Regulatory Roundup: June 6-12
AICPA
Eleven CPAs Recognized at AICPA & CIMA ENGAGE
June 8, 2023
CBO
Cost Estimate
H.J. Res. 44, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Alcohol, Tobacco, Firearms, and Explosives relating to ‘‘Factoring Criteria for Firearms with A
June 9, 2023
As reported by the House Committee on the Judiciary on May 17, 2023
Cost Estimate
H.R. 1482, NWR Modernization Act of 2023
June 9, 2023
As reported by the House Committee on Science, Space, and Technology on May 16, 2023
Cost Estimate
H.R. 1713, DOE and USDA Interagency Research Act
June 9, 2023
As reported by the House Committee on Agriculture on May 22, 2023
Report
How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt
June 9, 2023
Deficit reductions under the Fiscal Responsibility Act of 2023 reduce projected federal debt in 2033 by about 3 percent, from $46.7 trillion (or 119 percent of gross domestic product, or GDP) to $45.2 trillion (or 115 percent of GDP).
Cost Estimate
S. 92, a bill to designate the outdoor amphitheater at the Blue Ridge Music Center in Galax, Virginia, as the “Rick Boucher Amphitheater”
June 9, 2023
As ordered reported by the Senate Committee on Energy and Natural Resources on May 17, 2023
Blog Post
CBO’s Panel of Economic Advisers, 2023
June 8, 2023
CBO announces the current members of its Panel of Economic Advisers.
Report
Monthly Budget Review: May 2023
June 8, 2023
The federal budget deficit was $1.2 trillion in the first eight months of fiscal year 2023, CBO estimates—$735 billion more than the shortfall recorded during the same period last year.
Report
Automatic Stabilizers in the Federal Budget: 2023 to 2033
June 7, 2023
CBO projects the budgetary effects of automatic stabilizers—as well as the size of deficits without them—from 2023 to 2033 and provides historical estimates of the stabilizers’ effects since 1973.
Cost Estimate
H.R. 555, Securing America’s Vaccines for Emergencies Act of 2023
June 7, 2023
As ordered reported by the House Committee on Financial Services on February 28, 2023
Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of June 12, 2023
June 7, 2023
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.
Cost Estimate
S. 1280, TRANQ Research Act of 2023
June 7, 2023
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 10, 2023
Cost Estimate
S. 318, Save Our Seas 2.0 Amendments Act
June 7, 2023
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2023
Presentation
CBO’s Role in the Federal Budget Process and Its Work Assessing Climate Change and Related Policies
June 6, 2023
Presentation by Nicholas Chase, CBO's Energy, Climate, and Environment Unit Chief, to the American Meteorological Society’s Summer Policy Colloquium.
Cost Estimate
H.R. 3224, Countering Weapons of Mass Destruction Extension Act of 2023
June 6, 2023
As ordered reported by the House Committee on Homeland Security on May 17, 2023
Cost Estimate
H.R. 3254, First Responder Access to Innovative Technologies Act
June 6, 2023
As ordered reported by the House Committee on Homeland Security on May 17, 2023
Blog Post
Presentations
June 6, 2023
CBO Director Phillip Swagel discusses his recent and upcoming presentations on CBO’s latest budget projections and fiscal outlook.
Cost Estimate
H.R. 277, REINS Act of 2023
June 5, 2023
As ordered reported by the House Committee on the Judiciary on
May 24, 2023
FASB
Small Business Advisory Committee Meeting Recap—May 18, 2023
June 9, 2023
FASB Issues New Chapter of Its Conceptual Framework: The Reporting Entity
June 8, 2023
GAO
Family Child Care Networks:
Actions Needed to Better Assess Quality Improvement Efforts
GAO-23-105640
Published:
Publicly Released:
The Department of Health and Human Services' Child Care and Development Fund is the primary source of federal funding for increasing low—income families' access to quality child care. States must use some of this money to improve the quality and availability of child care for all families. As part of this effort, states fund family child care networks, which offer services like coaching and training...
Federal Real Property:
GSA Should Include Community Input Requirements to Help Fulfill Design Excellence Program Goals
GAO-23-106139
Published:
Publicly Released:
Since 1994, the General Services Administration has commissioned designs for 153 buildings as part of its Design Excellence Program, which encourages the creative design of new buildings for federal agencies. However, we found that GSA doesn't require this program's architects to obtain and consider community input on building designs. Such requirements could help integrate federal buildings into the local community—and reduce local opposition to the...
