Regulatory Roundup - April 21-27
AICPA
Press Release
AICPA Offers Recommendations for Firm-Lender Relationship for Paycheck Protection Program
The AICPA made recommendations on the firm-lender relationship for CPA firms assisting small business clients with the Paycheck Protection Program.
April 23, 2020
Press Release
AICPA Releases Recommendations for Administrative, Filing and Payment Relief for State and Local Taxes during Coronavirus Pandemic
As the country works to navigate changes in tax filing & payment deadlines as a result of the COVID19 pandemic, AICPA is providing recommendations for administrative, filing & payment relief for SALT.
April 23, 2020
Press Release
Coronavirus Causes Largest Drop in Americans’ Financial Satisfaction in Over A Decade: AICPA Index
The AICPA Q1 2020 personal financial satisfaction index has dropped significantly after the initial impact of COVID-19.
April 23, 2020
CBO
Blog Post
CBO’s Current Projections of Output, Employment, and Interest Rates and a Preliminary Look at Federal Deficits for 2020 and 2021
April 24, 2020
CBO discusses its preliminary projections of key economic variables and its preliminary assessments of federal budget deficits and debt through 2021. The amounts include the effects of legislation enacted in response to the pandemic.
Cost Estimate
H.R. 2816, Vietnam-Era Veterans Hepatitis C Testing Enhancement Act of 2019
April 23, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 5191, Runaway and Homeless Youth and Trafficking Prevention Act of 2019
April 23, 2020
As ordered reported by the House Committee on Education and Labor on January 14, 2020
Cost Estimate
H.R. 6036, VA Family Leave Act of 2020
April 23, 2020
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 266, Paycheck Protection Program and Health Care Enhancement Act
April 22, 2020
As passed by the Senate on April 21, 2020
Cost Estimate
H.R. 4545, Private Loan Disability Discharge Act of 2019
April 22, 2020
As ordered reported by the House Committee on Financial Services on December 11, 2019
Cost Estimate
H.R. 5001, Non-Judicial Foreclosure Debt Collection Clarification Act
April 22, 2020
As ordered reported by the House Committee on Financial Services on November 14, 2019
FAF
Private Company Council [04/22/20]
April 17, 2020 Meeting Recap
FASB
Private Company Council [04/22/20]
April 17, 2020 Meeting Recap
FASB Seeks Public Comment on Proposal to Offer Limited Effective Date Delays on Time-Sensitive Standards [04/21/20]
Media Advisory
Exposure Document
GAO
Priority Open Recommendations
Social Security Administration
GAO-20-426PR: Published: Apr 17, 2020. Publicly Released: Apr 24, 2020.
Information Security:
FCC Made Significant Progress, but Needs to Address Remaining Control Deficiencies and Improve Its Program
GAO-20-265: Published: Mar 25, 2020. Publicly Released: Apr 24, 2020.
Federal Management:
Selected Reforms Could Be Strengthened By Following Additional Planning, Communication, and Leadership Practices
GAO-20-322: Published: Apr 23, 2020. Publicly Released: Apr 23, 2020.
Pedestrian Safety:
NHTSA Needs to Decide Whether to Include Pedestrian Safety Tests in Its New Car Assessment Program
GAO-20-419: Published: Apr 23, 2020. Publicly Released: Apr 23, 2020.
Defense Infrastructure:
Army Should Assess Progress in Standardizing Designs for Facility Construction
GAO-20-303: Published: Apr 22, 2020. Publicly Released: Apr 22, 2020.
Oil and Gas Permitting:
Actions Needed to Improve BLM's Review Process and Data System
GAO-20-329: Published: Mar 30, 2020. Publicly Released: Apr 22, 2020.
K-12 Education:
Education Needs to Address Significant Quality Issues with its Restraint and Seclusion Data
GAO-20-345: Published: Apr 21, 2020. Publicly Released: Apr 21, 2020.
Priority Open Recommendations:
Department of Labor
GAO-20-445PR: Published: Apr 14, 2020. Publicly Released: Apr 21, 2020.
Priority Open Recommendations:
Securities and Exchange Commission
GAO-20-502PR: Published: Apr 14, 2020. Publicly Released: Apr 21, 2020.
