AICPA

AICPA’s New Discussion Paper Prepares CPAs Making Professional Judgments on Attestation Materiality in the Current Business Environment
Covid-19 has impacted many aspects of the audit, and this nonauthoritative guidance highlights challenges with materiality.
August 14, 2020

Press Release
AICPA Honors Four Accounting Academics for Their Contributions to the Profession
Tonya Flesher earns Distinguished Achievement in Accounting Education Award an Mary Barth, Wayne Landsman and Daniel Taylor share 2020 Notable Contributions to Accounting Literature.
August 13, 2020

Press Release
AICPA Requests Guidance, Clarity on Payroll Tax Deferral Memo
AICPA asked Treasury and IRS to provide additional guidance on recent payroll tax deferral memo.
August 13, 2020

Press Release
AICPA Awards 150 Scholarships Totaling more than $750,000 for 2020-21 School Year
The AICPA and AICPA Foundation awarded 150 college scholarships worth more than $750,000 todal.
August 11, 2020

CBO

Report
Sequestration Update Report: August 2020
August 13, 2020
In a report required by law, CBO provides estimates of the caps on discretionary funding for fiscal years 2020 and 2021. CBO concludes that the discretionary appropriations provided to date for 2020 do not exceed the caps for this year.

FASB

FASB Seeks Public Comment on Private Company Council Proposal on Determining Current Price of an Underlying Share for Equity-Classified Share-Option Awards  [08/17/20]
Media Advisory
Exposure Document

FASB Launches Post-Implementation Review Web Portal  [08/11/20]
Media Advisory
PIR Portal
FASB In Focus

GAO

GAO Audits Involving DOD:
Status of Efforts to Schedule and Hold Timely Entrance Conferences
GAO-20-690R: Published: Aug 14, 2020. Publicly Released: Aug 14, 2020.

Social Security Disability:
Information on Wait Times, Bankruptcies, and Deaths among Applicants Who Appealed Benefit Denials
GAO-20-641R: Published: Aug 13, 2020. Publicly Released: Aug 13, 2020.

Anti-Money Laundering:
FinCEN Should Enhance Procedures for Implementing and Evaluating Geographic Targeting Orders
GAO-20-546: Published: Jul 14, 2020. Publicly Released: Aug 13, 2020

Homelessness:
Better HUD Oversight of Data Collection Could Improve Estimates of Homeless Population
GAO-20-433: Published: Jul 14, 2020. Publicly Released: Aug 13, 2020.

Retirement Security:
Older Women Report Facing a Financially Uncertain Future
GAO-20-435: Published: Jul 14, 2020. Publicly Released: Aug 13, 2020.

Facial Recognition Technology:
Privacy and Accuracy Issues Related to Commercial Uses
GAO-20-522: Published: Jul 13, 2020. Publicly Released: Aug 11, 2020.

Child Welfare and Aging Programs:
HHS Could Enhance Support for Grandparents and Other Relative Caregivers
GAO-20-434: Published: Jul. 10, 2020 Publicly Released: Aug. 10, 2020

National Bio and Agro-defense Facility:
DHS and USDA Are Working to Transfer Ownership and Prepare for Operations, but Critical Steps Remain
GAO-20-331: Published: Jul. 10, 2020 Publicly Released: Aug. 10, 2020

Transportation Research:
Additional Actions Could Improve DOT's Internal Collaboration and Reliability of Information on Research Activities
GAO-20-622: Published: Aug. 10, 2020 Publicly Released: Aug. 10, 2020

GASB

GASB Offers Grants for Research on Severe Financial Stress  [08/12/20]
Request for Research

IASB

14 August 2020
Review of the IFRS for SMEs Standard—what does alignment mean?

IRS

IRS takes new steps to ensure people with children receive $500 Economic Impact Payments
IR-2020-180, August 14, 2020 — The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children.

