Regulatory Roundup - March 24-30
AICPA
Press Release
AICPA Urges Treasury, IRS to Act Immediately to Provide Broader Tax Filing and Payment Relief
The AICPA is urging Treasury and the IRS to provide broader tax filing and payment relief for taxpayers affected by the ongoing coronavirus (COVID-19) pandemic in a letter released today.
March 27, 2020
Press Release
AICPA Says Senate’s $2 Trillion Economic Stimulus Bill is Great Step for Small Businesses and Employees
The AICPA praised the Senate's $2 trillion economic stimulus package, and said its small business funding coalition would continue to provide guidance on relief funds.
March 26, 2020
Press Release
AICPA Calls on Treasury, IRS to Provide Extensive Relief to Taxpayers
The AICPA called for Treasury and the IRS to immediately provide more extensive relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the COVID-19 pandemic.
March 25, 2020
Press Release
AICPA-Led Coalition Expands Support for Small Business Funding
More than a dozen new members have joined an AICPA-led coalition advocating the use of payroll processors to deliver fast relief to small businesses
March 24, 2020
CBO
Cost Estimate
H.R. 5664, Leveraging Information on Foreign Traffickers Act
March 27, 2020
As ordered reported by the House Committee on Foreign Affairs on March 4, 2020
Cost Estimate
H.R. 6140, Veterans in STEM Act
March 27, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Report
Report on the Troubled Asset Relief Program—March 2020
March 26, 2020 The Congress created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. CBO estimates that the TARP’s net cost will be $31 billion—about what it reported last April and slightly less than OMB’s latest estimate.
Cost Estimate
H.R. 1647, Veterans Equal Access Act
March 25, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 2628, Veterans Early Treatment for Chronic Ailment Resurgence through Examinations Act of 2019
March 25, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 5408, Ukraine Religious Freedom Support Act
March 25, 2020
As ordered reported by the House Committee on Foreign Affairs on March 4, 2020
Cost Estimate
H.R. 5750, Streamlining GI Bill Processing Act of 2020
March 25, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 1611, Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act
March 24, 2020
As ordered reported by the House Committee on Foreign Affairs on March 4, 2020
Cost Estimate
H.R. 1904, Indian Water Rights Settlement Extension Act
March 24, 2020
As ordered reported by the House Committee on Natural Resources on February 12, 2020
Cost Estimate
H.R. 5766, VET TEC Expansion Act
March 24, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 5932, Ensuring Chinese Debt Transparency Act of 2020
March 24, 2020
As passed by the U.S. House of Representatives on March 2, 2020
Report
The Congressional Budget Office's Work in 2019: A Report to the Congress
March 24, 2020
CBO provides cost estimates, reports, analyses, and other information to policymakers throughout the legislative process and often provides technical assistance to lawmakers as legislation is being crafted.
Cost Estimate
H.R. 1527, Long-Term Care Veterans Choice Act
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 5781, a bill to amend title 38, United States Code, to make an individual who is eligible for educational assistance under chapter 33 of such title, transfers such educational assistance to a dependent, and fails to complete a service agreement...
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
S. 3084, a bill to amend title 38, United States Code, to modify the limitation on pay for certain high-level employees and officers of the Department of Veterans Affairs
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
S. 785, Commander John Scott Hannon Veterans Mental Health Care Improvement Act of 2019
As ordered reported by the Senate Committee on Veterans’ Affairs on January 29, 2020
FASB
FASB Names New Members to Its Small Business Advisory Committee [03/24/20]
Media Advisory
GAO
Science & Tech Spotlight:
5G Wireless [Reissued with revisions on Mar. 27, 2020.]
GAO-20-412SP: Published: Mar 26, 2020. Publicly Released: Mar 26, 2020.
Department of Justice:
ATF and U.S. Marshals Service Can Further Strengthen Controls over Employee Misconduct Processes
GAO-20-200: Published: Feb 19, 2020. Publicly Released: Mar 27, 2020.
Defense Nuclear Enterprise:
Systems Face Sustainment Challenges, and Actions Are Needed to Effectively Monitor Efforts to Improve the Enterprise
GAO-20-296: Published: Mar 26, 2020. Publicly Released: Mar 26, 2020.
Drug Misuse:
Sustained National Efforts Are Necessary for Prevention, Response, and Recovery
GAO-20-474: Published: Mar 26, 2020. Publicly Released: Mar 26, 2020.
Military Housing:
DOD Needs to Strengthen Oversight and Clarify Its Role in the Management of Privatized Housing
GAO-20-281: Published: Mar 26, 2020. Publicly Released: Mar 26, 2020.
Patient-Centered Outcomes Research Institute:
Review of the Audit of the Financial Statements for FY 2019
GAO-20-469R: Published: Mar 26, 2020. Publicly Released: Mar 26, 2020.
