Trusted Professional

Regulatory Roundup - Feb. 15-22

CBO

Cost Estimate 
S. 2852, Long-Term Care Veterans Choice Act 
February 18, 2022 As ordered reported by the Senate Committee on Veterans’ Affairs on December 15, 2021

Presentation 
How Carbon Dioxide Emissions Would Respond to a Tax 
February 17, 2022
Presentation by Ron Gecan, an analyst in CBO’s Microeconomic Studies Division, to the Carbon Tax Study Group at PricewaterhouseCoopers.

Cost Estimate 
S. 818, Sunshine in the Courtroom Act of 2021 
February 17, 2022
As ordered reported by the Senate Committee on the Judiciary on June 24, 2

Cost Estimate 
H.R. 2377, Federal Extreme Risk Protection Order Act of 2021 
February 16, 2022
As ordered reported by the House Committee on the Judiciary on October 27, 2021

Cost Estimate 
H.R. 4609, National Institute of Standards and Technology for the Future Act of 2021 
February 16, 2022
As ordered reported by the House Committee on Science, Space, and Technology on July 27, 2021

Cost Estimate 
H.R. 1456, Peace Corps Reauthorization Act of 2021 
February 15, 2022
As ordered reported by the House Committee on Foreign Affairs on September 30, 2021

Cost Estimate 
H.R. 297, an act to require the Secretary of Agriculture to conduct a study on the establishment of, and the potential land that could be included in, a unit of the National Forest System in the State of Hawaii, and for other purposes 
February 15, 2022
As reported by the Senate Committee on Energy and Natural Resources on January 19, 2022

Cost Estimate 
H.R. 3460, State Antitrust Enforcement Venue Act of 2021 
February 15, 2022
As ordered reported by the House Committee on the Judiciary on June 24, 2021

Cost Estimate 
H.R. 3462, SBA Cyber Awareness Act 
February 15, 2022
As passed by the House of Representatives on November 2, 2021

Cost Estimate 
H.R. 4380, a bill to designate the El Paso Community Healing Garden National Memorial, and for other purposes 
February 15, 2022
As ordered reported by the House Committee on Natural Resources on January 19, 2022

Cost Estimate 
S. 1787, State Antitrust Enforcement Venue Act of 2021 
February 15, 2022
As reported by the Senate Committee on the Judiciary on February 3, 2022

Cost Estimate 
H.R. 2250, Department of Veterans Affairs Information Technology Reform Act of 2021 
February 14, 2022
As ordered reported by the House Committee on Veterans’ Affairs on November 4, 2021

Cost Estimate 
H.R. 2347, Strengthening the Vaccines for Children Program Act of 2021 
February 14, 2022
As ordered reported by the House Committee on Energy and Commerce on July 21, 2021

Cost Estimate 
H.R. 3555, Voters on the Move Registration Act of 2021 
February 14, 2022
As ordered reported by the House Committee on Financial Services on July 29, 2021

Cost Estimate 
H.R. 3858, National Science and Technology Strategy Act of 2021 
February 14, 2022
As ordered reported by the House Committee on Science, Space, and Technology on July 27, 2021

Cost Estimate 
H.R. 5497, Burma Unified through Rigorous Military Accountability Act of 2021 
February 14, 2022
As ordered reported by the House Committee on Foreign Affairs on October 21, 2021

Cost Estimate 
S. 1317, Sunset Crater Volcano National Monument Boundary Adjustment Act 
February 14, 2022
As reported Senate Committee on Energy and Natural Resources on January 31, 2022

Cost Estimate 
S. 2401, 21st Century Assistive Technology Act 
February 14, 2022
As reported by the Senate Committee on Health, Education, Labor, and Pensions on August 7, 2021 

GAO 

Tax Filing 
Preliminary Observations on IRS's Efforts to Address Persistent Challenges 
GAO-22-105802 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
During the 2021 filing season, IRS struggled with an unprecedented workload. The agency began with a backlog of 8 million returns from the prior year. It reduced that backlog, but as of Dec. 2021, IRS still had about 10.5 million new 2021 returns to process. 

