Regulatory Roundup: Aug. 8-14
AICPA
Press Release
AICPA Presents Awards to Outstanding CPAs in Government
The AICPA has presented Deborah Loveless, CPA, CGFM, CGMA of Hendersonville, Tenn., with the Institute’s 2018 Outstanding CPA in Government Career Contribution Award.
August 13, 2018
Press Release
AICPA Honors University of Colorado, Boulder Student with Medal of Inspiration Award
AICPA Honors University of Colorado, Boulder Student with Beta Alpha Psi’s Medal of Inspiration Award.
August 10, 2018
Press Release
AICPA Releases Working Drafts of Accounting Issues for Implementation of the New Credit Loss Standard
The AICPA’s Financial Reporting Executive Committee has issued several working drafts of accounting issues related to the implementation of Accounting Standards Update (ASU) No. 2016-13.
August 9, 2018
Press Release
Nearly Half of Americans Say Volatile Markets are an Easy Way to Make a Profit: AICPA Survey
New stats from a recent AICPA/Harris Poll examining Americans’ understanding of investing vs. speculating
August 9, 2018
AICPA Honors Miklos Vasarhelyi with 2018 Distinguished Achievement in Accounting Education Award
Rutgers University Professor Honored for Excellence in Teaching and Advancing the Profession
August 8, 2018
Press Release
AICPA Honors Four Professors with Notable Contributions to Accounting Literature Award
Paper on impact of FASB standards on stock price wins AICPA literature award.
August 8, 2018
Blog Post
Director’s Statement on An Update to the Economic Outlook: 2018 to 2028
August 13, 2018
Report
An Update to the Economic Outlook: 2018 to 2028
August 13, 2018
Cost Estimate
S. 1917, Sentencing Reform and Corrections Act of 2017
August 10, 2018
Cost Estimate
S. 1400, Safeguard Tribal Objects of Patrimony Act of 2017
August 10, 2018
Cost Estimate
H.R. 5300, Federal Information Systems Safeguards Act of 2018
August 10, 2018
Cost Estimate
H.R. 6147, Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
August 10, 2018
Cost Estimate
S. 2503, Department of Energy Research and Innovation Act
August 10, 2018
Cost Estimate
H.R. 597, Lytton Rancheria Homelands Act of 2017
August 10, 2018
Cost Estimate
S. 3153, Matthew Young Pollard Intelligence Authorization Act for Fiscal Years 2018 and 2019
August 9, 2018
Cost Estimate
S. 2465, Sickle Cell Disease and Other Heritable Blood Disorders Research, Surveillance, Prevention, and Treatment Act of 2018
August 9, 2018
Cost Estimate
H.R. 6087, Removing Barriers to Energy Independence Act
August 9, 2018
Blog Post
CBO’s Work With Other Countries' Budget Offices
August 9, 2018
Cost Estimate
H.R. 1222, Congenital Heart Futures Reauthorization Act of 2017
August 9, 2018
Cost Estimate
S. 3016, Action for Dental Health Act of 2018
August 8, 2018
Blog Post
CBO to Release Updated Economic Outlook on August 13
August 8, 2018
Report
The Long-Term Budget Outlook Under Alternative Scenarios for Fiscal Policy
August 8, 2018
Blog Post
CBO Releases New Products to Enhance Its Transparency
August 8, 2018
Data and Technical Information
CBO’s Waterfall Model for Projecting Discretionary Spending
August 8, 2018
FASB
FASB Proposes Narrow-Scope Improvements to Accounting for Lessors [08/13/18]
News Release
Exposure Document
GAO
Health Resources and Services Administration:
Efforts to Help Ensure Health Center Compliance with Prohibitions on the Use of Federal Funds for Certain Abortions
GAO-18-508R:Published: Jul 12, 2018. Publicly Released: Aug 13, 2018.
Military Readiness:
DOD Has Not Yet Incorporated Leading Practices of a Strategic Management Planning Framework in Retrograde and Reset Guidance
GAO-18-621R:Published: Aug 10, 2018. Publicly Released: Aug 10, 2018.
NIH Research:
Action Needed to Ensure Workforce Diversity Strategic Goals Are Achieved
GAO-18-545:Published: Aug 10, 2018. Publicly Released: Aug 10, 2018.
