Trusted Professional

Regulatory Roundup - Feb. 28 - March 6

CBO

Cost Estimate
S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act
March 5, 2018

Blog Post
CBO Releases Updated Budget Infographics for 2017
March 5, 2018

Graphic
The Federal Budget in 2017: An Infographic
March 5, 2018

Graphic
Mandatory Spending in 2017: An Infographic
March 5, 2018

Graphic
Discretionary Spending in 2017: An Infographic
March 5, 2018

Graphic
Revenues in 2017: An Infographic
March 5, 2018

Cost Estimate
H.R. 4631, Access to Congressionally Mandated Reports Act
March 1, 2018

Cost Estimate
H.R. 4917, IG Subpoena Authority Act
March 1, 2018

Cost Estimate
S. 2349, Improve Data on Sexual Violence Act
March 1, 2018

Blog Post
CBO to Release Budget and Economic Outlook on April 9
February 28, 2018

FASB

FASB Proposes Improvements to Accounting for Costs of Implementation Activities Performed in Certain Cloud Computing Arrangements  [03/01/18]
Media Advisory
Exposure Document

FASB Issues Accounting Standards Update 2018-03—Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities  [02/28/18]
ASU 2018-03

GAO

Intellectual Property:
CBP Can Enhance Information Sharing with the Private Sector to Address Changes in the Counterfeits Market 
GAO-18-383T:Published: Mar 6, 2018. Publicly Released: Mar 6, 2018.

Food Safety and Nutrition:
FDA Can Build on Existing Efforts to Measure Progress and Implement Key Activities 
GAO-18-174:Published: Jan 31, 2018. Publicly Released: Mar 5, 2018.

Workplace Retirement Accounts:
Better Guidance and Information Could Help Plan Participants at Home and Abroad Manage Their Retirement Savings 
GAO-18-19:Published: Jan 31, 2018. Publicly Released: Mar 5, 2

Positive Train Control:
Many Commuter Railroads Still Have Significant Additional Implementation Work and Opportunities Exist to Provide Federal Assistance 
GAO-18-367T:Published: Mar 1, 2018. Publicly Released: Feb 28, 2018.

Defense Management:
DOD Needs to Take Additional Actions to Promote Department-Wide Collaboration 
GAO-18-194:Published: Feb 28, 2018. Publicly Released: Feb 28, 2018.

Department of Energy:
New Process to Review Financial Assistance for Research Projects Created Uncertainty 
GAO-18-278:Published: Feb 28, 2018. Publicly Released: Feb 28, 2018.

2017 Disaster Contracting:
Observations on Federal Contracting for Response and Recovery Efforts 
GAO-18-335:Published: Feb 28, 2018. Publicly Released: Feb 28, 2018.

James Webb Space Telescope:
Integration and Test Challenges Have Delayed Launch and Threaten to Push Costs Over Cap 
GAO-18-273:Published: Feb 28, 2018. Publicly Released: Feb 28, 2018.

Military Personnel:
Additional Actions Needed to Address Gaps in Military Physician Specialties 
GAO-18-77:Published: Feb 28, 2018. Publicly Released: Feb 28, 2018.

IASB

06 March 2018
February 2018 IASB podcast now available

05 March 2018
IFRS Foundation Trustees reappoint two IFRS Interpretations Committee members

02 March 2018
Issue 15 of the IASB Investor Update published

IRS 

Phone Scams Pose Serious Threat; Remain on IRS ‘Dirty Dozen’ List of Tax Scams
IR-2018-40, March 6, 2018 — The IRS reminded taxpayers to be careful with continuing aggressive phone scams as criminals pose as IRS agents in hopes of stealing money.

Phishing Schemes Make IRS ‘Dirty Dozen’ List of Tax Scams for 2018; Individuals, Businesses, Tax Pros Urged to Remain Vigilant
IR-2018-39, March 5, 2018 — Following continuing threats to taxpayers, the Internal Revenue Service today listed email “phishing” schemes as a top filing season concern and part of the annual listing of the “Dirty Dozen” tax scams for 2018.

Tax Time Guide: Try Money-Saving IRS Free File
IR-2018-38, March 1, 2018 — As the filing deadline approaches next month, the IRS today reminds taxpayers that more than 70 percent of them qualify for free tax filing with IRS Free File.

IRS Plans to Issue Regulations Clarifying Limitations on Carried Interest
IR-2018-37, March 1, 2018 — The IRS announced today that S corporations are subject to the extended three year holding period for applicable partnership interests and that regulations will be issued soon.

Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law
IR-2018-36, Feb. 28, 2018 — The IRS today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December.

NYC Dept. of Finance 

March 5, 2018
Testimony of Commissioner Jiha on the FY2019 Preliminary Budget.

NYS Dept. of Taxation and Finance

More than 3.2 Million Returns Filed and $875 Million in Refunds Issued in First Month of Income Tax Filing Season

Don’t Be Duped by Sneaky Scammers this Tax Filing Season

PCAOB

James G. Kaiser Sworn in Today as PCAOB Board Member
Washington, March 1, 2018

SEC

SEC Charges Ameriprise With Overcharging Retirement Account Customers for Mutual Fund Shares
FOR IMMEDIATE RELEASE
2018-26
Washington D.C., Feb. 28, 2018 —The Securities and Exchange Commission today announced that a Minnesota-based broker-dealer and investment adviser has agreed to settle charges for recommending and selling higher-fee mutual fund shares to retail retirement account customers and for failing to provide sales charge waivers.

SEC Celebrates African American History Month
FOR IMMEDIATE RELEASE
2018-29
Washington D.C., March 2, 2018 —The Securities and Exchange Commission this week concluded its month of celebrations, events, and remembrances – at its Washington, D.C. headquarters as well as in regional offices around the country –in honor of African American History Month. With the help and leadership of the Office of Minority and Women Inclusion (OMWI) and the SEC’s African American Council, the SEC highlighted this year’s national theme, “African Americans in Times of War,” and held a number of events celebrating the contributions of African Americans to the United States. Highlights of African American History Month at the SEC included a keynote address by Command Sergeant Major Michael L. Gragg of the U.S. Army Medical Command and a roundtable discussion on diversity hosted by SEC Chairman Jay Clayton.

TIGTA

March 1, 2018
Employer Noncompliance With Wage Reporting Requirements Significantly Reduces the Ability to Verify Refundable Tax Credit Claims Before Refunds Are Paid [PDF]
»Press Release