Regulatory Roundup - Aug. 4-10
AICPA
AICPA Honors University of North Carolina at Charlotte Student with Medal of Inspiration Award
The American Institute of CPAs named Joyce Chung, an undergraduate student at the University of North Carolina at Charlotte, the Beta Alpha Psi’s Medal of Inspiration recipient.
August 6, 2020
Press Release
10 Financial Planning Takeaways from AICPA ENGAGE 2020
Leaders of the profession share their top financial planning takeaways from AICPA's 2020 ENGAGE online conference.
August 5, 2020
Press Release
AICPA Submits Recommendations on Forms Used to File Unrelated Business Income for Tax-Exempt Organizations
The AICPA provided comments on Form 990, Return of Organization Exempt from Income Tax, Form 990-T, Exempt Organization Business Income Tax Return, and related instructions.
August 4, 2020
Press Release
AICPA Submits Additional Recommendations on Guidance Related to Application of Proposed Rulemaking Regarding Employee Renumeration
The AICPA submitted recommendations regarding proposed regulations on the application of section 162(m) as revised by the TCJA regarding certain employee renumeration in excess of $1,000,000.
August 4, 2020
CBO
Report
Monthly Budget Review for July 2020
Cost Estimate
S. 3455, No TikTok on Government Devices Act
August 5, 2020
Cost Estimate
S. 4024, Cybersecurity Advisory Committee Authorization Act of 2020
August 5, 2020
Cost Estimate
S. 4157, National Infrastructure Simulation and Analysis Center Pandemic Modeling Act of 2020
August 5, 2020
FASB
FASB Improves Convertible Instruments and Contracts in an Entity’s Own Equity [08/05/20]
Media Advisory
ASU 2020-06
FASB In Focus
Video
GAO
Department of Defense:
Eating Disorders in the Military
GAO-20-611R: Published: Aug 7, 2020. Publicly Released: Aug 7, 2020
Defense Workforce:
DOD Needs to Assess Its Use of Term and Temporary Appointments
GAO-20-532: Published: Aug 6, 2020. Publicly Released: Aug 6, 2020.
Federal Financial Management:
Substantial Progress Made since Enactment of the 1990 CFO Act; Refinements Would Yield Added Benefits
GAO-20-566: Published: Aug 6, 2020. Publicly Released: Aug 6, 2020.
Native American Youth:
Agencies Incorporated Almost All Leading Practices When Assessing Grant Programs That Could Prevent or Address Delinquency
GAO-20-600: Published: Aug 6, 2020. Publicly Released: Aug 6, 2020.
Natural Gas Exports:
Updated Guidance and Regulations Could Improve Facility Permitting Processes
GAO-20-619: Published: Aug 6, 2020. Publicly Released: Aug 6, 2020.
Next Generation Combat Vehicles:
As Army Prioritizes Rapid Development, More Attention Needed to Provide Insight on Cost Estimates and Systems Engineering Risks
GAO-20-579: Published: Aug 6, 2020. Publicly Released: Aug 6, 2020.
Substance Use Disorder:
Medicaid Coverage of Peer Support Services for Adults
GAO-20-616: Published: Aug 6, 2020. Publicly Released: Aug 6, 2020.
Climate Change:
A Climate Migration Pilot Program Could Enhance the Nation's Resilience and Reduce Federal Fiscal Exposure
GAO-20-488: Published: Jul 6, 2020. Publicly Released: Aug 5, 2020.
Opioid Use Disorder:
Treatment with Injectable and Implantable Buprenorphine
GAO-20-617: Published: Aug 4, 2020. Publicly Released: Aug 4, 2020.
Information Technology:
Federal Agencies and OMB Need to Continue to Improve Management and Cybersecurity
GAO-20-691T: Published: Aug. 3, 2020 Publicly Released: Aug. 3, 2020
IASB
07 August 2020
IASB releases webcast in Spanish on Request for Information Comprehensive Review of the IFRS for SMEs Standard
07 August 2020
Forthcoming fourth webinar in Japanese on Exposure Draft General Presentation and Disclosures
07 August 2020
Forthcoming fourth webinar on Exposure Draft General Presentation and Disclosures
05 August 2020
New webcast on IFRS Taxonomy 2020 published
04 August 2020
July 2020 monthly news summary
IRS
Working Virtually: Use a virtual private network to secure remote locations; Part 3 of Security Summit tips for tax professionals
IR-2020-176, August 4, 2020 — As more tax professionals consider teleworking during COVID-19, the IRS and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.
