AICPA Asks Congress to Extend Section 174 R&E Expensing and Expired Tax Provisions
February 15, 2023

CBO

GAO

Department of Education:
Additional Data Collection Would Help Assess the Performance of a Program Supporting College Students with Disabilities
GAO-23-105551
Published: Feb 15, 2023 . Publicly Released: Feb 17, 2023 .
The Department of Education gives grants to schools and organizations to help disadvantaged students—including students with disabilities—prepare for, enroll in, and graduate from college. The Student Support Services program is its only college access program whose target population specifically includes students with disabilities. But Education does not collect complete information about the disability status of the students helped through the program. As a result, it...

Farm Bill:
Reducing Crop Insurance Costs Could Fund Other Priorities
GAO-23-106228
Published: Feb 16, 2023 . Publicly Released: Feb 16, 2023 .
The U.S. Department of Agriculture offers subsidized crop insurance to protect farmers from financial losses, such as from poor harvests and declines in market prices. This snapshot identifies changes Congress could make to the program to reduce its costs. We have previously suggested that Congress: Reduce subsidies to high-income participants by creating an income limit Adjust compensation to insurance companies to better align with market...

Financial Audit:
Federal Deposit Insurance Corporation Funds' 2022 and 2021 Financial Statements
GAO-23-105570
Published: Feb 16, 2023 . Publicly Released: Feb 16, 2023 .
The Federal Deposit Insurance Corporation insures over $9 trillion in deposits, and protects your money if your FDIC-insured bank fails. We audit and issue opinions annually on financial statements of FDIC's insurance funds and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We found that the statements were reliable and that FDIC's controls over financial reporting were...

Institutional Review Boards:
Actions Needed to Improve Federal Oversight and Examine Effectiveness
GAO-23-104721
Published: Jan 17, 2023 . Publicly Released: Feb 16, 2023 .
Institutional Review Boards (IRBs) assess the ethics and safety of research studies involving human subjects, such as behavioral studies or clinical trials for new drugs or medical devices. Health and Human Services oversees about 2,300 U.S.-based IRBs through routine or for-cause inspections to assess if they are following federal laws when reviewing research. But few IRBs are inspected. For example, one HHS agency aims to...

Veterans Health Administration:
Hiring Trends in the U.S. Pacific Territories
GAO-23-105953
Published: Feb 16, 2023 . Publicly Released: Feb 16, 2023 .
In recent years, we and others have raised questions about whether Veterans Health Administration has the clinical workforce to meet the health care needs of veterans in the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. We reviewed VHA vacancy trends and more. VHA employed 88 staff across the territories as of Sept. 2022, with most working in...

Financial Audit:
FY 2022 and FY 2021 Consolidated Financial Statements of the U.S. GovernmentGAO-23-105837
Published: Feb 16, 2023 . Publicly Released: Feb 16, 2023 .
The Financial Report of the U.S. Government provides a comprehensive view of government finances, including revenues, costs, assets, liabilities, and long-term sustainability. We audit the financial statements in that report each year, but we haven't yet been able to determine if they are fairly presented. This year, it was primarily due to: Serious financial management problems at the Department of Defense Unresolved differences in balances...

Climate Change:
Options to Enhance the Resilience of Agricultural Producers and Reduce Federal Fiscal Exposure
GAO-23-104557
Published: Jan 17, 2023 . Publicly Released: Feb 16, 2023 .
Climate change will negatively affect crop and livestock production in some regions. The U.S. Department of Agriculture is developing and sharing information about climate change with farmers and ranchers. USDA also plans to better integrate climate resilience into agency decision-making. We identified 13 options that USDA could integrate into its ongoing climate resilience planning. One option is to expand "technical assistance" or expert advice provided...

Science & Tech Spotlight:
Digital Twins—Virtual Models of People and Objects
GAO-23-106453
Published: Feb 14, 2023 . Publicly Released: Feb 14, 2023 ."Digital twins" are virtual representations of physical objects, processes, or systems—like factories, traffic patterns, and even people. A digital twin is used to predict how changes may affect its physical counterpart. For example, a city could use a digital twin to monitor its energy use to plan for extreme weather. Digital twins have benefits, like making manufacturing more efficient, but they can raise technical, security...

IRS and Treasury provide guidance for insurance providers on alternative minimum tax under the Inflation Reduction Act
IR-2023-30, Feb. 17, 2023 — The Treasury Department and the Internal Revenue Service today issued Notice 2023-20, which provides interim guidance for insurance companies and certain other taxpayers for the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.