Regulatory Roundup - July 16-22
AICPA
Press Release
AICPA Releases Comment Letter on Accounting Methods for Small Business
The AICPA has submitted recommendations to the IRS on accounting methods for small business taxpayers, as requested by the IRS.
July 19, 2019
Press Release
AICPA Releases Statement on Ratification of Tax Treaties
AICPA VP of Taxation, Edward Karl, applauded actions taken by the US Senate in a statement following the ratifications of international tax treaties with Spain, Switzerland, Japan and Luxembourg.
July 17, 2019
CBO
Cost Estimate
S. 1846, State and Local Cybersecurity Act of 2019
July 19, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019
Cost Estimate
H.R. 2852, Homebuyer Assistance Act of 2019
July 19, 2019
As ordered reported by the House Committee on Financial Services on July 11, 2019
Cost Estimate
S. 1416, Affordable Prescriptions for Patients Act of 2019
July 19, 2019
As reported by the Senate Committee on the Judiciary on June 28, 2019
Cost Estimate
H.R. 3206, Protecting Europe’s Energy Security Act of 2019
July 19, 2019
As ordered reported by the House Committee on Foreign Affairs on June 26, 2019
Cost Estimate
H.R. 3018, Ensuring Equal Access to Shelter Act of 2019
July 18, 2019
As ordered reported by the House Committee on Financial Services on June 11, 2019
Cost Estimate
S. 1867, DHS Countering Unmanned Aircraft Systems Coordinator Act
July 18, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019
Cost Estimate
S. 979, Federal Advance Contracts Enhancement Act
July 18, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019
Cost Estimate
S. 440, PACED Act
July 18, 2019
As reported by the Senate Committee on the Judiciary on June 28, 2019
Cost Estimate
H.R. 2942, Helping Expand and Launch Transitional Health for Women Veterans Act
July 17, 2019
As ordered reported by the House Committee on Veterans’ Affairs on July 11, 2019
Cost Estimate
H.R. 2943, Providing Benefits Information in Spanish and Tagalog for Veterans and Families Act
July 17, 2019
As ordered reported by the House Committee on Veterans’ Affairs on July 11, 2019
Cost Estimate
H.R. 748, Middle Class Health Benefits Tax Repeal Act of 2019
July 17, 2019
As posted on the House website docs.house.gov on July 15, 2019 (version HR748_SUS.XML)
Cost Estimate
S. 1694, One Small Step to Protect Human Heritage in Space Act
July 17, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 10, 2019
Cost Estimate
H.R. 3252, Global Respect Act
July 16, 2019
As ordered reported by the House Committee on Foreign Affairs on June 20, 2019
Cost Estimate
S. 1227, Prescription Pricing for the People Act of 2019
July 16, 2019
As reported by the Senate Committee on the Judiciary on June 28, 2019
Cost Estimate
S. 1151, Venezuelan Contracting Restriction Act
July 16, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on June 19, 2019
Cost Estimate
S.1895, Lower Health Care Costs Act
July 16, 2019
As ordered reported by the Senate Committee on Health, Education, Labor, and Pensions on June 26, 2019
Working Paper
The Effect of the Employer Match and Defaults on Federal Workers’ Savings Behavior in the Thrift Savings Plan: Working Paper 2019-06
July 16, 2019
This paper develops an empirical model to forecast the effects on employee contribution rates and on employer costs if the federal government changed the employer match or the default contribution rate for participants in the Thrift Savings Plan.
Presentation
CBO’s Economic Forecast: Understanding the Slowdown of Productivity Growth
July 16, 2019
Presentation by Robert Shackleton, an analyst in CBO’s Macroeconomic Analysis Division, at the NABE Foundation’s 16th Annual Economic Measurement Seminar.
Presentation
CBO’s 10-Year Budget and Economic Projections
July 16, 2019
Presentation by Jeffrey F. Werling, CBO’s Assistant Director for Macroeconomic Analysis, at the NABE Foundation’s 16th Annual Economic Measurement Seminar.
Cost Estimate
H.R. 391, White House Ethics Transparency Act of 2019
As ordered reported by the House Committee on Oversight and Reform on June 12, 2019
Cost Estimate
H.R. 2530, MSPB Interim Stay Authority Act
As ordered reported by the House Committee on Oversight and Reform on June 12, 2019
Cost Estimate
H.R. 3190, BURMA Act of 2019
As ordered reported by the House Committee on Foreign Affairs on June 20, 2019
Cost Estimate
H.R. 1388, Lytton Rancheria Homelands Act of 2019
As ordered reported by the Senate Committee on Indian Affairs on June 19, 2019
Cost Estimate
H.R. 2726, Banning Smoking on Amtrak Act of 2019
As ordered reported by the House Committee on Transportation and Infrastructure on June 26, 2019
Cost Estimate
H.R. 1941, Coastal and Marine Economies Protection Act
As ordered reported by the House Committee on Natural Resources on June 19, 2019
Cost Estimate
H.R. 205, Protecting and Securing Florida’s Coastline Act of 2019
As ordered reported by the House Committee on Natural Resources on June 19, 2019
Cost Estimate
H.R. 1365, a bill to make technical corrections to the Guam World War II Loyalty Recognition Act
As ordered reported by the House Committee on Natural Resources on June 19, 2019
FASB
FASB Staff Issues Q&A to Help Organizations Estimate Expected Credit Losses on Financial Assets [07/17/19]
Media Advisory
FASB Staff Q&A
Private Company Council [07/16/19]
June 24-25, 2019 Meeting Minutes
Federal Transit Administration Could Improve Information on Estimating Project Costs
2020 Census:
Bureau Is Making Progress Opening Offices and Recruiting, but Could Improve Its Ability to Evaluate Training
GAO-19-602: Published: Jul 19, 2019. Publicly Released: Jul 19, 2019.
