Regulatory Roundup - June 30 - July 6
AICPA
AICPA offers COVID-19 Student Hardship Grant
The AICPA is offering student hardship grants to accounting students monetarily impacted by COVID-19. The scholarships are funded by the AICPA Foundation.
July 6, 2020
Press Release
Treasury and Federal Reserve Must Create New Lending Facility to Help Small Business, Says Coalition of 21 Leading Retail, Manufacturing and Business Associations
Extraordinary economic conditions around the world are creating more credit and liquidity challenges for small businesses.
July 1, 2020
Press Release
NASBA, AICPA and Prometric to Begin Year-Round Testing for U.S. CPA Exam
The AICPA, NASBA and Prometric have announced that CPA exam testing will now be held year-round. The new model replaces quarterly testing, which allowed candidates to sit on specific dates.
July 1, 2020
Press Release
New AICPA Accounting Guidance Helps PPP Lenders Make Appropriate Financial Reporting Decisions
The TQA addresses how creditors may restructure loans made in response to COVID-19 that result in restructurings that are not troubled debt restructurings.
June 30, 2020
Report
An Update to the Economic Outlook: 2020 to 2030
July 2, 2020
CBO projects that from 2020 to 2030, annual real GDP will be 3.4 percent lower, on average, than it projected in January. The annual unemployment rate, which was projected to average 4.2 percent, is now projected to average 6.1 percent.
Report
Characteristics of People Receiving Regular Unemployment Benefits in July 2020
July 1, 2020
In this letter, CBO describes the characteristics—race, sex, age, education, and household earnings—of the 19 million people who are expected to receive regular unemployment benefits in July 2020.
Cost Estimate
H.R. 1049, National Heritage Area Act of 2020
July 1, 2020
As ordered reported by the House Committee on Natural Resources on January 29, 2020
Cost Estimate
H.R. 149, Housing Fairness Act of 2020
July 1, 2020
As ordered reported by the House Committee on Financial Services on February 28, 2020
Cost Estimate
S. 2702, Integrated Energy Systems Act of 2019
July 1, 2020
As reported by the Senate Committee on Energy and Natural Resources on January 7, 2020
Cost Estimate
S. 4049, the National Defense Authorization Act for Fiscal Year 2021
July 1, 2020
As reported by the Senate Committee on Armed Services on June 23, 2020
Cost Estimate
Coronavirus Child Care and Education Relief Act
June 30, 2020
As posted on the Senate Committee on Health, Education, Labor, and Pensions website
Cost Estimate
H.R. 2, Moving Forward Act, Including the Manager’s Amendment (DeFazio 228)
June 30, 2020
As posted on the House Rules Committee website on June 22, 2020
Cost Estimate
H.R. 5552, Migratory Bird Protection Act of 2020
June 30, 2020
As ordered reported by the House Committee on Natural Resources on January 15, 2020
Cost Estimate
H.R. 6100, Strengthening the Opposition to Female Genital Mutilation Act of 2020
Cost Estimate
S. 2693, READI Act
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019
Cost Estimate
S. 3303, Promoting Service in Transportation Act
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 11, 2020
Presentation
The Cost of Replacing Today’s Naval Aviation Fleets
On June 27, 2020, R. Derek Trunkey, David Arthur, Edward G. Keating, and John Kerman (of CBO’s National Security Division) presented at the Annual Conference of the Western Economic Association International.
FAF
Private Company Council [06/30/20]
June 25, 2020 Meeting Recap
FASB
Financial Accounting Standards Advisory Council [07/01/20]
June 23, 2020 Meeting Recap
GAO
Public Companies:
Disclosure of Environmental, Social, and Governance Factors and Options to Enhance Them
GAO-20-530: Published: Jul. 2, 2020 Publicly Released: Jul. 6, 2020
FY 2019 Government Shutdown:
Selected Agencies Could Improve Contingency Planning for Potential Shutdown Scenarios and Strengthen Some Internal Controls
GAO-20-377: Published: Jun 1, 2020. Publicly Released: Jul 1, 2020.
