Regulatory Roundup - March 2 - 8
AICPA
Press Release
AICPA Says Sole Proprietors Are Unfairly Impacted by PPP Deadline and Latest SBA Guidance
The SBA’s last-minute guidance, coupled with the unrealistic March 31st PPP application deadline, has created unnecessary confusion and anxiety
March 5, 2021
Press Release
AICPA Says Sole Proprietors Are Unfairly Impacted by PPP Deadline and Latest SBA Guidance
The SBA’s last-minute guidance, coupled with the unrealistic March 31st PPP application deadline, has created unnecessary confusion and anxiety
March 5, 2021
Press Release
AICPA submitted comments to Treasury & the IRS on proposed regulations that will establish a new user fee for authorized persons who wish to request the issuance of an IRS Estate Tax Closing Document.
March 5, 2021
Press Release
AICPA Calls for Postponement of Filing and Payment Deadline
In a letter sent to Treasury and the IRS, the AICPA called for the extension of the filing and payment deadline for the 2020 tax year until June 15, 2021.
March 4, 2021
Press Release
A More Optimistic View on U.S. Economy Comes with a Catch: Inflation Fears, AICPA Survey Finds
With the promise of more pandemic relief and an improving vaccine rollout, U.S. business executives are taking a more optimistic view of the U.S. economy, according to an AICPA survey
March 4, 2021
Press Release
AICPA Submits Recommendations on ERC, Says More Guidance Needed
AICPA submitted recommendations requesting Treasury and IRS issue immediate authoritative guidance to ensure that taxpayers are able to promptly take advantage of the ERC.
March 4, 2021
Press Release
International Women’s Day is an opportunity for businesses to better support women in the workplace
The AICPA released a statement reiterating the need for certainty and relief for taxpayers and tax practitioners from the IRS following a letter submitted a week earlier.
March 4, 2021
Press Release
AICPA believes that Congress can still support small businesses and non-profits by pursuing a stand-alone vote on this critical matter.
March 2, 2021
Press Release
AICPA Reiterates Need for Certainty and Relief
The AICPA released a statement reiterating the need for certainty and relief for taxpayers and tax practitioners from the IRS following a letter submitted a week earlier.
March 2, 2021
CBO
Report
Additional Information About the Budget Outlook: 2021 to 2031
March 5, 2021
This document provides additional information about the baseline budget projections that CBO released on February 11, 2021.
Cost Estimate
March 4, 2021
As Posted on the Senate Budget Committee's website on March 4, 2021
Report
The 2021 Long-Term Budget Outlook
March 4, 2021
CBO presents its projections of the federal budget for the next 30 years if current laws governing taxes and spending generally did not change. Growth in revenues would be outpaced by growth in spending, leading to rising deficits and debt.
Cost Estimate
Estimated Budget Effects of H.R. 1319, the American Rescue Plan Act of 2021
March 3, 2021
As Engrossed by the House of Representatives
Report
Testimony on CBO’s Appropriation Request for Fiscal Year 2022
March 2, 2021
CBO Director Phillip Swagel testifies on CBO’s appropriation request for fiscal year 2022 before the House Appropriations Committee’s Subcommittee on the Legislative Branch.
Report
Transparency at CBO: Future Plans and a Review of 2020
March 2, 2021
CBO’s transparency efforts aim to promote a thorough understanding of its work, help people gauge how estimates might change if policies or circumstances differed, and enhance the credibility of its analyses and processes.
Cost Estimate
H.R. 1, For the People Act of 2021
As Posted on the House Committee on Rules Website on February 25, 2021
Cost Estimate
H.R. 1280, the George Floyd Justice in Policing Act of 2021
As Posted on the Website of the House Committee on Rules on
February 25, 2021
GAO
FHA, Rural Housing Service, and VA Could Better Align Program Metrics with Their Missions
GAO-21-219
Published: Mar 05, 2021.
Publicly Released: Mar 05, 2021.
What GAO Found By 2019, the number of foreclosed properties—known as real estate-owned (REO) properties—that federal entities owned declined to historically low levels because of the housing market recovery and the sale of many of the properties (see figure).
Opportunities Exist for DOE to Better Support Utilities in Improving Resilience to Hurricanes
GAO-21-274
Published: Mar 05, 2021.
Publicly Released: Mar 05, 2021.
What GAO Found Since 2012, utilities have taken steps to improve grid resilience to severe hurricanes, such as (1) implementing storm hardening measures to enable the grid to better withstand the effects of hurricanes; (2) adopting technologies to enhance operational capacity and help quickly restore...