Data Act:
Customer Agencies' Experiences Working with Shared Service Providers for Data Submissions
GAO-19-537: Published: Jul 18, 2019. Publicly Released: Jul 18, 2019.
Management Report:
Improvements Are Needed to Enhance the Internal Revenue Service's Information System Security Controls
GAO-19-474R: Published: Jul 18, 2019. Publicly Released: Jul 18, 2019.
Discretionary Transportation Grants:
Actions Needed to Improve Consistency and Transparency in DOT's Application Evaluations
GAO-19-541: Published: Jun 26, 2019. Publicly Released: Jul 18, 2019.
Border Security:
Assessment of the Department of Homeland Security's Border Security Improvement Plan
GAO-19-538R: Published: Jul 16, 2019. Publicly Released: Jul 16, 2019.
2020 Census:
Actions Needed to Address Key Risks to a Successful Enumeration
GAO-19-588T: Published: Jul 16, 2019. Publicly Released: Jul 16, 2019.
Consumer Reporting Agencies:
CFPB Should Define Its Supervisory Expectations
GAO-19-459: Published: Jul 16, 2019. Publicly Released: Jul 16, 2019.
EPA Advisory Committees:
Improvements Needed for Member Appointment Process
GAO-19-681T: Published: Jul 16, 2019. Publicly Released: Jul 16, 2019.
EPA Advisory Committees:
Improvements Needed for the Member Appointment Process
GAO-19-280: Published: Jul. 8, 2019 Publicly Released: Jul. 15, 2019
K-12 Education:
Certain Groups of Students Attend Alternative Schools in Greater Proportions Than They Do Other Schools
GAO-19-373: Published: Jun. 13, 2019 Publicly Released: Jul. 15, 2019
Medicare:
Limited Information Exists on the Effects of Synchronizing Medication Refills
GAO-19-520: Published: Jul. 15, 2019 Publicly Released: Jul. 15, 2019
IASB
22 July 2019
IFRS 9 webinar: Curing of a credit-impaired financial asset
17 July 2019
IASB proposes amendments to accounting for deferred tax
16 July 2019
Additional IASB meeting in August
IRS
Qualified Business Income sessions highlight 2019 Nationwide Tax Forum; 199A popular topic for tax pros attending
IR-2019-130, July 22, 2019 – The Internal Revenue Service reminded tax professionals that this year’s Nationwide Tax Forums offer several different sessions focusing on the new tax law’s provisions involving Qualified Business Income.
IRS expands list of preventive care for HSA participants to include certain care for chronic conditions
IR-2019-129, July 17, 2019 — The Internal Revenue Service today added care for a range of chronic conditions to the list of preventive care benefits that may be provided by a high deductible health plan (HDHP).
IRS provides additional details on transition tax on untaxed foreign earnings
IR-2019-128, July 16, 2019 — The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings.
IRS, states and industry outline ‘Security Six’ protections to help tax professionals and taxpayers be safer online
IR-2019-127, July 16, 2019 — Using a new “Taxes-Security-Together” Checklist, the Internal Revenue Service and the Security Summit partners urged tax professionals to review critical security steps to ensure they are fully protecting their computers and email as well as safeguarding sensitive taxpayer data
NYC Dept. of Finance
July 19, 2019
New York City Department of Finance extends tax lien sale deadline by 10 days.
SEC
SEC Charges Engine Manufacturing Company Executives With Accounting Fraud
2019-137, July 19, 2019 —The Securities and Exchange Commission today charged the former chief executive officer of a Chicago-area engine manufacturing company and two former senior sales executives for their roles in an accounting fraud that allegedly overstated the publicly-traded company’s revenues by almost $25 million.
SEC Obtains Asset Freeze in Microcap Pump and Dump Scheme Targeting Elderly Retail Investors
2019-136., July 18, 2019 — The Securities and Exchange Commission today announced an emergency action charging two individuals with running a pump and dump scheme targeting retail investors. The SEC also obtained an emergency court order freezing the defendants' assets.
SEC Charges Portfolio Manager with Mispricing Fund Investments
2019-135., July 18, 2019 — The Securities and Exchange Commission today announced settled administrative proceedings against Swapnil Rege, a North Brunswick, New Jersey portfolio manager and trader, for mispricing private fund investments, resulting in a large personal bonus.
SEC Retail Strategy Task Force to Host Roundtable on Combating Elder Investor Fraud
2019-134., July 18, 2019 —The Securities and Exchange Commission today announced that its Retail Strategy Task Force will host a roundtable on October 3 on combating elder investor fraud. The roundtable will focus on the types of fraudulent and manipulative schemes currently targeting elder investors. The roundtable also will explore views from a broad range of regulators and industry experts on potential steps regulators, broker-dealers, investment advisers, and others can take to identify and combat elder investor fraud.
Former REIT Manager and Executives to Settle SEC Charges for More Than $60 Million
2019-133, July 16, 2019 — The Securities and Exchange Commission today charged AR Capital LLC, its founder Nicholas S. Schorsch, and its former CFO Brian Block with wrongfully obtaining millions of dollars in connection with two separate mergers between real estate investment trusts (REITs) that were sponsored and externally managed by AR Capital. The defendants agreed to settle the matter by, among other things, cumulatively agreeing to over $60 million in disgorgement, prejudgment interest and civil penalties.
SEC and NASAA Explain Application of Securities Laws to Opportunity Zone Investments
2019-132, July 15, 2019 — The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have issued a summary that explains the application of the federal and state securities laws to opportunity zone investments. The "opportunity zone" program was established by the Tax Cuts and Jobs Act in December 2017 to provide tax incentives for long-term investing in designated economically distressed communities.