AICPA

AICPA Proposes Guidelines to IRS For How to Allocate Expenses by Exempt Organizations for Dual Use Facilities 
Washington, D.C. (February 27, 2017) – The American Institute of CPAs (AICPA) has submitted proposed guidelines to the Internal Revenue Service (IRS) about how to address the allocation of unrelated business income (UBI) expenses of tax-exempt organizations for dual use facilities and/or personnel.

CBO 

Cost Estimate
H.R. 985, Fairness in Class Action Litigation Act of 2017
March 6, 2017

Cost Estimate
S. 171, National Oceanic and Atmospheric Administration Commissioned Officer Corps Amendments and Hydrographic Services Improvement Act Reauthorization and Amendments Act of 2017
March 3, 2017

Report
Answers to Questions for the Record Following a Hearing on the Budget and Economic Outlook for 2017 to 2027 by the House Committee on the Budget
March 3, 2017

Blog Post
How Might Changes in Federal Policies Boost Innovation and Productivity?
March 2, 2017

Cost Estimate
H.R. 375, a bill to designate the federal building and United States Courthouse located at 719 Church Street in Nashville, Tennessee, as the “Fred D. Thompson Federal Building and United States Courthouse”
March 2, 2017

Cost Estimate
H.R. 634, Election Assistance Commission Termination Act
March 1, 2017

Blog Post
Spending on Infrastructure and Investment
March 1, 2017

FASB

FASB Appoints Two New Members to the Emerging Issues Task Force
Norwalk, CT, March 6, 2017—The Financial Accounting Standards Board (FASB) today announced the appointment of Kimber Bascom, partner-in-charge of the Accounting Standards Group of KPMG’s Department of Professional Practice, and Lawrence Dodyk, an assurance partner in PwC’s National Professional Services Group, to the Emerging Issues Task Force (EITF).

FASB Issues Proposed Simplifications to Accounting for Nonemployee Share-Based Payments
Norwalk, CT, March 7, 2017—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Stakeholders are encouraged to review and provide comments on the proposal by June 5, 2017.

GAO

VA Construction:
Improved Processes Needed to Monitor Contract Modifications, Develop Schedules, and Estimate Costs
GAO-17-70: Published: Mar 7, 2017. Publicly Released: Mar 7, 2017.

Foreign Assistance:
Agencies Can Improve the Quality and Dissemination of Program Evaluations
GAO-17-316: Published: Mar 3, 2017. Publicly Released: Mar 3, 2017.

Contractor Whistleblower Protections Pilot Program:
Improvements Needed to Ensure Effective Implementation
GAO-17-227: Published: Mar 2, 2017. Publicly Released: Mar 2, 2017.

Federal Real Property:
Government-wide Building-Disposal Data Generally Reliable, but Opportunities for Further Improvements Exist
GAO-17-321: Published: Mar 2, 2017. Publicly Released: Mar 2, 2017.

HUBZone Program:
Oversight Has Improved But Some Weaknesses Remain
GAO-17-456T: Published: Mar 2, 2017. Publicly Released: Mar 2, 2017.

Nuclear Regulatory Commission:
Regulatory Fee-Setting Calculations Need Greater Transparency
GAO-17-232:Published: Feb 2, 2017. Publicly Released: Mar 2, 2017.

Antibiotics:
FDA Has Encouraged Development, but Needs to Clarify the Role of Draft Guidance and Develop Qualified Infectious Disease Product Guidance
GAO-17-189:Published: Jan 31, 2017. Publicly Released: Mar 2, 2017.

Navy Shipbuilding:
Need to Document Rationale for the Use of Fixed-Price Incentive Contracts and Study Effectiveness of Added Incentives
GAO-17-211: Published: Mar 1, 2017. Publicly Released: Mar 1, 2017.

Low-Income Housing Tax Credit:
The Role of Syndicators
GAO-17-285R: Published: Feb 16, 2017. Publicly Released: Mar 1, 2017.

GASB

GASB Outlook E-Newsletter Q1 2017  [03/06/17]

IASB

New Brazilian Portuguese, Kazakh and Polish translations available
03 March 2017

IFRS adoption will help Saudi Arabia to achieve 2030 vision, says IASB Chairman
07 March 2017
Speaking at the inaugural ceremony of an accounting and auditing conference in Riyadh, IASB Chairman Hans Hoogervorst said that a sound regulatory framework is important for Saudi Arabia to achieve its Vision 2030 and that the adoption of IFRS Standards is an important element in that framework.