Global disruption of three terror finance cyber-enabled campaigns (PDF)
Issued by the Department of Justice on August 13, 2020 — The Justice Department today announced the dismantling of three terrorist financing cyber-enabled campaigns, involving the al-Qassam Brigades, Hamas’s military wing, al-Qaeda, and Islamic State of Iraq and the Levant (ISIS).

IRS reminds truckers of Aug. 31 highway use tax return deadline; e-file encouraged
IR-2020-179, August 13, 2020 — The Internal Revenue Service today reminded owners of most heavy highway vehicles of their responsibility to timely file Form 2290, Heavy Highway Vehicle Use Tax Return.

Working Virtually: Avoid phishing scams; Part 4 of Security Summit tips for tax professionals
IR-2020-178, August 11, 2020 — The Internal Revenue Service and the Security Summit partners today warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners.

Joint Board announces temporary waiver of “physical presence” education requirement for enrolled actuaries
IR-2020-177, August 10, 2020 — The Joint Board for the Enrollment of Actuaries today provided enrolled actuaries with notice that it is waiving the physical presence requirement for continuing professional education (CPE) credit for any formal programs conducted from January 1, 2020, through December 31, 2022.

NYS

New York City Tax Preparer Charged with Failing to File His Own Taxes
August 13, 2020​

DFS Announces 2021 Health Insurance Premium Rates, Protecting Consumers During Covid-19 Pandemic
August 13, 2020​

NYS Department of Labor Thwarts More Than $1 Billion in Unemployment Insurance Fraud During Pandemic, Stops More Than 40,000 Fraudulent Claims
August 13, 2020​

SEC

SEC Charges Hertz’s Former CEO With Aiding and Abetting Company’s Financial Reporting and Disclosure Violations
2020-183, Aug. 13, 2020 — The Securities and Exchange Commission today charged former Hertz CEO and Chairman Mark Frissora with aiding and abetting the company in its filing of inaccurate financial statements and disclosures.  Frissora has agreed to settle the charges and repay Hertz nearly $2 million in incentive-based compensation.

Advisory Firm Settles Charges of Defrauding Investors, Agrees to Refund Allegedly Ill-Gotten Gains to Harmed Clients
2020-182, Aug. 13, 2020 — The Securities and Exchange Commission today announced that SCF Investment Advisors, Inc. (SCF) has agreed to settle charges that it selected mutual funds and cash sweep money market funds for clients that provided undisclosed revenue to the firm’s affiliated broker-dealer and were more expensive than other available options for the same funds.  The settlement includes a distribution of money to harmed clients of the Fresno, California-based investment advisory firm.

SEC Charges Issuer and CEO With Misrepresenting Platform Technology in Fraudulent ICO
2020-181, Aug. 13, 2020 — The Securities and Exchange Commission today announced charges against Virginia-based Boon.Tech and its chief executive officer Rajesh Pavithran for fraud and registration violations in connection with a $5 million initial coin offering (ICO) of digital asset securities.

Deputy Chief Accountant Marc Panucci to Leave SEC
2020-180, Aug. 12, 2020 — The Securities and Exchange Commission today announced that Marc Panucci, Deputy Chief Accountant, plans to leave the agency later this month.
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Sebastian Gomez Abero Named Deputy Director of SEC's Small Business Advocacy Office
2020-179, Aug. 11, 2020 —The Securities and Exchange Commission today announced that Sebastian Gomez Abero has been named Deputy Director of the SEC's Office of the Advocate for Small Business Capital Formation (OASB). In his new role, he will oversee strategic initiatives and help lead the team in the SEC's newest office, which is focused on advocating for solutions to challenges faced by small businesses and their investors in raising capital, from startups to small cap public companies. In addition, the office proactively works to identify and address unique challenges faced by minority-owned, women-owned, rural, and natural disaster area-affected small businesses as well as their investors.

TIGTA

Existing Controls Did Not Prevent Unauthorized Disclosures and Case Documentation Issues in Appeals Trust Fund Recovery Penalty Cases