Trusted Professional

Regulatory Roundup: Feb. 20-25

AICPA 

Press Release
AICPA Assurance Research Group Selects Blockchain Research for 2019 Award
The American Institute of CPAs’ (AICPA) Assurance Research Advisory Group (ARAG) has announced its annual award for research that addresses important assurance topics of interest to the CPA profession.
February 21, 2019

Press Release
AICPA Makes Recommendations on Proposed Regulations to Implement TCJA Limitations on Deduction of Business Interest Expense
AICPA’s suggestions to Treasury and IRS covered a range of topics, including definition of interest and application of changes to consolidated groups, partnership items and international tax items.
February 21, 2019

Press Release
AICPA Comments on Proposed TCJA Estate and Gift Tax Regulations
AICPA’s letter to the U.S. Treasury Department and IRS focuses on the increased basic exclusion amount for estate and gift taxes enacted in the Tax Cuts and Jobs Act.
February 20, 2019

CBO

Blog Post
Seven Resources for Understanding CBO’s Role and Work
February 22, 2019
As the 116th Congress gets under way, I would like to highlight a number of multimedia, interactive, and analytical resources on CBO’s website that Members of Congress and Congressional staff might find useful.

Presentation
An Overview of CBO's Life-Cycle Growth Model
February 22, 2019
The life-cycle growth model is one model that CBO uses to estimate the long-term effects of changes in fiscal policy. For example, the model can analyze the effects of changes to the Social Security system.

Cost Estimate
​​​S. 315, DHS Cyber Hunt and Incident Response Teams Act of 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 13, 2019

Cost Estimate
S. 50, Columbia River In-Lieu and Treaty Fishing Access Sites Improvement Act
As ordered reported by the Senate Committee on Indian Affairs on January 29, 2019

FAF

New Members Appointed to Financial Accounting Standards Advisory Council and Investor Advisory Committee  [02/25/19]
News Release

GAO

Large Bank Supervision:
OCC Could Better Address Risk of Regulatory Capture
GAO-19-69: Published: Jan 24, 2019. Publicly Released: Feb 25, 2019.

Public School Choice:
Limited Options Available for Many American Indian and Alaska Native Students
GAO-19-226: Published: Jan 24, 2019. Publicly Released: Feb 25, 2019.

U.S. Virgin Islands Recovery:
Status of FEMA Public Assistance Funding and Implementation
GAO-19-253: Published: Feb 25, 2019. Publicly Released: Feb 25, 2019.

Weapon System Sustainment:
DOD Needs to Better Capture and Report Software Sustainment Costs
GAO-19-173: Published: Feb 25, 2019. Publicly Released: Feb 25, 2019.

Department of Homeland Security:
Review of the Fiscal Year 2017 Entry/Exit Overstay Report
GAO-19-298R: Published: Feb 22, 2019. Publicly Released: Feb 22, 2019.

Superfund:
EPA Should Improve the Reliability of Data on National Priorities List Sites Affecting Indian Tribes
GAO-19-123: Published: Jan 23, 2019. Publicly Released: Feb 22, 2019.

Defense Health Care:
Actions Needed to Determine the Required Size and Readiness of Operational Medical and Dental Forces
GAO-19-206: Published: Sep 21, 2019. Publicly Released: Feb 21, 2019.

Advance Care Planning:
Selected States' Efforts to Educate and Address Access Challenges
GAO-19-231: Published: Feb 21, 2019. Publicly Released: Feb 21, 2019.

Army Corps of Engineers:
Information on Shellfish Aquaculture Permitting Activities
GAO-19-145: Published: Feb 21, 2019. Publicly Released: Feb 21, 2019.

Coast Guard Shore Infrastructure:
Applying Leading Practices Could Help Better Manage Project Backlogs of at Least $2.6 Billion
GAO-19-82: Published: Feb 21, 2019. Publicly Released: Feb 21, 2019.

Defense Contracting:
Enhanced Information Needed on Contractor Workplace Safety
GAO-19-235: Published: Feb 21, 2019. Publicly Released: Feb 21, 2019.

IASB

22 February 2019
Join the International Accounting Standards Board

21 February 2019
Webcast: Achieving the IFRS Foundation mission—Evidence from international cross-border investment

21 February 2019
Board Member Martin Edelmann’s second term extended by one year

21 February 2019
Feature: Changes in financing liabilities—what does good disclosure look like?

20 February 2019
February IASB podcast now available

IRS 

IRS urges businesses to e-file cash transaction reports; It’s fast, easy and free
IR-2019-20, February 21, 2019 — The IRS today urged businesses required to file reports of large cash transactions to take advantage of the speed and convenience of filing these reports electronically.

Farmers, fishermen face March 1 tax deadline; IRS encourages convenience of IRS Direct Pay
​IR-2019-19, February 19, 2019— The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2018 Form 1040 along with a payment for all taxes owed by Friday, March 1, 2019.

NYS Dept. of Taxation and Finance

Certain Property Owners 65 and Older Must Enroll in the Income Verification Program (IVP) by March 1
Thursday, February 21, 2019​

Are You One of the 380,000 Taxpayers Missing Out on Billions in Tax Credits?

SEC

Giles Cohen Named Acting Chief Counsel, Office of the Chief Accountant
Washington D.C., Feb. 21, 2019 —The Securities and Exchange Commission today announced that Giles Cohen has been named Acting Chief Counsel, Office of the Chief Accountant (OCA).

SEC Names James P. McNamara as Chief Human Capital Officer
Washington D.C., Feb. 21, 2019 —The Securities and Exchange Commission today announced that James P. McNamara has been named the agency’s Chief Human Capital Officer (CHCO) and Director of the Office of Human Resources (OHR).  Mr. McNamara has served as Acting CHCO since April 2018.  As CHCO, Mr. McNamara will manage the agency’s human resources programs and policies in areas such as leadership and employee development, recruitment and retention, labor relations, performance management, and compensation and benefits, and will continue to play a key role in driving efforts to sustain a high performing, highly engaged SEC workforce.

Company Settles Unregistered ICO Charges After Self-Reporting to SEC
​Washington D.C., Feb. 20, 2019 —The Securities and Exchange Commission today charged Gladius Network LLC with conducting an unregistered initial coin offering (ICO), which the company self-reported to the SEC. 

SEC Charges Broker-Dealer and Transfer Agent in Microcap Shell Factory Fraud
Washington D.C., Feb. 20, 2019 —The Securities and Exchange Commission today announced charges against a broker-dealer, a transfer agent, and three individuals for their roles in the creation of over a dozen undisclosed “blank check” companies from 2009 to 2014.

TIGTA

February 19, 2018
Management and Implementation of Information Technology Software Tools Needs Improvement [PDF]
Highlights