Regulatory Roundup: February 7–13
AICPA
AICPA sends 2023 Compendium of Tax Proposals to Capitol Hill
February 7, 2023
CBO
Working Paper
Defined Benefit and Defined Contribution Plans and the Distribution of Family Wealth: Working Paper 2023-02
February 10, 2023
Using data from 1989 through 2019, the paper examines how changes in retirement wealth, including those stemming from the shift from defined benefit to defined contribution plans, affect measures of wealth concentration.
Report
Availability and Use of the F/A-18E/F Super Hornet Fighter Aircraft
February 9, 2023
CBO compares the availability and use of the Navy’s F/A-18E/F Super Hornet fighter aircraft with the availability and use of their predecessor F/A-18C/D Hornets and other aircraft. Super Hornets have aged more adversely than the F/A-18C/Ds.
Report
Monthly Budget Review: January 2023
February 8, 2023
The federal budget deficit was $459 billion in the first four months of fiscal year 2023, CBO estimates—$200 billion more than the shortfall recorded during the same period last year.
Cost Estimate
H.J. Res. 24, Disapproving the action of the District of Columbia Council in approving the Local Resident Voting Rights Amendment Act of 2022
February 6, 2023
As introduced on January 31, 2023
Cost Estimate
H.J. Res. 26, Disapproving the action of the District of Columbia Council in approving the Revised Criminal Code Act of 2022
February 6, 2023
As introduced on February 2, 2023
Cost Estimate
H.R. 185, A bill to terminate the requirement imposed by the Director of the Centers for Disease Control and Prevention for proof of COVID-19 vaccination for foreign travelers, and for other purposes
February 6, 2023
As introduced on January 9, 2023
FASB
GAO
Abandoned Hardrock Mines:
Land Management Agencies Should Improve Reporting of Total Cleanup Costs
GAO-23-105408
Published: . Publicly Released: .
There are thousands of abandoned hardrock mine features—e.g., pits or tunnels—on federal lands, which can pose risks to human health or wildlife. The Departments of the Interior and Agriculture spent about $109 million and $10 million, respectively, to clean up such contamination during FYs 2017-2021. Both agencies said they have more abandoned hardrock mines than funds to clean them up. But the agencies haven't clearly...
Factors Related to Eligibility and Acceptance of Offers to Participate in DOJ Funded Adult Drug Courts
GAO-23-105272
Published: . Publicly Released: .
Adult drug courts are specialized courts for criminal offenders with substance use disorders. They work to divert individuals from the criminal justice system by offering drug treatment and rehabilitation services and incentives like reduced jail time. We looked at reasons why some individuals may not participate in these programs. We found that some people may not be eligible because of violent criminal records or mental...
VA Mental Health:
Additional Action Needed to Assess Rural Veterans' Access to Intensive Care
GAO-23-105544
Published:
Publicly Released:
Our past work and other research shows that veterans—especially those living in rural areas—can have trouble getting the mental health care they need. Veterans Health Administration officials confirmed that veterans living in rural areas face unique barriers to accessing mental health care, such as staff shortages in rural facilities and transportation issues. VHA assesses its intensive mental health care programs but doesn't specifically monitor rural...
Unemployment Insurance:
DOL Needs to Address Substantial Pandemic UI Fraud and Reduce Persistent Risks
GAO-23-106586
Published:
Publicly Released:
Congress created 4 new unemployment insurance programs to support workers during the COVID-19 pandemic. Following this expansion, the amount of fraud in these programs increased. We estimate that, during the pandemic, total fraud in these programs was over $60 billion and perhaps much higher. The Department of Labor has issued guidance, provided funding to states, and recommended improvements to state unemployment insurance programs to address...
Information Technology:
IRS Needs to Complete Modernization Plans and Fully Address Cloud Computing Requirements
GAO-23-104719
Published:
Publicly Released:
The IRS relies extensively on its IT systems to collect taxes and distribute refunds. However, much of its IT infrastructure is outdated, which can increase cybersecurity risks, staffing issues, and costs. As of August 2022, the IRS had 21 modernization initiatives, including 9 to replace its outdated IT systems. However, 6 of those 9 initiatives did not specify how they would dispose of outdated systems—a...
Critical Infrastructure Protection:
Time Frames to Complete DHS Efforts Would Help Sector Risk Management Agencies Implement Statutory Responsibilities
GAO-23-105806
Published:
Publicly Released:
Protecting critical infrastructure—like water supplies, electricity grids, and food production—is a national priority. Events like natural disasters or cyberattacks can disrupt services that Americans need for daily life. Many federal agencies are tasked with protecting the nation's critical infrastructure and look to the Cybersecurity and Infrastructure Security Agency for leadership on how to do it. A 2021 law expanded these agencies' responsibilities and added some...