Science & Tech Spotlight:
E-cigarettes
GAO-20-610SP: Published: Jun 30, 2020. Publicly Released: Jun 30, 2020.
5G Deployment:
FCC Needs Comprehensive Strategic Planning to Guide Its Efforts
GAO-20-468: Published: Jun. 12, 2020 Publicly Released: Jun. 29, 2020
Small Business Subcontracting:
Oversight of Contractor Compliance with Subcontracting Plans Needs Improvement
GAO-20-464: Published: May. 28, 2020 Publicly Released: Jun. 29, 2020
Taxpayer Compliance:
More Income Reporting Needed for Taxpayers Working through Online Platforms
GAO-20-366: Published: May. 28, 2020 Publicly Released: Jun. 29, 2020
GASB
GASB Releases Accounting and Financial Reporting Guidance Related to the Cares Act and Coronavirus Diseases [07/02/20]
Media Advisory
Technical Bulletin 2020-1
GASB Requests Input on Revenue and Expense Recognition Proposals [06/30/20]
Media Advisory
Preliminary Views
GASB Proposes Concepts for Recognition of Financial Statement Elements [06/30/20]
Media Advisory
Exposure Draft
IASB
03 July 2020
April and July 2020 Interpretations Committee podcasts now available
03 July 2020
June 2020 Trustees and DPOC meeting summary available
02 July 2020
Forthcoming third webinar on Exposure Draft General Presentation and Disclosures
02 July 2020
June 2020 IFRS for SMEs Update published
01 July 2020
IFRS Advisory Council May meeting report available
30 June 2020
IFRS Foundation publishes 2019 Annual Report
30 June 2020
June 2020 IASB podcast available now
IRS
Treasury Department and IRS issue guidance for consolidated groups regarding net operating losses
IR-2020-138, July 2, 2020 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs).
IRS offers additional retail partners that accept cash payments for federal taxes
IR-2020-137, July 1, 2020 — The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes.
IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects
IR-2020-136, July 1, 2020 — In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects.
IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline
IR-2020-135, July 1, 2020 — Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.
Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
IR-2020-134, June 29, 2020 ― The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.
IRS releases new Data Book with redesigned, expanded format to provide more detailed view of service, compliance activities in FY 2019
IR-2020-133, June 29, 2020 — The Internal Revenue Service today unveiled the 2019 IRS Data Book, featuring a redesigned format that provides a different and expanded look at IRS accomplishments during the past year.
National Taxpayer Advocate Erin Collins delivers her first report to Congress; identifies COVID-19 challenges, CARES Act, and Taxpayer First Act implementation as priority issues for taxpayers
IR-2020-132, June 29, 2020 ― National Taxpayer Advocate Erin M. Collins today released her first report to Congress, identifying taxpayer challenges arising from the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the IRS’s implementation of the Taxpayer First Act as priority issues the Taxpayer Advocate Service (TAS) plans to focus on in the coming year.
NYS
Less Than Two Weeks to Go! Take Advantage of Free Resources Online
July 03, 2020
SEC
SEC Charges Alexion Pharmaceuticals With FCPA Violations
2020-149, July 2, 2020 — The Securities and Exchange Commission today announced that Boston-based pharmaceutical company Alexion Pharmaceuticals Inc. has agreed to pay more than $21 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).
SEC Announces Agenda, Panelists for Staff Roundtable on Emerging Markets
2020-148, July 1, 2020 — The Securities and Exchange Commission today announced the agenda and panelists for the July 9, 2020 staff roundtable on investing in emerging markets, including China. Further information, including prior statements and actions in this area, are available here.
SEC Updates Filing Threshold to Rule 17h Reporting Requirements for Broker-Dealers
2020-147, June 29, 2020 — The Securities and Exchange Commission today issued an order to update the filing threshold for broker-dealers’ Form 17-H filings made pursuant to Exchange Act Rules 17h-1T and Rule 17h-2T. The threshold, which had not been updated in nearly 30 years, will exempt certain smaller broker-dealers from the reporting requirements of the rules while continuing to provide important information to the Commission on the financial condition of covered broker-dealers and their affiliates.