Regulatory Roundup - July 3-12
AICPA
Press Release
AICPA Proposes New Form AAR-EZ to Simplify and Improve the AAR Process
AICPA submitted recommendations to the IRS to simplify and improve the administrative adjustment request process, providing a simplified framework referred to as a Form AAR-EZ.
July 8, 2021
Press Release
CPA Exam Practice Analysis Solicits Feedback
As the next step in the CPA Exam Practice Analysis, AICPA is soliciting feedback on the content proposed in the new Core and Disciplines model.
July 7, 2021
CBO
Cost Estimate
July 9, 2021
As ordered reported by the House Committee on Oversight and Reform on May 25, 2021
Report
Monthly Budget Review: June 2021
July 9, 2021
The federal budget deficit was $2.2 trillion in the first nine months of fiscal year 2021, CBO estimates—$508 billion less than the deficit recorded during the same period last year, in part because some tax payments were due earlier this year.
Report
CBO’s 2021 Long-Term Projections for Social Security: Additional Information
July 8, 2021
In lieu of publishing a separate report providing additional information about CBO’s long-term projections for Social Security, the agency is publishing the data that it would have presented in that report.
Cost Estimate
H.R. 2123, Diversity and Inclusion Data Accountability and Transparency Act of 2021
July 8, 2021
As ordered reported by the House Committee on Financial Services on April 21, 2021
Presentation
July 6, 2021
HISIM2 is an updated version of the model CBO uses to generate estimates of health insurance coverage and premiums for people under age 65.
Report
Report on the Troubled Asset Relief Program—July 2021
Congress created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. CBO estimates that the TARP’s net cost will be $31 billion—about what it reported in March 2020 and $1 billion lower than OMB’s latest estimate.
GAO
FCC Should Analyze Small Business Speed Needs Priority Open Recommendations
U.S. Department of Agriculture Priority Open Recommendations
Office of Personnel Management Military Training
The Services Need to Ensure That All Commanders Are Prepared for Their Legal Responsibilities
VA Disability Benefits
Veterans Benefits Administration Could Enhance Management of Claims Processor Training
GAO-21-348
Published: Jun 07, 2021.
Publicly Released: Jul 07, 2021.
What GAO Found The Veterans Benefits Administration (VBA) has over 9,000 employees who process veterans' claims for disability compensation. To ensure claims processors have the skills needed to handle disability claims efficiently and effectively, training is a key strategy.
Priority Open Recommendations
Department of Justice
GAO-21-371PR
Published: Jun 30, 2021.
Publicly Released: Jul 07, 2021.
What GAO Found In April 2020, GAO identified 18 priority recommendations for the Department of Justice (DOJ).
F-35 Sustainment
DOD Needs to Cut Billions in Estimated Costs to Achieve Affordability
GAO-21-439
Published: Jul 07, 2021.
Publicly Released: Jul 07, 2021.
What GAO Found F-35 mission capable rates—a measure of the readiness of an aircraft fleet—have recently improved, but still fall short of warfighter requirements. Specifically, from fiscal year 2019 to fiscal year 2020, the U.S.
Priority Open Recommendations
Department of Education
GAO-21-428PR
Published: Jun 30, 2021.
Publicly Released: Jul 07, 2021.
What GAO Found In April 2020, GAO identified six priority recommendations for the Department of Education.
Priority Open Recommendations
Department of Labor
GAO-21-429PR
Published: Jun 29, 2021.
Publicly Released: Jul 06, 2021.
What GAO Found In April 2020, GAO identified seven priority recommendations for the Department of Labor (DOL).
Priority Open Recommendations
Department of Housing and Urban Development
GAO-21-558PR
Published: Jun 21, 2021.
Publicly Released: Jul 06, 2021.
What GAO Found In April 2020, GAO identified 17 priority recommendations for the U.S. Department of Housing and Urban Development (HUD).
Priority Open Recommendations
Office of Management and Budget
GAO-21-567PR
Published: Jun 24, 2021.
Publicly Released: Jul 06, 2021.
What GAO Found In April 2020, GAO identified 35 priority recommendations for the Office of Management and Budget (OMB).
Priority Open Recommendations
Environmental Protection Agency
GAO-21-557PR
Published: Jun 29, 2021.