Federal Real Property:
Lessons Learned from Setbacks in New Sale and Transfer Process Could Benefit Future Disposal Efforts
GAO-23-106848
Published:
Publicly Released:
This testimony discusses how the federal government manages unneeded property—an issue on our High Risk List. A 2016 law set up a 3-round process to select and prepare these federal buildings for sale. Proceeds from prior rounds of sales go into a fund to help pay upfront costs for the next round. However, some participating agencies said they faced setbacks. Delays in selling 1st-round properties...
Wildland Fire:
Federal Agencies Face Barriers to Recruiting and Retaining Firefighters
GAO-23-106888
Published:
Publicly Released:
U.S. wildfires have grown more severe in recent years. The Department of Agriculture's Forest Service and 4 agencies within the Department of the Interior rely on about 18,700 employees to fight fires. In this testimony, we discuss the federal wildland firefighter workforce. Low pay, career advancement challenges, poor work-life balance, and other factors have made it harder to get and keep these workers. The Forest...
Priority Open Recommendations:
Department of Defense [Reissued with revisions on Jun. 8, 2023]
GAO-23-106305
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Defense outlines 89 open recommendations that it should prioritize. For example, 8 recommendations dealt with accident prevention and the safety of servicemembers, including a recommendation that military services' safety centers standardize what...
Space Command and Control:
Improved Tracking and Reporting Would Clarify Progress amid Persistent Delays
GAO-23-105920
Published:
Publicly Released:
The Department of Defense relies on software-intensive systems for command and control of satellites and other space assets. With space more crowded than ever and threats to military satellites increasing, replacing DOD's aging command and control systems has become even more urgent. Reports on the system replacement program within DOD and to Congress don't include context, consistent metrics, or other information that would give a...
Congressional Award Foundation:
Review of the FY 2022 Financial Statement Audit
GAO-23-106672
Published:
Publicly Released:
The Congressional Award Foundation is a privately-funded charity established by Congress that recognizes American youth for their public service, personal development, physical fitness, and exploration of other cultures or the wilderness. The Foundation is required to have its financial statements audited each year, and we are required to review those audits. The Foundation's auditor issued an "unmodified" or clean opinion on its FY 2022 and...
Weapon Systems Annual Assessment:
Programs Are Not Consistently Implementing Practices That Can Help Accelerate Acquisitions
GAO-23-106059
Published:
Publicly Released:
This is our 21st annual assessment of DOD's weapon systems acquisition. We found that delivery of weapon systems continues to take longer than planned—affecting DOD's ability to meet threats. Supplier, software, and design problems drove these delays. We recommended that DOD update its policy on "modular open systems design"—an approach that helps DOD keep pace with advances in technology by allowing it to add or...
Tax Enforcement:
IRS Could Better Manage Alternative Dispute Resolution Programs to Maximize Benefits [Reissued with revisions on Jun. 7, 2023]
GAO-23-105552
Published:
Publicly Released:
This Fast Facts has been updated to correct a reference to the percentage of decline in program use. The IRS's alternative dispute resolution programs—which use an IRS mediator to resolve tax disputes between taxpayers and the agency—may be faster and less costly than its traditional appeals process. But the use of these programs fell by 65% between FYs 2013-2022, and the IRS doesn't have enough...
Public Health:
Leading Practices Could Help Guide HHS Reform Efforts to Address Risk and Improve Preparedness
GAO-23-106872
Published:
Publicly Released:
Health and Human Services leads and coordinates the federal government's preparedness for and response to public health emergencies. This testimony discusses our work over the past decade, which identified ongoing, systemic problems with HHS's performance in this role. These problems affected the nation's response to past emergencies, such as COVID-19. We have identified leading practices HHS agencies, such as the Centers for Disease Control and...
Missile Defense:
DOD Needs to Improve Oversight of System Sustainment and Readiness
GAO-23-105578
Published:
Publicly Released:
DOD's Missile Defense Agency develops systems to detect attacks and track, intercept, and destroy missiles in flight. MDA shares responsibility for operating and maintaining these systems with the military services. This shared sustainment responsibility can be difficult when MDA and the services have different priorities for different parts of the system. DOD doesn't have a specific entity that oversees sustainment decisions for the whole system...
Cybersecurity:
Interior Needs to Address Threats to Federal Systems and Critical Infrastructure
GAO-23-106869
Published:
Publicly Released:
The Department of the Interior protects and manages a number of the nation's natural resources. For example, it oversees safety and environmental standards at offshore oil and gas facilities. We testified that Interior could improve its cybersecurity programs and practices, including those at offshore facilities. A cyberattack on one of these facilities could do significant damage and disrupt oil and gas supplies. We've previously recommended...
