Regulatory Roundup - Aug. 18-24
AICPA
AICPA Foundation Grants Scholarships to High School Accounting Students
The AICPA Foundation gave $20,000 in college scholarships to 10 high school students who took the advanced high school accounting course.
August 18, 2020
CBO
Cost Estimate
H.R. 8015, Delivering for America Act
August 21, 2020
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 8015, as Posted on the House Rules Committee Website on August 19, 2020
Blog Post
CBO to Release Updated Budget Projections on September 2
August 20, 2020
The report will contain CBO’s latest baseline budget projections, which will be based on the economic projections that the agency released in July and will incorporate legislation enacted through August 4.
Report
An Evaluation of CBO’s Past Revenue Projections
August 19, 2020
The average error for CBO’s budget-year revenue projections is 1.2 percent, indicating the agency has tended to slightly overestimate revenues. For the agency’s sixth-year revenue projections, the average error is greater—5.6 percent.
Report
Effects of Recapitalizing Fannie Mae and Freddie Mac Through Administrative Actions
August 18, 2020
CBO examines how recapitalizing Fannie Mae and Freddie Mac through administrative actions would affect such factors as CBO’s budget projections and cash flows between the two enterprises and their shareholders, including the Treasury.
Cost Estimate
H.R. 4526, Brian Tally VA Employment Transparency Act
August 18, 2020
As ordered reported by the House Committee on Veterans’ Affairs on July 30, 2020
Cost Estimate
H.R. 5273, Securing America’s Ports Act
August 18, 2020
As passed by the House of Representatives on February 10, 2020
Cost Estimate
H.R. 5273, Securing America’s Ports Act
August 18, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020
Cost Estimate
H.R. 6237, Proper and Reimbursed Care for Native Veterans Act
August 18, 2020
As ordered reported by the House Committee on Natural Resources on July 29, 2020
Report
The Statutory Pay-As-You Go Act and the Role of the Congress
August 18, 2020
CBO describes how estimates of the budgetary effects of enacted legislation are recorded and used to meet requirements for budget enforcement under the Statutory Pay-As-You-Go Act of 2010.
Cost Estimate
H.R. 2468, School-Based Allergies and Asthma Management Program Act
GAO
Federal Employees' Compensation Act:
Comparisons of Benefits in Retirement and Actions Needed to Help Injured Workers Choose Best Option
GAO-20-523:Published: Jul 23, 2020. Publicly Released: Aug 21, 2020.
Veteran Federal Employment:
OPM and Agencies Could Better Leverage Data to Help Improve Veteran Retention Rates
GAO-20-592:Published: Jul 22, 2020. Publicly Released: Aug 21, 2020
Aircraft Noise:
Information on a Potential Mandated Transition to Quieter Airplanes
GAO-20-661:Published: Aug 20, 2020. Publicly Released: Aug 20, 2020.
Navy Shipyards:
Actions Needed to Address the Main Factors Causing Maintenance Delays for Aircraft Carriers and Submarines
GAO-20-588:Published: Aug 20, 2020. Publicly Released: Aug 20, 2020.
Immigration Detention:
ICE Should Enhance Its Use of Facility Oversight Data and Management of Detainee Complaints
GAO-20-596:Published: Aug 19, 2020. Publicly Released: Aug 19, 2020.
Interagency Council on Homelessness:
Governance Responsibilities Need Further Clarification
GAO-20-602:Published: Aug 19, 2020. Publicly Released: Aug 19, 2020.
Aviation Safety:
Actions Needed to Evaluate Changes to FAA's Enforcement Policy on Safety Standards
GAO-20-642:Published: Aug 18, 2020. Publicly Released: Aug 18, 2020.
Cybersecurity:
DHS and Selected Agencies Need to Address Shortcomings in Implementation of Network Monitoring Program
GAO-20-598:Published: Aug 18, 2020. Publicly Released: Aug 18, 2020.
GASB
FAF Reappoints Robert Scott and Alan Skelton to Leadership Roles on the Governmental Accounting Standards Advisory Council [08/18/20]
Media Advisory
IASB
21 August 2020
IFRS Foundation publishes revised Due Process Handbook
21 August 2020
What is the due process and why does it matter?
18 August 2020
IASB issues IFRS Taxonomy Update for Covid-19-Related Rent Concessions
IRS
IRS urges employers to choose carefully when selecting a payroll service provider
IR-2020-186, August 19, 2020 — The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills.
IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise
IR-2020-185, August 18, 2020 — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation (beneficiaries) that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year.
Working Virtually: make a plan for protecting data and reporting theft; Part 5 of Security Summit tips for tax professionals
IR-2020-184, August 18, 2020 — The Internal Revenue Service and Security Summit partners today reminded tax professionals that federal law requires them to have a written information security plan.
13.9 million Americans to receive IRS tax refund interest; taxable payments to average $18
IR-2020-183, August 18, 2020 — This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.
Last round of ITINs will expire in 2020; IRS encourages early renewal to prevent refund delays
IR-2020-181, August 17, 2020 — More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013.
IRS takes new steps to ensure people with children receive $500 Economic Impact Payments
IR-2020-180, August 14, 2020 — The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children.
NYS
Ithaca Restaurant Owner Pleads Guilty to Criminal Tax Fraud
August 21, 2020
DFS Superintendent Linda A. Lacewell Announces Settlement with Global Provider of Mobile Insurance
August 20, 2020
Governor Cuomo Announces Immediate Corrective Actions for Utility Companies Following Failed Response to Tropical Storm Isaias
August 19, 2020
Governor Cuomo Announces Insurance Fraud Action Against Two International Opioid Manufacturers
August 18, 2020
As Part Of New York's Ongoing Response to the Covid-19 Pandemic, Governor Cuomo Announces Special Enrollment for Uninsured Extended for Additional 30 Days
August 18, 2020
PCAOB
SEC
SEC Proposes Data Security Enhancements to the CAT NMS Plan
2020-189., Aug. 21, 2020 — The Securities and Exchange Commission today proposed amendments to the national market system plan governing the Consolidated Audit Trail (the “CAT NMS Plan”) to bolster the Consolidated Audit Trail’s (“CAT”) data security. While the CAT NMS Plan currently sets forth a number of requirements regarding the security and confidentiality of CAT data, the proposed amendments to the CAT NMS Plan are the latest SEC action to limit the scope of sensitive information required to be collected by CAT and enhance the security of the CAT and the protections afforded to CAT data
SEC Adopts Requirements to Ensure Public Notice, Comment, and Approval Prior to Effectiveness of NMS Plan Fees
2020-188, Aug. 19, 2020 — The Securities and Exchange Commission today voted to rescind a rule exception that allowed a proposed national market system (NMS) plan fee amendment to become effective upon filing, prior to review and comment by investors and other market participants. The new procedures require public notice of any proposed NMS plan fee amendment, an opportunity for public comment, and Commission approval by order before a new or changed fee can be charged. The Commission also modified the procedures for review of all proposed NMS plans and plan amendments, including fee amendments, to specify timelines for Commission action for each step of the process, adding certainty to the process for NMS plan participants.
Richard R. Best Named Director of SEC's New York Regional Office
2020-187, Aug. 19, 2020 — The Securities and Exchange Commission today announced that Richard R. Best has been named Director of the New York Regional Office. Mr. Best will succeed Marc P. Berger, who has been named Deputy Director of the Division of Enforcement.
SEC Names Marc P. Berger as Deputy Director of Enforcement
2020-186., Aug. 19, 2020 — The Securities and Exchange Commission today announced that Marc P. Berger, currently Director of the SEC’s New York Regional Office, has been named Deputy Director of the Division of Enforcement.
SEC Names Diana Stoltzfus as Deputy Chief Accountant
2020-185, Aug. 18, 2020 — The Securities and Exchange Commission today announced the appointment of Diana Stoltzfus as a Deputy Chief Accountant (Professional Practice Group) in the agency's Office of the Chief Accountant (OCA).
Caroline A. Crenshaw and Hester M. Peirce Sworn-In As SEC Commissioners
2020-184, Aug. 17, 2020 — The Securities and Exchange Commission today announced that Caroline A. Crenshaw and Hester M. Peirce have been sworn into office as SEC commissioners.
TIGTA
Legacy Systems Management Needs Improvement
August 19, 2020
Substantial Progress Has Been Made in Implementing the Insider Threat Capability, but Improvements Are Needed
August 19, 2020
Fiscal Year 2020 Statutory Review of Restrictions on Directly Contacting Taxpayers
August 19, 2020