Cybersecurity High-Risk Series:
Challenges in Protecting Cyber Critical Infrastructure
GAO-23-106441
Published:
Publicly Released:
Federal systems are vulnerable to cyberattacks. Our High Risk report identified 10 critical actions for addressing federal cybersecurity challenges. In this report, the third in a series of four, we cover the action related to protecting cyber critical infrastructure—specifically, strengthening the federal role in cybersecurity for critical infrastructure. For example, the Department of Energy needs to address cybersecurity risks to the U.S. power grid. We've...
Middle-Tier Defense Acquisitions:
Rapid Prototyping and Fielding Requires Changes to Oversight and Development Approaches
GAO-23-105008
Published:
Publicly Released:
DOD is working to improve how fast it develops and delivers weapon systems. DOD has been using a streamlined process to do so—known as the middle tier of acquisitions or MTA pathway—which aims to deliver systems within 5 years from program start. We found that certain MTA programs that we reviewed don't fully incorporate 4 key principles of product development, such as dropping less urgent...
Export Controls:
State Needs to Improve Compliance Data to Enhance Oversight of Defense Services
GAO-23-106379
Published:
Publicly Released:
U.S. companies or individuals that sell certain defense services, like military training, to foreign buyers often need permission first from the State Department, which enforces U.S. International Arms Trafficking Regulations. According to State, from FYs 2013-2021, it received 8,547 voluntary disclosures of potential regulation violations from exporters. However, State said it could not readily provide data from its compliance database on how many disclosures or...
GASB
GASB Proposes Guidance to Assist with Application of Subscription-Based Information Technology Arrangements
February 6, 2023
IASB
February 2023 International Accounting Standards Board agenda and meeting papers now available
Meeting
10 February 2023
IRS
IRS and Treasury provide guidance on the Qualifying Advanced Energy Project Credit
IR-2023-27, Feb. 13, 2023 — The Department of the Treasury and the Internal Revenue Service today provided guidance following the enactment of the Inflation Reduction Act to establish a program to allocate credits for qualified investments in eligible qualifying advanced energy projects.
Treasury and IRS provide guidance on energy projects for low-income communitiesIR-2023-26, Feb. 13, 2023 — The Department of the Treasury and the Internal Revenue Service today provided guidance to establish a program to provide solar and wind power to certain low-income areas under the Inflation Reduction Act.
IRS announces new pilot phase for Compliance Assurance Process program
IR-2023-25, Feb. 13, 2023 — The Internal Revenue Service today announced changes to the Bridge phase of the Compliance Assurance Process (CAP) program. CAP is a cooperative pre-filing program for large corporate taxpayers.
Interest rates remain the same for the second quarter of 2023
IR-2023-24, Feb. 13, 2023 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2023.
IRS issues guidance on state tax payments to help taxpayers
IR-2023-23, Feb. 10, 2023 — The IRS provided details today clarifying the federal tax status involving special payments made by 21 states in 2022.
New IRS feature allows taxpayers electronically filing amended returns to choose direct deposit to speed refunds
IR-2023-22, Feb. 9, 2023 — In the latest improvement for taxpayers, the Internal Revenue Service announced today that people electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund.
IRS Chief Counsel is hiring attorneys; multiple job openings posted to help enhance the taxpayer experience and address high-end noncompliance
IR-2023-21 Feb. 8, 2023 — The Internal Revenue Service’s Office of Chief Counsel today announced plans to hire additional attorneys to assist the agency in enhancing the taxpayer experience and addressing high-end, complex noncompliance.
IRS announces special Saturday hours for face-to-face help; dozens of Taxpayer Assistance Centers open across the nation
IR-2023-20, Feb. 6, 2023 — As part of a continuing effort to improve service this tax season, the Internal Revenue Service today announced special Saturday hours for the next four months at Taxpayer Assistance Centers (TACs) across the country.
NYS
Receive Your Money Faster and Quickly Check on Your Refund
February 13, 2023
DFS Superintendent Adrienne A. Harris Adopts Community Reinvestment Act Regulation to Improve Lending to Minority-and Women-Owned Businesses
February 8, 2023
SEC
Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges
2023-25
Washington D.C., Feb. 9, 2023 — The Securities and Exchange Commission today charged Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as Kraken, with failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent.
SEC Division of Examinations Announces 2023 Priorities
2023-24
Washington D.C., Feb. 7, 2023 — The Securities and Exchange Commission’s Division of Examinations today announced its 2023 examination priorities. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.
SEC Seeks Applicants for Public Company Accounting Oversight Board Seat
2023-23
Washington D.C., Feb. 7, 2023 — The Securities and Exchange Commission today announced the start of the selection process to fill a seat on the Public Company Accounting Oversight Board (PCAOB) that will become vacant in October. The PCAOB appointment is for a five-year term from October 2023-October 2028. Under the current composition of the PCAOB Board, the candidate selected must be or have been a Certified Public Accountant (CPA).
TIGTA
February 8, 2023
Opportunities Exist for the IRS to Develop a More Coordinated Approach to Examination Workplan Development and Resource Allocation
Report Number
2023-30-008