The Trusted Professional

Regulatory Roundup: July 8 - 14

AICPA

Taxpayer Victory – Natural Disasters Act to Deliver Rapid Relief and Certainty, Headed to President’s Desk for Signature
Jul 11, 2025

AICPA Requests Guidance on SECURE 2.0 Roth Mandated Catch-Up Contributions
Jul 10, 2025

CIMA, PICPA, and PAMA renew tripartite partnership Memorandum of Understanding to nurture accounting and finance talent in Philippines
Jul 06, 2025

CBO

July 11, 2025
In this report, the latest in a quarterly series, CBO highlights its recent publications and summarizes its work in progress.

Cost Estimate
July 11, 2025
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 21, 2025

Cost Estimate
July 11, 2025
As passed by the Senate on June 17, 2025

Cost Estimate
July 11, 2025
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 21, 2025

Cost Estimate
July 11, 2025
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on February 5, 2025

Cost Estimate
July 10, 2025
As posted on the website of the House Committee on Rules on July 2, 2025

Report
July 10, 2025
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire. This report updates CBO's preliminary report that was released on January 15, 2025.

Cost Estimate
July 10, 2025
As ordered reported by the House Committee on Oversight and Government Reform on March 25, 2025

Cost Estimate
July 10, 2025
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

Cost Estimate
July 10, 2025
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 12, 2025

Cost Estimate
H.R. 1605, SOPRAJuly 9, 2025As ordered reported by the House Committee on the Judiciary on May 21, 2025

Cost Estimate
July 9, 2025
As ordered reported by the House Committee on Transportation and Infrastructure on June 11, 2025

July 9, 2025
The federal budget deficit totaled $1.3 trillion in the first nine months of fiscal year 2025, CBO estimates. That amount is $65 billion more than the deficit recorded during the same period last fiscal year.

Cost Estimate
July 9, 2025
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 30, 2025

Cost Estimate
July 8, 2025

As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 12, 2025

FASB

July 7, 2025

GAO

FAA Enforcement:
Waivers of Rights to Recover Attorney's Fees in Settlements
GAO-25-107675Published: Jul 14, 2025 . Publicly Released: Jul 14, 2025 .The Federal Aviation Administration certifies pilots, mechanics, and others. If certificate holders violate certain laws, regulations, or orders, FAA can act to suspend or revoke their certificates, among other things. If certificate holders dispute the action and win, they may be entitled to recover some legal costs from FAA. If they agree to settle, FAA requires them to waive that right. Pilot organizations and others...

GAO-25-107462
Published: Jul 14, 2025 . Publicly Released: Jul 14, 2025 .

Comparative clinical effectiveness research compares the success and outcomes of available treatment options for various diseases and conditions. Findings from this research can provide important information on more effective treatments. The Department of Health and Human Services shares these research findings with the public and helps to apply the findings in health care settings. But we found that HHS hasn’t done a thorough evaluation of...

Social Security Administration
GAO-25-108464Published: Jul 7, 2025 . Publicly Released: Jul 14, 2025 .

GAO-25-108627
Published: Jul 11, 2025 . Publicly Released: Jul 11, 2025 .
We testified on Veterans Affairs' IT reform efforts before the House Committee on Veterans' Affairs Subcommittee on Technology Modernization. It is based primarily on the following report: Government Reorganization: Key Questions to Assess Agency Reform Efforts

GAO-25-107508
Published: Jul 10, 2025 . Publicly Released: Jul 10, 2025 .
Organized groups of individuals working together have defrauded public programs, as was evident during the COVID-19 pandemic. Such groups comprised almost half of those convicted of COVID-19 fraud. These groups include organized criminal enterprises, groups organized around particular programs, and clusters of individuals exploiting new opportunities. These groups have used technology, program knowledge, and other means to commit fraud on a large scale against government...

GAO-25-107526
Published: Jul 10, 2025 . Publicly Released: Jul 10, 2025 .
Serious mental illnesses affected 14.6 million adults in 2023. Left untreated, such illnesses can lead to issues like poor health and higher medical costs. Assisted outpatient treatment can help adults with serious mental illnesses who can't live safely on their own. It can include medication and referrals for social services. But it is controversial because it's court-ordered and involuntary. HHS awards grants to organizations to...

