Trusted Professional

Regulatory Roundup, Feb. 1-6

AICPA

Regulations Needed to Clarify Operation of Expanded Research Credit For Small Business Start Ups under PATH Act, AICPA Tells IRS
Washington, D.C. (February 1, 2017) – The American Institute of CPAs (AICPA) today recommended that the Internal Revenue Service (IRS) and the U.S. Department of the Treasury issue clarifying regulations regarding the expansion of research credit benefits.

CBO

Report
Supplemental Appropriations: 2000—Present
February 3, 2017

Presentation
The Macroeconomic and Budgetary Effects of Federal Investment
February 2, 2017

Working Paper
Inflation, Default, and the Currency Composition of Sovereign Debt in Emerging Economies: Working Paper 2017-01
February 2, 2017

Blog Post
Labor Market Projections
February 2, 2017

Report
Testimony on CBO’s Budget and Economic Outlook: 2017 to 2027
February 2, 2017

Blog Post
Projections of Interest Rates
February 1, 2017

Report
Testimony on CBO’s Budget and Economic Outlook: 2017 to 2027
February 1, 2017

FAF
Financial Accounting Foundation Names Kimberly A. Howard as Vice President Of Human Resources Financial Accounting Foundation
GAO

Union Activities:
VA Could Better Track the Amount of Official Time Used by Employees
GAO-17-105: Published: Jan 24, 2017. Publicly Released: Feb 3, 2017.

Military Compensation:
Additional Actions Are Needed to Better Manage Special and Incentive Pay Programs
GAO-17-39:Published: Feb 3, 2017. Publicly Released: Feb 3, 2017.

IASB

Monitoring Board announces appointment of new Chair
The IFRS Foundation Monitoring Board, responsible for oversight of the IFRS Foundation, today announced that Mr. Jean-Paul Servais, Vice-Chair of the IOSCO Board and Chairman of the Financial Services and Markets Authority of Belgium, has been appointed as the new Chair of the Monitoring Board. His term as Chair is for two years from March 2017.

IRS 

Identity Theft Remains on “Dirty Dozen” List of Tax Scams; IRS, States, Tax Industry Urge People to be Vigilant Against Criminals
IR-2017-22, Feb. 3, 2017 — The IRS today issued a filing season alert warning taxpayers and tax professionals to watch out for identity theft at tax time and highlighted the crime as a top scam in the agency’s “Dirty Dozen” series.

Use IRS Free File Software on Smart Phones or Tablets
IR-2017-21, Feb. 2, 2017 — The IRS today announced that taxpayers now may use their smart phones or tablets to electronically prepare and file their federal and state tax returns through IRS Free File.

Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others
IR-2017-20, Feb. 2, 2017 — The IRS, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors.

Phone Scams a Serious Threat; Remain on the IRS “Dirty Dozen” List of Tax Scams for 2017
IR-2017-19, Feb. 2, 2017 — Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, headlining the annual "Dirty Dozen" list of tax scams for the 2017 filing season, the IRS announced today.

Information Reporting Program Advisory Committee (IRPAC): IRS Names Seven New Information Reporting Advisory Members
IR-2017-18, Feb. 1, 2017 -- The Internal Revenue Service announced today the selection of seven new members for the Information Reporting Program Advisory Committee (IRPAC), which provides a forum for IRS officials and members of the public to address information reporting issues.

IRS Selects New Advisory Council Members
IR-2017-17, Feb. 1, 2017 -- The Internal Revenue Service today announced the selection of five new members to the Internal Revenue Service Advisory Council (IRSAC) and the 2017 IRSAC Chair. IRSAC provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues.

IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths
IR-2017-16, Feb 1, 2017 — As millions of people begin filing their tax returns, the Internal Revenue Service reminded taxpayers about some basic tips to keep in mind about their refunds.

Phishing Schemes Lead the IRS “Dirty Dozen” List of Tax Scams for 2017; Remain Tax-Time Threat
IR-2017-15, Feb. 1, 2017 — The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2017 filing season.    

NYC Dept. of Finance 

February 1, 2017
Real Estate Auction scheduled for February 8, 2017.

NYS Dept. of Taxation and Finance

A.G. Schneiderman & Acting Tax Commissioner Manion Announce Indictments Charging Nassau County Collision Repair Shops And Owner With Tax Fraud And Insurance Fraud
Defendants Allegedly Stole Over $480,000 In Sales Tax; Collision Shop Owner And His Wife Also Allegedly Failed To Remit Personal Income Taxes Totaling Over $160,000

Significant Tax Savings for Seniors: What You Should Know Before Filing Your Return
The New York State Department of Taxation and Finance today reminded seniors and retirees that certain “subtraction modifications” may reduce their New York State adjusted gross income, while tax credits they may qualify for decrease the tax due or increase their refund amount.

NYS Comptroller's Office 

NYS Common Retirement Fund Announces Third Quarter Results, Febuary 6, 2017
The New York State Common Retirement Fund’s (CRF) overall return in the third quarter of state fiscal year 2016-2017 was 1.11 percent for the three-month period ending Dec. 31, 2016, with an estimated value of $186 billion, according to New York State Comptroller Thomas P. DiNapoli. 

SEC

SEC Charges Investment Adviser With Stealing Investor Funds 
Washington D.C., Feb. 2, 2017 —The Securities and Exchange Commission today charged a Connecticut-based investment advisory business and its owner with stealing money from investors to settle a private lawsuit among other misuses.

SEC Charges Financial Adviser With Stealing From Client Accounts
Washington D.C., Feb. 3, 2017 —The Securities and Exchange Commission today charged an investment adviser representative with stealing approximately $5 million from client accounts by initiating unauthorized wire transfers and issuing checks to third parties to cover personal expenses.