Regulatory Roundup - October 25-31
AICPA
AICPA Encouraged by IRS Warning of ERC Mills
Oct. 23, 2022
CBO
Report
Automatic Stabilizers in the Federal Budget: 2022 to 2032
October 27, 2022
CBO projects the budgetary effects of automatic stabilizers—as well as the size of deficits without them—from 2022 to 2032 and provides historical estimates of the stabilizers’ effects since 1972.
Cost Estimate
H.R. 3756, Department of Homeland Security Climate Change Research Act
October 27, 2022
As ordered reported by the House Committee on Homeland Security on September 14, 2022
Cost Estimate
H.R. 7779, DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act
October 27, 2022
As reported by the House Committee on Homeland Security on August 19, 2022
Cost Estimate
S. 1617, Disaster Assistance for Rural Communities Act
October 27, 2022
As passed by the Senate on September 28, 2022
Cost Estimate
S. 3906, Small Business Broadband and Emerging Information Technology Enhancement Act of 2022
October 27, 2022
As passed by the Senate on September 28, 2022
Cost Estimate
S.3381, Tribal Trust Land Homeownership Act of 2021
October 27, 2022
As ordered reported by the Senate Committee on Indian Affairs on May 18, 2022
Cost Estimate
S.3789 , a bill to amend the Native American Tourism and Improving Visitor Experience Act to authorize grants to Indian tribes, tribal organizations, and Native Hawaiian organizations, and for other purposes
October 27, 2022
As ordered reported by the Senate Committee on Indian Affairs on May 18, 2022
Presentation
Information Sources for Policymakers: Congressional Budget Office 101
October 26, 2022
Presentation by Lara Robillard, an analyst in CBO’s Budget Analysis Division, at the AcademyHealth 2022 Health Policy Orientation.
Cost Estimate
H.R. 2521, Delivering Optimally Urgent Labor Access for Veterans Affairs Act of 2021
October 24, 2022
As ordered reported by the House Committee on Veterans’ Affairs on September 21, 2022
Cost Estimate
S. 1009, Homeland Procurement Reform Act
October 24, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 14, 2021
FASB
FASB Seeks Input on Proposed Improvements to Accounting for Joint Venture Formations
October 27, 2022
Earn Up to 20.8 CPE Credits Online at the “Accounting for an Ever-Changing World” Conference
October 26, 2022
GAO
Veterans Employment:
Promising VA Technology Education Pilot Would Benefit from Better Outcome Measures and Plans for Improvement
GAO-23-105343
Published: Oct 27, 2022
Publicly Released: Oct 27, 2022
More than 6,700 veterans enrolled in a Veterans Affairs' technology education program from May 2019-May 2022. About 66% of the enrollees completed training. But VA doesn't have a full picture of how well this pilot program is working or ways to improve it. For example, VA doesn't know why some veterans (13%) dropped out of the program. And VA can't assess how effective the program...
Behavioral Health:
Available Workforce Information and Federal Actions to Help Recruit and Retain Providers
GAO-23-105250
Published: Oct 27, 2022
Publicly Released: Oct 27, 2022
Behavioral health conditions—including mental health and substance use disorders—affect millions of Americans. The COVID-19 pandemic may have also increased the number of people affected. A well-trained and diverse behavioral health care workforce is critical to providing the services people need. We reviewed Department of Health and Human Services information on the number of behavioral health care providers nationwide and found barriers to recruiting and retaining...
Consumer Product Safety Commission:
Action Needed to Improve Preparedness for Product Examination Disruptions
GAO-23-105445
Published: Oct 27, 2022
Publicly Released: Oct 27, 2022
From the onset of the COVID-19 pandemic through August 2020, the Consumer Product Safety Commission conducted significantly fewer examinations of imported products. Working remotely, CPSC investigators conducted 850 examinations compared to 4,537 during the same period in 2019. CPSC wasn't well prepared entering the pandemic, when port staff stopped conducting onsite examinations. The agency made decisions about its operations and remote procedures as conditions evolved...
Disaster Assistance:
Actions Needed to Strengthen FEMA's Housing Inspections Process GAO-23-104750
Published: Oct 26, 2022
Publicly Released: Oct 26, 2022
After a major disaster, survivors can apply for the Federal Emergency Management Administration's Individuals and Households program for temporary housing or home repair funds. Of the 2.7 million applicants from Jan. 2018-Nov. 2021, FEMA authorized housing inspections (to determine eligibility) for about half of them. FEMA has taken steps to improve its housing inspections process. Since an Apr. 2020 streamlining effort, FEMA's inspectors are using...
Immigration Detention:
Actions Needed to Collect Consistent Information for Segregated Housing Oversight
GAO-23-105366
Published: Oct 26, 2022
Publicly Released: Oct 26, 2022
U.S. Immigration and Customs Enforcement can, under certain circumstances, place detained noncitizens in segregated housing—one to two person cells separate from the general population. There were 14,581 such placements from FYs 2017-2021. ICE oversees segregated housing, and also monitors placements involving vulnerable persons—e.g., those with medical or mental health conditions. But it relies on reports and data that don't always have enough detail about the...