Biodefense 
Opportunities to Address National Strategy and Programmatic Challenges 
GAO-22-105733 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
The 2018 National Biodefense Strategy outlines how the U.S. can prepare for and respond to biological threats, such as COVID-19. The pandemic highlighted shortcomings in federal response efforts. 

Spectrum Management 
Information Technologies for Managing Federal Use 
GAO-22-105221 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
Radio frequency spectrum is a scarce resource vital to activities such as national defense and air traffic control. The National Telecommunications and Information Administration manages its allocation to federal agencies. 

Artificial Intelligence 
Status of Developing and Acquiring Capabilities for Weapon Systems 
GAO-22-104765 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
DOD is working to develop AI capabilities—computer systems capable of tasks that normally require human intelligence. 

Military and Veteran Support 
DOD Has Taken Steps to Help Servicemembers Transfer Skills to Civilian Employment but Has Limited Evidence to Determine Program Effectiveness 
GAO-22-105261 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
The Department of Defense has programs to help servicemembers transition from military service to civilian employment. One program matches military training and skills with civilian occupations and provides resources to help servicemembers get the credentials they need. 

Defense Contracting 
More Insight into Use of Financing Payments Could Benefit DOD in Future Emergencies 
GAO-22-105007 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
The economic disruption from COVID-19 prompted concerns about the solvency of defense contractors and their suppliers. The Department of Defense normally finances some contractors' work on complex weapon systems through monthly "progress payments," e.g., paying 80% of invoiced expenses. 

Financial Audit 
FY 2021 and FY 2020 Consolidated Financial Statements of the U.S. Government 
GAO-22-105122 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
The Financial Report of the U.S. Government provides a comprehensive view of government finances, including revenues, costs, assets, liabilities, long-term sustainability, and the financial impact of the federal COVID-19 response. 

Financial Audit 
Federal Deposit Insurance Corporation Funds' 2021 and 2020 Financial Statements 
GAO-22-104601 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
The Federal Deposit Insurance Corporation insures over $9 trillion in deposits, and protects your money if your FDIC-insured bank fails. We audit and issue opinions annually on financial statements of FDIC's insurance funds and on related internal controls (e.g. 

Capitol Attack 
The Capitol Police Need Clearer Emergency Procedures and a Comprehensive Security Risk Assessment Process 
GAO-22-105001 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
As part of our comprehensive look at the events of January 6th, this report examines the U.S. Capitol physical security operations. 

National Nuclear Security Administration 
Actions Needed to Improve Usefulness of Common Financial Data 
GAO-22-104810 
Published: Feb 17, 2022. 
Publicly Released: Feb 17, 2022. 
The contractors who work at weapons labs, plants, and sites for the National Nuclear Security Administration track and report costs in different ways. However, Congress needs comparable information to provide oversight and to make budget decisions across these sites. 

FEMA 
Opportunities to Help Address Mission and Management Challenges 
GAO-22-105786 
Published: Feb 16, 2022. 
Publicly Released: Feb 16, 2022. 
FEMA leads the federal response to weather and climate-related disasters. FEMA has also played a key role in the COVID-19 response, even as disasters have become more frequent. 

National Security Snapshot 
Challenges Facing DOD in Strategic Competition with China 
GAO-22-105448 
Published: Feb 15, 2022. 
Publicly Released: Feb 15, 2022. 
China's growing economic, diplomatic, military, and technological power—and willingness to exercise it—poses a significant long-term challenge to the United States. 

Compacts of Free Association 
Implications of Planned Ending of Some U.S. Economic Assistance 
GAO-22-104436 
Published: Feb 14, 2022. 
Publicly Released: Feb 14, 2022. 
U.S. assistance to Micronesia, the Marshall Islands, and Palau provides as much as one-third of the countries' annual budgets. This includes grants—for things like health care and education—that will end in 2023 or 2024, so the U.S. 

