Regulatory Roundup: October 8-14
AICPA
Keynote speakers announced for AICPA & CIMA ENGAGE CFO Strategy & Innovation Summit 2024
October 13, 2024
CBO
Cost Estimate
H.R. 4206, Bank Safety Act of 2023
October 11, 2024
As ordered reported by the House Committee on Financial Services on April 17, 2024
Cost Estimate
H.R. 7233, Jenna Quinn Law of 2024
October 10, 2024
As ordered reported by the House Committee on Education and the Workforce on September 11, 2024
Report
CBO’s Recent Publications and Work in Progress as of September 30, 2024
October 9, 2024
In this report, the latest in a quarterly series, CBO highlights its recent publications and summarizes its work in progress.
Cost Estimate
S. 2492, Ending Improper Payments to Deceased People Act
October 9, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024
Cost Estimate
H.R. 7776, Help Hoover Dam Act
October 8, 2024
As ordered reported by the House Committee on Natural Resources on June 12, 2024
Cost Estimate
H.R. 8068, Stop the Baseline Bloat Act of 2024
October 8, 2024
As ordered reported by the House Committee on the Budget on September 25, 2024
Cost Estimate
H.R. 9686, HEALTH Panel Act
October 8, 2024
As ordered reported by the House Committee on the Budget on September 25, 2024
Cost Estimate
H.R. 9711, Congressional Budget Office Scheduling Reform Act
October 8, 2024
As ordered reported by the House Committee on the Budget on September 25, 2024
Cost Estimate
H.R. 9714, CBO Oversight Act
October 8, 2024
As ordered reported by the House Committee on the Budget on September 25, 2024
Cost Estimate
H.R. 9716, Increasing Baseline Updates Act
October 8, 2024
As ordered reported by the House Committee on the Budget on September 25, 2024
Cost Estimate
H.R. 9751, Executive Action Cost Transparency Act
October 8, 2024
As ordered reported by the House Committee on the Budget on September 25, 2024
CBO describes how it selects and uses discount rates to produce estimates for a wide range of federal activities that can have budgetary effects far into the future.
FASB
October 7, 2024
GAO
Federal student loan payments were paused for more than 3 years due to COVID-19. Payments resumed in October 2023. This Q&A report looks at how the Department of Education communicated with borrowers about resuming their payments. Before payments resumed, Education notified borrowers about the upcoming change via email, text message, social media, and its website. It also sent information to borrowers about temporary relief options...
The Department of Defense continues to work toward its goal of improving its financial management. To help, DOD can use workforce planning strategies to determine its financial management staffing needs, and fill any gaps it finds. Although DOD has some information on its federal financial management workforce, it doesn't know how many contractors it has, or what they do. This makes it harder to identify...
Homelessness: Actions to Help Better Address Older Adults' Housing and Health Needs
An estimated 138,000 older adults experienced homelessness on a single night in 2023. We interviewed service providers and other stakeholders, and older adults (aged 55 and up) who had experienced homelessness. Providers said finding affordable housing with accessibility features such as grab bars was particularly difficult. Similarly, older adults may need hard-to-find services such as home health care once in housing. More clearly defined goals...
GASB
October 10, 2024
IASB
11 Oct 2024
8 Oct 2024
IRS
IR-2024-267, Oct. 11, 2024 — The Internal Revenue Service announced today in Revenue Procedure 2024-39 that grants certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return, with relevant schedules and forms.
IR-2024-266, Oct. 11, 2024 — In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service today reassured victims that it stands ready to provide the tax-related assistance they need to recover from these storms.
IR-2024-265, Oct. 11, 2024 — In response to disruptions resulting from Hurricane Milton, the Internal Revenue Service will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway throughout the state of Florida.
IR-2024-263, Oct. 10, 2024 —The IRS announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
IR-2024-261, Oct. 7, 2024 — The Department of the Treasury and the IRS today issued proposed regulations addressing the federal tax classification of corporations or LLCs that are owned entirely by Indian Tribal governments (Tribes) and formed under the laws of the Tribes that own them. Generally, entities formed under the laws of a Tribe are known as Tribal law entities.
Treasury and IRS issue final regulations identifying syndicated conservation easement transactions as abusive tax transactions
IR-2024-259, October 7, 2024 — The Department of the Treasury and the Internal Revenue Service today issued final regulations identifying certain syndicated conservation easement transactions as "listed transactions" – abusive tax transactions that must be reported to the IRS.
SEC
SEC Charges U.S.-Based Moog Inc. with FCPA Violations for Subsidiary’s Role in Indian Bribery Scheme
2024-170
Washington D.C., Oct. 11, 2024 —The Securities and Exchange Commission today announced that Moog Inc., a New York-based global manufacturer of motion controls systems for aerospace, defense, industrial and medical markets, agreed to pay a civil penalty of $1.1 million to resolve the SEC’s charges that it violated the Foreign Corrupt Practices Act (FCPA) arising out of bribes paid by its wholly owned Indian subsidiary, Moog Motion Controls Private Limited (Moog Motion Controls).
Washington D.C., Oct. 10, 2024 — The Securities and Exchange Commission today charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities, in violation of the registration requirements of the federal securities laws that are designed to protect investors.
Washington D.C., Oct. 10, 2024 — The Securities and Exchange Commission today announced a $12 million award to be split among three joint whistleblowers who provided critical information and assistance in an SEC enforcement action.
Washington D.C., Oct. 10, 2024 — The Securities and Exchange Commission today announced charges against Rimar Capital USA, Inc. (Rimar USA), Rimar Capital, LLC (Rimar LLC), Itai Liptz, and Clifford Boro for making false and misleading statements about Rimar LLC’s purported use of artificial intelligence, or AI, to perform automated trading for client accounts and numerous other material misrepresentations. The parties agreed to settle the SEC’s charges and pay $310,000 in total civil penalties.
Washington D.C., Oct. 9, 2024 — The Securities and Exchange Commission today announced fraud charges against three companies purporting to be market makers and nine individuals for engaging in schemes to manipulate the markets for various crypto assets being offered and sold as securities to retail investors. As alleged, the schemes were intended to induce investor victims to purchase the crypto assets by creating the false appearance of an active trading market for them.
Washington D.C., Oct. 9, 2024 — The Securities and Exchange Commission today charged Minerco Inc. (former over-the-counter ticker: MINE), Bobby Shumake Japhia, and Julius Makiri Jenge, for their roles in an alleged pump-and-dump scheme that defrauded investors out of approximately $8 million while generating millions of dollars in ill-gotten proceeds from sales of Minerco stock.
Washington D.C., Oct. 9, 2024 — The Securities and Exchange Commission is closely monitoring the impact of Hurricane Milton on investors and capital markets. The SEC also continues to monitor the prior impact of Hurricane Helene.