Immigration Detention:
Care of Pregnant Women in DHS Facilities
GAO-20-330: Published: Mar 24, 2020. Publicly Released: Apr 21, 2020
Priority Open Recommendations:
Department of State
GAO-20-485PR: Published: Apr. 13, 2020 Publicly Released: Apr. 20, 2020
Priority Open Recommendations:
U.S. Agency for International Development
GAO-20-486PR: Published: Apr. 13, 2020 Publicly Released: Apr. 20, 2020
Terrorism Risk Insurance:
Market Is Stable but Treasury Could Strengthen Communications about Its Processes
GAO-20-364: Published: Apr. 20, 2020 Publicly Released: Apr. 20, 2020
Terrorism Risk Insurance:
Program Changes Have Reduced Federal Fiscal Exposure
GAO-20-348: Published: Apr. 20, 2020 Publicly Released: Apr. 20, 2020
GASB
GASB Provides Guidance to Assist Stakeholders with Implementing Its Pronouncements [04/23/20]
Media Advisory
Implementation Guide 2020-1
27 April 2020
IFRS 17 podcast on April 2020 IASB meeting now available
April 2020 IASB Update available and work plan updated
IASB consults on amendment to leases Standard to help companies with covid-19-related rent concessions
22 April 2020
Three ways to submit your comments on the review of the IFRS for SMEs Standard
IRS enhances Get My Payment online application to help taxpayers
IR-2020-82, April 26, 2020 - The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments.
VA, SSI recipients with eligible children need to act by May 5 to quickly add money to their automatic Economic Impact Payment; ‘Plus $500 Push’ continues
IR-2020-81, April 24, 2020 — The Internal Revenue Service today issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.
Treasury, IRS deliver 88 million Economic Impact Payments in first three weeks, release state-by-state Economic Impact Payment figures
IR-2020-80, April 24, 2020 — The Treasury Department and the IRS today released state-by-state figures for Economic Impact Payments, with 88 million individuals receiving payments worth nearly $158 billion in the program’s first three weeks.
IRS seeks nominations for the Internal Revenue Service Advisory Council for 2021
IR-2020-79, April 24, 2020 — The IRS today announced it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted through June 12, 2020.
IRS, Treasury issue guidance for applying UBTI "silo" rules for tax-exempt organizations by identifying separate trades or businesses
IR-2020-78, April 23, 2020 — The Treasury Department and the IRS today issued proposed regulations under the Tax Cuts and Jobs Act that provide guidance for tax-exempt organizations that are subject to the unrelated business income tax with more than one unrelated trade or business on how to calculate their unrelated business taxable income (UBTI).
Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency
IR-2020-77, April 21, 2020 — The Treasury Department and the IRS today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.
SSA, RRB recipients with eligible children need to act by Wednesday to quickly add money to their automatic Economic Impact Payment; IRS asks for help in the "Plus $500 Push"
IR-2020-76, April 20, 2020 — The IRS today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.
Consumer Alert: The Division of Consumer Protection Urges New Yorkers to be Aware of Covid-19 Scams Tied to Federal Economic Impact Payments SEC
SEC Forms Cross-Divisional COVID-19 Market Monitoring Group
2020-95, April 24, 2020 — The Securities and Exchange Commission today announced the formation of an internal, cross-divisional COVID-19 Market Monitoring Group. This temporary, senior-level group will assist the Commission and its various divisions and offices in (1) Commission and staff actions and analysis related to the effects of COVID-19 on markets, issuers, and investors—including our Main Street investors, and (2) responding to requests for information, analysis and assistance from fellow regulators and other public sector partners.
SEC Proposes to Modernize Framework for Fund Valuation Practices
2020-93, April 21, 2020 — The Securities and Exchange Commission today announced that it has voted to propose a new rule that would establish a framework for fund valuation practices. The rule is designed to clarify how fund boards can satisfy their valuation obligations in light of market developments, including an increase in the variety of asset classes held by funds and an increase in both the volume and type of data used in valuation determinations.
SEC Provides for Phased CAT Broker-Dealer Reporting Timelines with Conditional Exemption for Impacts of COVID-19
2020-92 April 20, 2020 —The Securities and Exchange Commission announced it has voted to issue two exemptive orders in order to move Consolidated Audit Trail (CAT) implementation forward: (1) establishing a phased CAT reporting timeline for broker-dealers, and (2) permitting introducing brokers that meet certain requirements to follow the small broker-dealer reporting timeline.
SEC Issues $5 Million Whistleblower Award
2020-91, April 20, 2020 —The Securities and Exchange Commission today announced a $5 million award to a whistleblower who provided significant information that led to a successful enforcement action. The whistleblower provided critical evidence of wrongdoing, which helped save time and resources in the SEC’s investigation, and the whistleblower suffered a unique hardship as a result of raising concerns internally.