Trafficking 
Use of Online Marketplaces and Virtual Currencies in Drug and Human Trafficking
GAO-22-105101 
Published: Feb 14, 2022. 
Publicly Released: Feb 14, 2022. 
Drug and human traffickers are increasingly using online marketplaces and virtual currencies to connect with buyers and hide payments. Online marketplaces can allow anonymity, connect buyers and sellers, and offer various payment options, including virtual currencies. 

IASB 

Invitation for nominations for membership of the SME Implementation Group 
17 February 2022 
APPOINTMENT 

Reminder call for papers: joint IASB, FASB and TAR 2022 conference 
16 February 2022 
CALL FOR PAPERS 

Update on appointments to the inaugural ISSB 
16 February 2022 
APPOINTMENT 

IASB issues IFRS Accounting Taxonomy Update for Disclosure of Accounting Policies and Definition of Accounting Estimates 
15 February 2022 
IFRS TAXONOMY UPDATE 

IFRS Foundation Trustees announce ASAF membership 2022–2024 
15 February 2022 
APPOINTMENT 

IRS 

IRS provides additional updates to Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit 
IR-2022-40, February 17, 2022 — The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit. 

IRS reminds those with farming, fishing businesses of March 1 tax deadline 
IR-2022-39, February 17, 2022 — The Internal Revenue Service today reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments. 

IRS provides further details on additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 
IR-2022-38, February 16, 2022 — The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021. 

Join the Taxpayer Advocacy Panel and help improve the IRS; apply by April 8 
IR-2022-37, February 16, 2022 — The Internal Revenue Service today announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). Applications will be accepted through April 8. 

Latest spearphishing scams target tax professionals 
IR-2022-36, February 16, 2022 — With tax season in full swing, the Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of new email scams that attempt to steal their tax software preparation credentials. 

Tax Time Guide: Make IRS.gov the first stop for tax help 
IR-2022-35, February 16, 2022 — With phone volumes continuing at historic levels, the Internal Revenue Service reminds taxpayers IRS.gov, should be the first stop for taxpayers seeking information and help with their federal taxes. 

IRS updates FAQs for Higher Education Emergency Grants 
IR-2022-34, February 15, 2022 — The Internal Revenue Service today updated its frequently asked questions (FAQs) on Higher Education Emergency Grants. 

IRS announces an update to the Form 14457, Voluntary Disclosure Practice Preclearance Request and Application 
IR-2022-33, February 15, 2022 — The Internal Revenue Service announced today that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised, including expanding a section on reporting virtual currency. 

IRS launches resource page on IRS.gov with latest details and information for taxpayers during filing season 
IR-2022-32, February 14, 2022 — To help taxpayers and tax professionals, the Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season and ongoing efforts by the agency to address the inventory of previously filed tax returns. 

NYS 

SEC 

Largest South Korean Telecommunications Co. Agrees to Pay the SEC to Settle FCPA Charges 
2022-30, Feb. 17, 2022 —   The Securities and Exchange Commission announced that Seoul-based KT Corporation (KT Corp.) will pay $6.3 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing improper payments for the benefit of government officials in Korea and Vietnam. 

SEC Charges Infinity Q Founder with Orchestrating Massive Valuation Fraud 
2022-29, Feb. 17, 2022 —  The Securities and Exchange Commission today charged James Velissaris, the former Chief Investment Officer and founder of Infinity Q Capital Management, with overvaluing assets by more than $1 billion while pocketing tens of millions of dollars in fees. 

Rita Sampson Named Director of Office of Equal Employment Opportunity 
2022-28, Feb. 16, 2022 —  The Securities and Exchange Commission today announced that Rita M. Sampson has been named Director of the agency’s Office of Equal Employment Opportunity (OEEO).   

SEC Charges 12 Additional Financial Firms for Failure to Meet Form CRS Obligations 
2022-27, Feb. 15, 2022 —  The Securities and Exchange Commission today announced that six investment advisers and six broker-dealers have agreed to settle charges that they failed to file and deliver client or customer relationship summaries – known as Form CRS – to their retail investors by the required deadline and, in some cases, failed to include all information necessary to satisfy Form CRS requirements.