Released on Mar. 4, 2021
Guidance Would Help DOD Programs Better Communicate Requirements to Contractors
GAO-21-179
Published: Mar 04, 2021.
Publicly Released: Mar 04, 2021.
What GAO Found Since GAO's 2018 report, the Department of Defense (DOD) has taken action to make its network of high-tech weapon systems less vulnerable to cyberattacks.
DOD Needs a Complete Picture of the Military Services' Prepositioning Programs
GAO-21-358
Published: Mar 04, 2021.
Publicly Released: Mar 04, 2021.
What GAO Found The services preposition combat and support assets ashore and afloat worldwide, including in the Indo-Pacific region. Prepositioned assets include combat vehicles, equipment sets for engineering and construction, and protective gear for chemical or biological attacks.
Navy Should Address Cost and Schedule Risks
GAO-21-208
Published: Mar 04, 2021.
Publicly Released: Mar 04, 2021.
What GAO Found Fifteen years into development, the CH-53K program has made progress in testing the aircraft. Program documentation indicates that there is a moderate risk of not demonstrating the required levels of reliability or payload carrying weight by the end of operational testing.
Agencies Report Progress and Billions Saved, but OMB Needs to Improve Its Utilization Guidance
GAO-21-212
Published: Mar 04, 2021.
Publicly Released: Mar 04, 2021.
What GAO Found The 24 agencies participating in the Office of Management and Budget's (OMB) Data Center Optimization Initiative (DCOI) continue to report progress toward meeting OMB's goals for closing data centers and achieving the related cost savings.
Released on Mar. 3, 2021
FDA's Future Inspection Plans Need to Address Issues Presented by COVID-19 Backlog
GAO-21-409T
Published: Mar 04, 2021.
Publicly Released: Mar 03, 2021.
What GAO Found Fiscal year 2015 was the first time that the Food and Drug Administration (FDA) conducted more inspections of foreign drug manufacturers than domestic manufacturers, with the majority conducted in China and India.
GAO-21-146
Published: Mar 03, 2021.
Publicly Released: Mar 03, 2021.
What GAO Found The Transportation Security Administration's (TSA) January 2020 TSA Efforts to Diversify Security Technology (strategy) addresses the requirements of the 2018 TSA Modernization Act (the Act) and outlines 12 strategic initiatives to increase small business participation in its marketplace....
Dedicated Leadership Needed to Address Limited Progress in Most High-Risk Areas
GAO-21-383T
Published: Mar 02, 2021.
Publicly Released: Mar 02, 2021.
What GAO Found Overall ratings in 2021 for 20 of GAO's 2019 high-risk areas remain unchanged, and five regressed. Seven areas improved, one to the point of removal from the High-Risk List. Two new areas are being added, bringing our 2021 High-Risk List to 36 areas.
Preliminary Observations on Efforts toward and Factors Affecting the Aviation Industry's Recovery
GAO-21-412T
Published: Mar 02, 2021.
Publicly Released: Mar 02, 2021.
What GAO Found Aviation businesses took a range of actions to respond to the dramatic reduction in passenger demand caused by the COVID-19 pandemic. Airlines, airports, and others leveraged federal assistance, such as payroll support and grant funding, provided in two 2020 federal relief laws.
Dedicated Leadership Needed to Address Limited Progress in Most High-Risk Areas
GAO-21-383T
Published: Mar 02, 2021.
Publicly Released: Mar 02, 2021.
What GAO Found Overall ratings in 2021 for 20 of GAO's 2019 high-risk areas remain unchanged, and five regressed. Seven areas improved, one to the point of removal from the High-Risk List. Two new areas are being added, bringing our 2021 High-Risk List to 36 areas.
Dedicated Leadership Needed to Address Limited Progress in Most High-Risk Areas
GAO-21-119SP
Published: Mar 02, 2021.
Publicly Released: Mar 02, 2021.
What GAO Found Overall ratings in 2021 for 20 of GAO's 2019 high-risk areas remain unchanged, and five regressed. Seven areas improved, one to the point of removal from the High-Risk List. Two new areas are being added, bringing our 2021 High-Risk List to 36 areas.
Dedicated Leadership Needed to Address Limited Progress in Most High-Risk Areas
GAO-21-384T
Published: Mar 02, 2021.
Publicly Released: Mar 02, 2021.
What GAO Found Overall ratings in 2021 for 20 of GAO's 2019 high-risk areas remain unchanged, and five regressed. Seven areas improved, one to the point of removal from the High-Risk List. Two new areas are being added, bringing our 2021 High-Risk List to 36 areas.