July 2017 ASAF meeting rescheduled 
07 March 2017
The ASAF meeting planned for Monday 3 July and Tuesday 4 July 2017 has been rescheduled to Thursday 6 July and Friday 7 July 2017.

IRS 

Interest Rates Remain the Same for the Second Quarter of 2017
IR-2017-53, March 7, 2017 ― The IRS today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2017.

Tax Time Guide: IRS Publication 17 Helps with 2016 Taxes
IR-2017-52, March 2, 2017 — Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting a free, comprehensive tax guide available on IRS.gov.

Free Help Preparing Tax Returns Available Nationwide
IR-2017-51, March 1, 2017 –– The IRS reminded taxpayers today that they may be eligible to receive free tax help at nearly 12,000 preparation sites nationwide

IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return
IR-2017-50, March 1, 2017 — The IRS announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return.

NYC Dept. of Finance 

March 2, 2017
Michael Hyman, First Deputy Commissioner testified at the City Council Preliminary FY ’18 Budget Hearing.

March 1, 2017
Finance Memoranda #17-2 Tax on Capital:  Calculating Liabilities Attributable to Categories of Business Capital

NYS Dept. of Taxation and Finance

Governor Cuomo Announces Free Tax Filing Assistance Events in New York City
Tax Department Volunteers to Host Three Events to Help Low- and Middle-Income Taxpayers e-File Taxes for Free

College Students: Don’t Forget to Take Advantage of Valuable Money Savers While Filing Your Tax Returns
College tuition tax benefits and sales-tax free textbooks help put money back in your pocket

Real Property Tax Credit (RPTC): Summary of Credit Claims

SEC 

SEC Votes to Seek Public Input on Possible Change to Industry Guide 3
Washington D.C., March 1, 2017 — The Securities and Exchange Commission today voted to publish a request for public comment on disclosures called for by Industry Guide 3 - Statistical Disclosure by Bank Holding Companies.

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings
Washington D.C., March 1, 2017 — The Securities and Exchange Commission today voted to adopt rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings. 

SEC Proposes Inline XBRL Filing of Tagged Data
Washington D.C., March 1, 2017 — The Securities and Exchange Commission today voted to propose amendments intended to improve the quality and accessibility of data submitted by public companies and mutual funds using eXtensible Business Reporting Language (XBRL). 

SEC Proposes Rule Amendments to Improve Municipal Securities Disclosures
Washington D.C., March 1, 2017 — The Securities and Exchange Commission (SEC) today voted to propose rule amendments to improve investor protection and enhance transparency in the municipal securities market. 

SEC Posts Notice of Availability of IFRS Taxonomy
Washington D.C., March 1, 2017 — The Securities and Exchange Commission today published a taxonomy on its website so that foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) may submit those reports using XBRL. XBRL is a machine readable data format that allows investors and other data users to more easily access, analyze and compare financial information across reporting periods and across companies.

SEC’s Office of the Investor Advocate to Hold Evidence Summit, Launch Investor Research Initiative
Washington D.C., March 2, 2017 — The Securities and Exchange Commission’s Office of the Investor Advocate today announced it will host an Evidence Summit to discuss strategies for raising retail investors’ understanding of key investment characteristics such as fees, risks, returns, and conflicts of interest.

SEC Charges Mexico-Based Homebuilder in $3.3 Billion Accounting Fraud
Washington D.C., March 3, 2017 — The Securities and Exchange Commission today announced that Mexico-based homebuilding company Desarrolladora Homex S.A.B. de C.V. has agreed to settle charges that it reported fake sales of more than 100,000 homes to boost revenues in its financial statements during a three-year period. 

SEC Economist Receives Award for Academic Work on Market Insights
Washington D.C., March 6, 2017 — Securities and Exchange Commission economist Dr. Giulio Girardi today received The Financial Analyst Journal’s Graham and Dodd Top Award for 2016.  Dr. Girardi is a Branch Chief in the SEC’s Division of Economic and Risk Analysis’s (DERA) Office of Risk Assessment. 

TIGTA

Affordable Care Act: Verification of Premium Tax Credit Claims During the 2016 Filing Season
WASHINGTON — The Internal Revenue Service (IRS) accurately determined the amount of allowable Premium Tax Credit (PTC) under the Affordable Care Act on more than 97 percent of tax returns reviewed during the 2016 Filing Season, according to an audit report published today by the Treasury Inspector General for Tax Administration (TIGTA).