Aviation:
FAA Needs to Better Prevent, Detect, and Respond to Fraud and Abuse Risks in Aircraft Registration
GAO-20-164: Published: Mar 25, 2020. Publicly Released: Mar 25, 2020.
Navy Shipbuilding:
Increasing Focus on Sustainment Early in the Acquisition Process Could Save Billions
GAO-20-2: Published: Mar 24, 2020. Publicly Released: Mar 24, 2020.
Intergovernmental Issues:
Key Trends and Issues Regarding State and Local Sector Finances
GAO-20-437: Published: Mar. 23, 2020 Publicly Released: Mar. 23, 2020
National Transportation Safety Board:
More Detail Could Increase the Understanding of Selections for the Most Wanted List of Transportation Safety Improvements [Reissued with revisions on Mar. 19, 2020.]
GAO-20-395: Published: Mar. 18, 2020 Publicly Released: Mar. 23, 2020
GASB
GASB to Consider Postponing Effective Dates of Certain Statements and Implementation Guides [03/26/20]
Media Advisory
IASB
30 March 2020
2020 IASB Research Forum—call for papers extended to 28 May 2020
27 March 2020
The coronavirus and the Foundation's work
27 March 2020
Application of IFRS 9 in the light of the coronavirus uncertainty
26 March 2020
Summary of Brussels meeting of the Trustees and stakeholder event article now available
24 March 2020
Coronavirus—IFRS Foundation meetings updates
24 March 2020
March 2020 IASB podcast available now
24 March 2020
PFS Exposure Draft webinars in Chinese, Portuguese, Korean and Spanish—recordings now available
IRS
Longtime tax pro Erin Collins begins as new National Taxpayer Advocate; Collins takes on job early to help with COVID-19 response
IR-2020-60, March 27, 2020 — The Internal Revenue Service today announced Erin M. Collins will start her term as the National Taxpayer Advocate (NTA) on Monday, March 30, and lead the Taxpayer Advocate Service, an independent organization within the IRS.
IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program
IR-2020-59, March 25, 2020 — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
NYC
March 25, 2020
The NYC Department of Finance Offers Programs to Help Property Owners With Hardships Pay Property Taxes
NYS
N-20-2, Announcement Regarding Relief from Certain Filing and Payment Deadlines due to the Novel Coronavirus, COVID-19.
SEC
SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19
SEC continues to closely monitor the impact of COVID-19 on investors and capital markets
2020-74, March 26, 2020 — Today, the Securities and Exchange Commission announced that it is providing additional temporary regulatory relief to market participants in response to the effects of the Coronavirus Disease 2019 (COVID-19). The actions announced today involve (1) parties needing to gain access to make filings on the EDGAR system, (2) certain company filing obligations under Regulation A and Regulation Crowdfunding, and (3) a filing requirement for municipal advisors.
SEC Extends Conditional Exemptions From Reporting and Proxy Delivery Requirements for Public Companies, Funds, and Investment Advisers Affected By Coronavirus Disease 2019 (COVID-19)
2020-73, March 25, 2020 — Today, the Securities and Exchange Commission announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is also extending regulatory relief previously provided to funds and investment advisers whose operations may be affected by COVID-19. In addition, the SEC’s Division of Corporation Finance issued today its current views regarding disclosure considerations and other securities law matters related to COVID-19.
SEC Charges Unregistered Penny Stock Dealer
2020-72, March 24, 2020 — The Securities and Exchange Commission today announced charges against Justin W. Keener d/b/a JMJ Financial for failing to register as a securities dealer with the SEC. Keener allegedly bought and sold billions of newly issued shares of penny stock, generating millions of dollars in profits.
SEC Awards Over $570,000 to Two Whistleblowers
2020-71, March 24, 2020 — The Securities and Exchange Commission today announced awards totaling over $570,000 to two whistleblowers who provided significant information and assistance that helped the Commission bring multiple successful enforcement actions. The first whistleblower received an award of approximately $478,000 and the second whistleblower received an award of approximately $94,000.
SEC Provides Temporary Additional Flexibility to Registered Investment Companies Affected by Coronavirus
Permits Funds to Use Additional Funding and Other Tools to Manage their Portfolios for the Benefit of Investors
2020-70, March 23, 2020 —The Securities and Exchange Commission today announced temporary flexibility for registered funds affected by recent market events to borrow funds from certain affiliates and to enter into certain other lending arrangements. Today’s relief is designed to provide funds with additional tools to manage their portfolios for the benefit of all shareholders as investors may seek to rebalance their investments.
SEC Awards Over $1.6 Million to Whistleblower
2020-69, March 23, 2020 — The Securities and Exchange Commission today announced an award of more than $1.6 million to a whistleblower whose information tipped the agency to securities law violations and helped form part of the basis for charges brought in a successful enforcement action. In addition to the tip, the whistleblower provided helpful assistance early in the investigation, preserving Commission time and resources.