GAO-25-108509
Published: Jul 10, 2025 . Publicly Released: Jul 10, 2025 .

GAO-25-107555
Published: Jul 10, 2025 . Publicly Released: Jul 10, 2025 .
Satellites are used for GPS, weather forecasts, and more. Generally, satellites have to be small and tough enough to withstand launch. Repairing or upgrading them involves sending people to space—so they usually aren't made to be serviced. In-space robotic servicing could change this and open the door to other advances, like in-space assembly and manufacturing. But the technology is mostly unproven in space. Companies and...

GAO-25-108043
Published: Jul 8, 2025 . Publicly Released: Jul 8, 2025 .

The Department of Defense's space operations and other activities, including exercises, are aimed at deterring and preparing for potential conflict. DOD emphasizes that collaborating with the nation's allies and other partners is critical to achieving its goals. DOD collaborates closely with allies and partners but has trouble carrying out the work. For example, the U.S. Space Force doesn't have enough people in some units to...

GAO-25-107646
Published: Jul 8, 2025 . Publicly Released: Jul 8, 2025 .

The Department of Energy is required to annually submit to Congress a forward-looking energy program that includes estimates of funding needed for the current year and the next 4 years of its activities. This can help ensure greater transparency for DOE's nearly $50 billion budget. DOE hasn't fully complied with the requirement; reporting has been incomplete and inconsistent. For example, DOE: Didn't explain how proposed...

GAO-25-107409
Published: Jul 8, 2025 . Publicly Released: Jul 8, 2025 .
The State Department's National Passport Information Center is a call center that provides information to the public about passport services. In 2023, the center experienced periods of extremely high call volumes, and customers experienced longer-than-usual wait times to speak to call agents. In response, the center took steps to address staffing, infrastructure, and technology factors that affected wait times. For instance, it increased its call...

GAO-25-107697
Published: Jul 8, 2025 . Publicly Released: Jul 8, 2025 .
The Federal Aviation Administration conducts research to support its mission to run the world's safest, most efficient aerospace system. In fiscal year 2019, Congress directed FAA to spend 70% of its research and development funding on safety projects, including projects researching aircraft fuels, fire safety, and how to prevent ice from forming on aircraft. Although FAA reports annually on its research and development programs, it...


Economic Downturns:
Considerations for an Effective Automatic Fiscal Response
GAO-25-106455
Published: Jun 9, 2025 . Publicly Released: Jul 7, 2025 ."Automatic stabilizers" adjust federal spending and taxes when there is an economic downturn. These adjustments can help keep the economy afloat and mitigate harmful effects. An example of an automatic stabilizer is when unemployment is high and incomes fall, and more people become eligible for a government benefit like Medicaid. Automatic stabilizers are more effective when they're timely, temporary, targeted, and predictable. We used these...

GAO-25-108478
Published: Jun 30, 2025 . Publicly Released: Jul 7, 2025 .

IASB

14 Jul 2025

11 Jul 2025

PCAOB

Jul. 7, 2025

SEC

SEC Charges Georgia-based First Liberty Building & Loan and its Owner for Operating a $140 Million Ponzi Scheme
2025-98

Washington D.C., July 10, 2025 — The Securities and Exchange Commission today announced that it filed charges seeking an asset freeze and other emergency relief against Newnan, Georgia-based First Liberty Building & Loan, LLC and its founder and owner Edwin Brant Frost IV in connection with a Ponzi scheme that defrauded approximately 300 investors of at least $140 million.

2025-97

Washington D.C., July 7, 2025 — The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee announced that it will hold a meeting at the SEC Headquarters in Washington D.C on Tuesday, July 22, 2025 at 10 a.m. E.T. The meeting will be open to the public, in-person, as well as webcast on the SEC website, and will explore Regulation A and the topic of “finders,” persons who assist companies with limited capital-raising activities in private markets.

TIGTA

July 10, 2025