Paperwork Reduction Act:
Agencies Could Better Leverage Review Processes and Public Outreach to Improve Burden Estimates
GAO-18-381:Published: Jul 11, 2018. Publicly Released: Aug 10, 2018.
Critical Infrastructure Protection:
DHS Should Take Actions to Measure Reduction in Chemical Facility Vulnerability and Share Information with First Responders
GAO-18-538:Published: Aug 8, 2018. Publicly Released: Aug 8, 2018.
DHS Acquisitions:
Additional Practices Could Help Components Better Develop Operational Requirements
GAO-18-550:Published: Aug 8, 2018. Publicly Released: Aug 8, 2018.
Foreign Assistance:
U.S. Assistance for the West Bank and Gaza, Fiscal Years 2015 and 2016
GAO-18-612:Published: Aug 8, 2018. Publicly Released: Aug 8, 2018.
Maritime Security:
DOT Needs to Expeditiously Finalize the Required National Maritime Strategy for Sustaining U.S.-Flag Fleet
GAO-18-478:Published: Aug 8, 2018. Publicly Released: Aug 8, 2018.
Military Personnel:
DOD Needs to Improve Funding Process for Morale, Welfare, and Recreation Programs
GAO-18-424:Published: Aug 8, 2018. Publicly Released: Aug 8, 2018.
IASB
14 August 2018
Ten educational modules to support the IFRS for SMEs Standard are now available
13 August 2018
Webcast: Presentation of equity instruments—FICE Discussion Paper
10 August 2018
IFRS Foundation seeks feedback on website experience
09 August 2018
All papers for Advisory Council September meeting available
IRS
Taxpayers with high incomes, complex returns: Check withholding soon
IR-2018-165, Aug. 14, 2018 -- The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.
Tax Security 101: Tax professionals must maintain, protect EFINs; Monitor EFINs, PTINs and CAF numbers
IR-2018-164, Aug. 14, 2018 — The IRS and the Security Summit partners warned tax professionals that savvy cybercriminals target IRS-issued identification numbers to help impersonate practitioners as well as taxpayers.
Got a big tax refund? Use IRS Withholding Calculator to boost take-home pay in 2018
IR-2018-163, Aug. 13, 2018 — Taxpayers who received large refunds earlier this year may be able to get more of their money included in their paychecks during the rest of 2018 by using the Withholding Calculator on IRS.gov.
IRS urges taxpayers to check withholding now to avoid tax surprises later; Spotlights special tools during week of Aug. 13 to help people overlooking major changes
Aug. 9, 2018 — With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven’t yet done a “Paycheck Checkup” to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law.
IRS issues proposed regulations on new 20 percent deduction for passthrough businesses
IR-2018-162, Aug. 8, 2018 — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.
NYS Dept. of Taxation and Finance
PCAOB
PCAOB Seeks Public Comment on its Draft Five-Year Strategic Plan
August 10, 2018
SEC
SEC Files Charges in Municipal Bond “Flipping” and Kickback Schemes
Washington D.C., Aug. 14, 2018 —The Securities and Exchange Commission today charged two firms and 18 individuals in a scheme to improperly divert new issue municipal bonds to broker-dealers at the expense of retail investors. According to the SEC’s complaint, the defendants – known in the industry as “flippers” – purchased new issue municipal bonds, often by posing as retail investors to gain priority in bond allocations. The defendants then “flipped” the bonds to broker-dealers for a fee. The SEC also charged a municipal underwriter for accepting kickbacks from one of the flippers.
SEC Bars Perpetrator of Initial Coin Offering Fraud
Washington D.C., Aug. 14, 2018 —The Securities and Exchange Commission today obtained permanent officer-and-director and penny stock bars against the founder of a company who perpetrated a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California.
SEC Charges U.S. Congressman and Others With Insider Trading
Washington D.C., Aug. 8, 2018 —The Securities and Exchange Commission today announced the filing of insider trading charges against Congressman Christopher Collins, the U.S. Representative for New York’s 27th Congressional District, his son, Cameron Collins, and a third individual, Stephen Zarsky. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced related criminal charges.