James Lee selected to lead IRS Criminal Investigation
IR-2020-175, August 3, 2020 — The IRS announced today that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1.
NYS DFS/DTF
SEC
SEC Charges Interactive Brokers With Repeatedly Failing to File Suspicious Activity Reports
2020-178, Aug. 10, 2020 — The Securities and Exchange Commission today announced that Interactive Brokers LLC will pay an $11.5 million penalty to settle charges it repeatedly failed to file Suspicious Activity Reports (SARs) for U.S. microcap securities trades it executed on behalf of its customers. In parallel actions, the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC) today announced settlements with Interactive Brokers related to anti-money laundering failures in which the registered broker-dealer agreed to pay penalties of $15 million and $11.5 million, respectively, for a total of $38 million in penalties paid to the three agencies.
SEC Charges Consumer Loan Company With FCPA Violations
2020-177., Aug. 6, 2020 — The Securities and Exchange Commission today announced that World Acceptance Corporation, a South Carolina-based consumer loan company, has agreed to pay $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA).
Lindsay McCord Named Chief Accountant in Division of Corporation Finance
2020-176, Aug. 5, 2020 —The Securities and Exchange Commission today announced that Lindsay McCord has been named Chief Accountant in the Division of Corporation Finance.
SEC Charges Affiliated Advisers for Misrepresentations About Payment for Order Flow Arrangements
2020-175, Aug. 5, 2020 — The Securities and Exchange Commission today filed settled charges against affiliated registered investment advisers WBI Investments Inc. and Millington Securities Inc. for making material misrepresentations to clients about compensation Millington received in an institutional payment for order flow arrangement for routing client orders to certain brokerage firms for execution. As part of the settlement, WBI and Millington agreed to pay a combined total of $1 million in penalties.
Enforcement Co-Director Steven Peikin to Depart
2020-174, Aug. 5, 2020 — The Securities and Exchange Commission today announced that Division of Enforcement Co-Director Steven Peikin will leave the agency on Aug. 14, 2020. During his more than three years serving alongside Co-Director Stephanie Avakian, Mr. Peikin worked to better position the agency’s largest division to address emerging threats, increasing its efficiency and effectiveness in investigating and prosecuting violations of the federal securities laws.
SEC Provides Transparency to the Process of Nominating Candidates to the Investor Advisory Committee
2020-173, Aug. 5, 2020 — The Securities and Exchange Commission today published procedures setting forth a staff-led process to nominate candidates for appointment to the Investor Advisory Committee. Candidates for vacancies on the Committee will be identified by a nominating committee composed of staff from across the SEC’s divisions and offices. The nominating committee will initially be chaired by Robert Marchman, Senior Policy Advisor for Diversity and Inclusion.
SEC Proposes to Improve the Retail Investor Experience through Modernized Fund Shareholder Reports and Disclosures
2020-172, Aug. 5, 2020 — The Securities and Exchange Commission today proposed comprehensive modifications to the mutual fund and exchange-traded fund disclosure framework to better serve the needs of retail investors. The proposed disclosure framework would feature concise and visually engaging shareholder reports that would highlight information that is particularly important for retail investors to assess and monitor their fund investments. The proposal is a central component of the Commission’s investor experience initiative and responds to comments the Commission received in response to a 2018 request for comment on retail investors’ experience with fund disclosure.
SEC Announces New Small Business Capital Formation Advisory Committee Members
2020-171, Washington D.C., Aug. 4, 2020 — At today’s meeting of the Small Business Capital Formation Advisory Committee, the Securities and Exchange Commission announced the appointment of two new members to the Committee: Kesha Cash, Founder and General Partner, Impact America Fund, and Sue Washer, President and CEO, Applied Genetic Technologies Corporation (Nasdaq: AGTC)
TIGTA
Fiscal Year 2020 Statutory Audit of Compliance With Notifying Taxpayers of Their Rights When Requested to Extend the Assessment Statute
August 6, 2020