
Join the IFRS Foundation—Trustees required

14 March 2018
IFRS Foundation to publish IFRS Taxonomy 2018

14 March 2018
Summary of January 2018 Trustees meeting now available

IRS

IRS: Offshore tax cheating remains on ‘Dirty Dozen’ list of tax scams
IR-2018-64, March 20, 2018 — Avoiding taxes by hiding money or assets in unreported offshore accounts remains on the IRS “Dirty Dozen” tax scams for 2018, the agency said today.

IRS online tool lets taxpayers check their account balance
IR-2018-63, March 19, 2018 — The IRS today urged taxpayers to use a handy online tool to check the status of their federal tax accounts.

IRS 2018 ‘Dirty Dozen’ tax scams: Abusive tax shelters make the list
IR-2018-62, March 19, 2018 — The IRS today warned taxpayers to be wary of abusive tax shelters, which remain on the "Dirty Dozen” tax scams.

Security Summit urges tax pros to protect their identification numbers: EFINs, PTINs and CAF numbers
IR-2018-61, March 16, 2018 — The IRS, state tax agencies and the tax industry today urged tax practitioners to maintain and monitor their Electronic Filing Identification Numbers and Centralized Authorization File numbers to help safeguard taxpayer data.

Additional time to make refund claims for wrongful incarceration exclusion: File back-year claims by Dec. 17, 2018, at special address
IR-2018-60, March 16, 2018 — The IRS announced that wrongfully incarcerated individuals have additional time to take advantage of the retroactive exclusion from income for any civil damages, restitution or other monetary award received in connection with their incarcerations.

Taxpayers can now e-file returns including four tax benefits related to incentives for energy production and conservation
IR-2018-59, March 16, 2018 --The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming four additional tax benefits recently renewed retroactively into law.

IRS warns against frivolous tax arguments; Part of ‘Dirty Dozen’ scams list
IR-2018-58, March 16, 2018 — The IRS today continued releasing the 2018 list of “Dirty Dozen” tax scams with a warning to taxpayers about using frivolous tax arguments to avoid paying taxes.

Tax Time Guide: Taxpayers who owe taxes have multiple options
IR-2018-57, March 15, 2018 — The IRS today reminded taxpayers that there are several easy options to pay taxes electronically.

IRS reminds retirees of April 1 deadline to take required retirement plan distributions
IR-2018-56, March 15, 2018 — The IRS today reminded taxpayers who turned age 70½ during 2017 that, in most cases, they must start receiving required minimum distributions from IRAs and workplace retirement plans by Sunday, April 1, 2018.

Falsified income, fake Forms 1099 part of IRS ‘Dirty Dozen’
IR-2018-55, March 15, 2018 — As part of this year’s “Dirty Dozen” list of tax scams, the IRS warned taxpayers to be on the lookout for schemes that falsify income, including elaborate ruses involving bogus Forms 1099.

Falsely padding deductions highlighted in IRS 2018 ‘Dirty Dozen’ tax scams
IR-2018-54, March 14, 2018 — As part of the “Dirty Dozen” list of tax scams, the IRS today warned taxpayers to avoid falsely inflating deductions or expenses on tax returns.

NYC Dept. of Finance

March 15, 2018
Finance Memoranda #18-2 Filing Deadlines Extended Due to March 2018 Nor’easters

NYS Dept. of Taxation and Finance

Call Center Hours Extended Ahead of Sales Tax Deadline

SEC

Broker Charged With Repeatedly Putting Customer Assets At Risk
FOR IMMEDIATE RELEASE
2018-45
Washington D.C., March 19, 2018 —The Securities and Exchange Commission today announced that Electronic Transaction Clearing (ETC), a registered broker-dealer headquartered in Los Angeles, has agreed to settle charges that it illegally placed more than $25 million of customers’ securities at risk in order to fund its own operations.

SEC Announces Its Largest-Ever Whistleblower Awards
FOR IMMEDIATE RELEASE
2018-44
Washington D.C., March 19, 2018 —The Securities and Exchange Commission today announced its highest-ever Dodd-Frank whistleblower awards, with two whistleblowers sharing a nearly $50 million award and a third whistleblower receiving more than $33 million. The previous high was a $30 million award in 2014.

SEC Proposes Transaction Fee Pilot for NMS Stocks
FOR IMMEDIATE RELEASE
2018-43
Washington D.C., March 14, 2018 —The Securities and Exchange Commission today voted to propose new Rule 610T of Regulation NMS to conduct a Transaction Fee Pilot in NMS stocks.

SEC Proposes Targeted Changes to Public Liquidity Risk Management Disclosure
FOR IMMEDIATE RELEASE
2018-42
Washington D.C., March 14, 2018 —The Securities and Exchange Commission today proposed amendments to public liquidity-related disclosure requirements for certain open-end investment management companies. Under the proposal, funds would discuss in their annual report the operation and effectiveness of their liquidity risk management program, replacing a pending requirement that funds publicly provide the aggregate liquidity classification profile of their portfolios on Form N-PORT on a quarterly basis.

Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud
Holmes Stripped of Control of Company for Defrauding Investors
FOR IMMEDIATE RELEASE
2018-41
Washington D.C., March 14, 2018 —The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance. Theranos and Holmes have agreed to resolve the charges against them. Importantly, in addition to a penalty, Holmes has agreed to give up majority voting control over the company, as well as to a reduction of her equity which, combined with shares she previously returned, materially reduces her equity stake.

Former Equifax Executive Charged With Insider Trading
FOR IMMEDIATE RELEASE
2018-40
Washington D.C., March 14, 2018 —The Securities and Exchange Commission today charged a former chief information officer of a U.S. business unit of Equifax with insider trading in advance of the company’s September 2017 announcement about a massive data breach that exposed the social security numbers and other personal information of about 148 million U.S. customers.

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