Veterans Employment:
GI Bill Benefits Can Help Lead to Outdoor Recreation Careers
GAO-23-106149
Published:
Publicly Released:
Many veterans leave military service with wilderness survival and related skills that can translate into careers in outdoor recreation, such as park ranger. Veterans can build on these skills by using the GI Bill from the Department of Veterans Affairs towards degrees in environmental science, forestry, and related disciplines, as well as other specialized job training (e.g., mountain climbing instructor). Federal agencies, like the Forestry...
The Nation's Fiscal Health: Action Needed to Address Projected Unsustainable Debt Levels
GAO-23-106873
Published:
Publicly Released:
This testimony discusses our work on the nation's unsustainable fiscal path, the fiscal risks of debt limit impasses, and what Congress could do to address these challenges. For example: Large annual budget deficits drive debt growth as spending exceeds revenue Interest costs make up a larger share of total spending as overall debt and interest rates increase over the long-term Delays in raising or suspending...
IASB
June 2023 International Accounting Standards Board agenda and meeting papers now available
Meeting
9 June 2023
June 2023 Due Process Oversight Committee agenda and meeting papers now available
Meeting
8 June 2023
Tadeu Cendon and Rika Suzuki to serve a second term as IASB members
Appointment
8 June 2023
New appointments made to the SME Implementation Group
Appointment
7 June 2023
Join the staff—HR Assistant, North America
Careers
7 June 2023
World Economic Forum and ISSB partner to compile learnings on early sustainability reporting efforts
6 June 2023
IRS
Tax professionals: Four special events added to the 2023 IRS Nationwide Tax Forums
IR-2023-114, June 12, 2023 — Tax professionals who attend this summer’s IRS Nationwide Tax Forums will see a new series of special events, including sessions focused on practice management, the taxpayer experience and cybersecurity and a town hall meeting with the National Taxpayer Advocate.
Special options available to help taxpayers who missed the April deadline; people encouraged to file, pay by June 14 to avoid larger penalties and interest
IR-2023-113, June 9, 2023 — The IRS today encouraged taxpayers who owe unpaid taxes and missed the April 18 tax deadline to file their 2022 federal income tax return and pay any tax due by Wednesday, June 14, to avoid a larger late-filing penalty.
Time is running out: Taxpayers missing $1.5 billion in refunds for 2019 must file by July 17
IR-2023-112, June 8, 2023 ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline.
Mid-June estimated tax payment deadline in sight for many taxpayers
IR-2023-111, June 7, 2023 — The Internal Revenue Service today reminded taxpayers of the 2023 second quarter estimated tax deadline. Those who pay estimated taxes should consider the June 15 deadline to stay current with their taxes.
IRS grants penalty relief for corporations that did not pay estimated tax related to the new corporate alternative minimum tax
IR-2023-110, June 7, 2023 — The Department of Treasury and the Internal Revenue Service today issued Notice 2023-42, which will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax (CAMT).
NYS
PCAOB
SEC
SEC Unveils New Public Service Campaign Encouraging Older Investors to Never Stop Learning
2023-106
Washington D.C., June 12, 2023 — The Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) today unveiled a public service campaign that encourages older investors to never stop learning when it comes to protecting their hard-earned money and investing for their future. The campaign features a new TV spot, “Never Stop Learning,” which is available in English and Spanish, and four informational videos about caregivers, trusted contacts, protecting investors’ retirement money, and the red flags of investment fraud.
SEC Adopts Amendments to Remove References to Credit Ratings From Regulation M
2023-105
Washington D.C., June 7, 2023 — The Securities and Exchange Commission today adopted rule changes to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M, a set of rules that prohibits activities that could artificially influence the market for an offered security.
SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs
2023-104
Washington D.C., June 7, 2023 —The Securities and Exchange Commission today adopted rules to prevent fraud, manipulation, and deception in connection with security-based swap transactions and to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers and major security-based swap participants (SBS Entities).
SEC Seeks Emergency Relief to Ensure Binance.US Customers’ Assets are Protected
2023-103
Washington D.C., June 6, 2023 — The Securities and Exchange Commission today filed an emergency action application seeking a temporary restraining order freezing assets, directing defendants to repatriate assets held for the benefit of customers of the Binance.US crypto trading platform, and seeking other emergency relief against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings, Inc., and their founder, Changpeng Zhao, to ensure that Binance.US customers’ assets are protected and remain in the United States through the resolution of the SEC’s pending litigation of this matter.
SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency
2023-102
Washington D.C., June 6, 2023 — The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.
TIGTA