Federal Protective Service
Projected Outcomes of the New Fee Structure on Tenant Agencies' Costs
GAO-21-311R
What GAO Found The Federal Protective Service (FPS) within the Department of Homeland Security (DHS) charges a basic security fee to federal agencies for each of the buildings that FPS protects.
Medicare Part B
Payments and Use for Selected New, High-Cost Drugs
GAO-21-252
Published: Mar 01, 2021.
Publicly Released: Mar 01, 2021.
What GAO Found Hospital outpatient departments perform a wide range of procedures, including diagnostic and surgical procedures, which may use drugs that Medicare considers to function as supplies.
GASB
GASB Requests Input on Proposal to Improve Guidance on Compensated Absences, Amend Certain Disclosures [03/03/21]
Media Advisory
Exposure Draft
IASB
Supplementary IASB meeting on IFRS 16 and covid-19
March 2021 IFRS Interpretations Committee meeting papers and agenda available
IRS
Tax Time Guide: Make IRS.gov first stop for tax help
IR-2021-51, March 4, 2021 — The Internal Revenue Service reminds taxpayers that its website, IRS.gov, continues to be the first and best place for people seeking information and assistance on their federal taxes.
Interest rates remain the same for the second quarter of 2021
IR-2021-50, March 2, 2021 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2021.
Tax Time Guide: Didn’t get Economic Impact Payments? Check eligibility for Recovery Rebate Credit
IR-2021-49, March 2, 2021 — The Internal Revenue Service reminds first-time filers and those who usually don’t have a federal filing requirement to consider filing a 2020 tax return.
IRS provides guidance for employers claiming the Employee Retention Credit for 2020, including eligibility rules for PPP borrowers
NYS
Protect Yourself from Identity Theft During the Tax Season
March 5, 2021
SUPERINTENDENT LACEWELL ANNOUNCES GRANT OF DFS TRUST CHARTER TO BITGO TO ENGAGE IN NEW YORK’S GROWING VIRTUAL CURRENCY MARKET
March 4, 2021
Speed Up Delivery of Your New York State Tax Refund by Up to Two Weeks
March 3, 2021
Department of Financial Services Announces Cybersecurity Settlement With Mortgage Lender
March 3, 2021
DFS Superintendent Lacewell Announces New York Life Insurance & Annuity Corporation to Pay $10.9 Million For Deferred to Immediate Annuity Replacement Violations
March 2, 2021
SEC
SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts
2021-43., March 5, 2021 — The Securities and Exchange Commission today charged AT&T, Inc. with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T's violations, by selectively disclosing material nonpublic information to research analysts.
SEC Announces Enforcement Task Force Focused on Climate and ESG Issues
2021-42, March 4, 2021 — The Securities and Exchange Commission today announced the creation of a Climate and ESG Task Force in the Division of Enforcement. The task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and Enforcement specialized units.
SEC Issues Over $5 Million to Joint Whistleblowers Located Abroad
2021-41., March 4, 2021 — The Securities and Exchange Commission today announced an award of over $5 million to joint whistleblowers whose tip caused the opening of an investigation that resulted in a successful enforcement action. The whistleblowers provided significant information about misconduct abroad that directly supported certain allegations in the enforcement action.
SEC Investor Advisory Committee to Meet Remotely On March 11
2021-40, March 3, 2021 — The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on March 11 by remote means. The meeting will begin at 10:00 a.m. ET, is open to the public via live webcast, and will be archived on the committee's website for later viewing.
SEC Division of Examinations Announces 2021 Examination Priorities
2021-39, March 3, 2021 — The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. 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 Charges Seven Individuals for $45 Million Fraudulent Scheme
2021-38., March 2, 2021 —The Securities and Exchange Commission today charged seven individuals and a technology company in connection with a fraudulent scheme to gain control of Airborne Wireless Network, promote its stock, and defraud investors.
SEC Awards Over $500,000 to Two Whistleblowers
2021-37., March 1, 2021 —The Securities and Exchange Commission today announced an award of over $500,000 to two whistleblowers whose tips revealed an ongoing fraud and resulted in multiple SEC actions and a related action from another government agency. Both whistleblowers provided substantial, ongoing assistance that conserved the agencies’ time and resources.
TIGTA
March 4, 2021
Interim Report – Taxpayer Advocate Service Actions to Assist Taxpayers in Response to the Implementation of the Coronavirus Aid, Relief, and Economic Security Act