IASB
October 2022 monthly news summary
News Summary
31 Oct 2022
IASB amends accounting standard to improve information about long-term debt with covenants
Amendment
31 Oct 2022
November 2022 ISSB supplementary meeting agenda and paper now available
Meeting
31 Oct 2022
Join the Staff—Recruitment Officer
Careers
28 Oct 2022
Join the staff—Editor
Careers
28 Oct 2022
November 2022 Global Preparers Forum agenda and meeting papers now available
Meeting
28 Oct 2022
IFRS Sustainability Symposium registration now open
Conference
27 Oct 2022
Ken Shibusawa appointed as Special Adviser to the ISSB Chair
Appointment
27 Oct 2022
November 2022 Islamic Finance Consultative Group agenda and meeting papers now available
Meeting
26 Oct 2022
October 2022 IASB podcast now available
Podcast
26 Oct 2022
September 2022 Jurisdictional Working Group meeting summary now available
Meeting
25 Oct 2022
October 2022 ISSB podcast now available
Podcast
25 Oct 2022
October 2022 ISSB Update now available
Update
25 Oct 2022
Comment on the IFRS for SMEs Accounting Standard consultation using Optional Response Document
Consultation
25 Oct 2022
IRS
IRS updates tax gap estimates; new data points the way toward enhancing taxpayer service, compliance efforts
IR-2022-192, October 28, 2022 — The Internal Revenue Service today released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated gross tax gap increased to $496 billion, a rise of over $58 billion from the prior estimate.
IRS quickly moves forward with taxpayer service improvements; 4,000 hired to provide more help to people during 2023 tax season on phones
IR-2022-191, October 27, 2022 — The Internal Revenue Service announced today significant progress to prepare for the 2023 tax filing season as the agency passed a milestone of hiring 4,000 new customer service representatives to help answer phones and provide other services.
2023 PTIN renewal period underway for tax professionals
IR-2022-190, October 27, 2022 — The Internal Revenue Service urges the nation's more than 750,000 active tax return preparers to start the upcoming 2023 filing season smoothly by renewing their Preparer Tax Identification Numbers (PTINs) now. All current PTINs will expire December 31, 2022.
Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023
IR-2022-189, October 24, 2022 — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.
NYC
NYC Department of Finance Names New First Deputy Commissioner, New Chief Tax Compliance Officer.
October 26, 2022
NYC Department of Finance Releases 2022 Annual Rent Freeze Report and Benefit Enrollment Initiatives.
October 24, 2022
NYS
PCAOB
PCAOB Announces Agenda for November 2 Meeting of Its Standards and Emerging Issues Advisory Group
Oct. 27, 2022
SEC
SEC Charges Incarcerated Felon and Five Friends in $2 Million Fraud Scheme
2022-197, Oct. 31, 2022 — The Securities and Exchange Commission today charged six individuals, including a federal inmate, for conducting a freeriding scheme that defrauded multiple broker-dealers.
SEC Awards More Than $10 Million to Whistleblower
2022-196, Oct. 31, 2022 — The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower who provided information and assistance that significantly contributed to a successful SEC enforcement action.
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
2022-195, Oct. 27, 2022 — The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 35 soliciting entities, four impersonators of genuine firms, and four bogus regulators.
SEC Proposes New Oversight Requirements for Certain Services Outsourced by Investment Advisers
2022-194, Oct. 26, 2022 — The Securities and Exchange Commission today proposed a new rule and rule amendments under the Investment Advisers Act of 1940 to prohibit registered investment advisers from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers.
SEC Adopts Amendments to Modernize Fund Shareholder Reports and Promote Transparent Fee- and Expense-Related Information in Fund Advertisements
2022-193, Oct. 26, 2022 — The Securities and Exchange Commission voted today to adopt rule and form amendments to require mutual funds and exchange-traded funds to transmit concise and visually engaging shareholder reports and to promote transparent and balanced presentations of fees and expenses in investment company advertisements.
SEC Adopts Compensation Recovery Listing Standards and Disclosure Rules
2022-193, Oct. 26, 2022 — The Securities and Exchange Commission today adopted rules to require securities exchanges to adopt listing standards that require issuers to develop and implement a policy providing for the recovery of erroneously awarded incentive-based compensation received by current or former executive officers. The final rules require a listed issuer to file the policy as an exhibit to its annual report and to include disclosures related to its recovery policy and recovery analysis where a recovery is triggered. The Commission proposed compensation recovery rules in 2015 and reopened the comment period on the proposal in October 2021 and again in June 2022.
SEC Charges Canadian Cannabis Company and Former Senior Executive with Accounting Fraud
2022-191, Oct. 24, 2022 — The Securities and Exchange Commission today charged Cronos Group Inc., a Nasdaq-listed cannabis company based in Toronto, for improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods. The SEC also charged Cronos’s former Chief Commercial Officer, William Hilson, with fraud and aiding and abetting the company’s violations. In agreeing to settle with Cronos, the Commission determined that the company should not incur a financial penalty, given its timely self-reporting, significant cooperation, and remediation.