Publicly Released: Jul 06, 2021.
What GAO Found In April 2020, GAO identified 21 priority recommendations for the Environmental Protection Agency (EPA).
IASB
Watch webinar on Business Combinations under Common Control—initial questions and comments
July 2021 joint IASB–FASB education meeting papers available
July 2021 International Accounting Standards Board meeting agenda and papers available
IFRS Foundation response to G20 Finance Ministers' Communique
Joint Capital Markets Advisory Committee and Global Preparers Forum June 2021 meeting summary available
Recordings now available of IFRS Foundation webinars on Trustees' sustainability-related work
July 2021 IFRS Interpretations Committee podcast now available
May 2021 Report of the Emerging Economies Group now available
Annual World Standard-setters Conference taking place in September
IRS
IRS Nationwide Tax Forum kicks off July 20
IR-2021-149, July 9, 2021 — This Tuesday, July 13, is the last day for tax professionals to register to attend the 2021 IRS Virtual Nationwide Tax Forum and have access to all 30 webinars, including IRS Commissioner Chuck Rettig’s keynote address on the first day of the forum.
IRS provides guidance for multiemployer retirement plans receiving assistance from the PBGC
IR-2021-148, July 9, 2021 — The IRS today provided guidance for multiemployer qualified retirement plans that receive special financial assistance from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.
IRS.gov: The 24/7 summertime spot for tax help
IR-2021-147, July 9, 2021 — The IRS website provides millions of visitors with the answers they need to fit their busy summer schedules.
IR-2021-146, July 7, 2021 — The IRS and partners in non-profit organizations, churches, community groups and others will host events in 12 cities this weekend to help people who don’t normally file a federal tax return to register for the monthly Advance Child Tax Credit (AdvCTC) payments.
IRS provides answers for certain transportation companies eligible for Treasury grants
IR-2021-145, July 6, 2021 — The IRS today posted answers to questions that certain transportation companies may have regarding Treasury grants and related taxes.
NYS
Governor Cuomo Announces $4.5 Billion Settlement with Purdue Pharma Over Its Role In The Opioid Epidemic
July 8, 2021
DFS Superintendent Lacewell Announces Tri-State Consumer Insurance Company to Pay $500,000 for Compliance Failures
July 7, 2021
SEC
SEC Charges TheBull with Selling "Insider Trading Tips" on the Dark Web
2021-122, July 9, 2021 —The Securities and Exchange Commission today charged Apostolos Trovias, a Greek national, with perpetrating a fraudulent scheme to sell what he called "insider trading tips" on the Dark Web. The Dark Web, which facilitates anonymity by obscuring users’ identities, allows users to purchase and sell illegal products and services, and in this case, insider trading tips.
SEC Charges Three Individuals with Insider Trading
2021-121, July 9, 2021 — The Securities and Exchange Commission today charged three individuals with insider trading in advance of an announcement by Long Blockchain Company (formerly known as Long Island Iced Tea Co.) that it was going to "pivot" from its existing beverage business to blockchain technology, which caused the company’s stock price to soar.
SEC Charges Company and Two Executives for Misleading COVID-19 Disclosures
2021-120, July 7, 2021 —The Securities and Exchange Commission today announced charges against Parallax Health Sciences Inc. for making misleading statements about its efforts to fight COVID-19. The SEC also charged Parallax’s Chief Executive Officer Paul Arena and its Chief Technology Officer Nathaniel Bradley for their roles in the statements. Each party has offered to settle the charges. The SEC temporarily suspended trading in Parallax’s common stock on April 10, 2020, due to questions about the accuracy of the company’s statements.
SEC Issues Agenda for July 7 Meeting of Asset Management Advisory Committee
2021-119, July 2, 2021 —The Securities and Exchange Commission today released the agenda for the July 7 meeting of the Asset Management Advisory Committee (AMAC). The meeting will include a discussion of matters in the asset management industry relating to: (1) the ESG, Diversity & Inclusion, and Private Investments Subcommittees, including potential recommendations from those Subcommittees; and (2) the Evolution of Advice Subcommittee, including a panel discussion.
TIGTA
July 7, 2021
The IRS Continued Compliance Efforts for High-Income Taxpayers After Disbanding the High Income High Wealth Strategy, but With Less Effective Outcomes