The Trusted Professional | Trusted Professional

Regulatory Roundup August 16-22

AICPA 

AICPA Endorses Congressional Letter Urging Action to Address Backlog 
Aug 17, 2022

CBO  


Interactive 
How Increasing the Federal Minimum Wage Could Affect Employment and Family Income 
August 18, 2022 
This interactive tool, updated in August 2022, allows users to explore how various policies to increase the federal minimum wage would affect earnings, employment, family income, and poverty. 

Cost Estimate 
H.R. 7735, Improving Access to the VA Home Loan Benefit Act of 2022 
August 17, 2022 
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022 

Cost Estimate 
H.R. 6498, Promoting Peace, Education, and Cultural Exchange through Music Diplomacy Act 
August 16, 2022 
As ordered reported by the House Committee on Foreign Affairs on July 29, 2022 

Cost Estimate 
H.R. 7299, Strengthening VA Cybersecurity Act of 2022 
August 16, 2022 
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022 

Cost Estimate 
S. 4592, Quantum Computing Cybersecurity Preparedness Act 
August 16, 2022 
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 3, 2022 

Cost Estimate 
H.R. 3508, an act to designate the facility of the United States Postal Service located at 39 West Main Street, in Honeoye Falls, New York, as the “CW4 Christian J. Koch Memorial Post Office 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 5271, an act to designate the facility of the United States Postal Service located at 2245 Rosa L Parks Boulevard in Nashville, Tennessee, as the “Thelma Harper Post Office Building 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 5809, an act to designate the facility of the United States Postal Service located at 1801 Town and Country Drive in Norco, California, as the “Lance Corporal Kareem Nikoui Memorial Post Office Building 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 5900, an act to designate the facility of the United States Postal Service located at 2016 East 1st Street in Los Angeles, California, as the “Marine Corps Reserve PVT Jacob Cruz Post Office 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 6386, an act to designate the facility of the United States Postal Service located at 450 West Schaumburg Road in Schaumburg, Illinois, as the “Veterans of Iraq and Afghanistan Memorial Post Office Building 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 6614, an act to designate the facility of the United States Postal Service located at 4744 Grand River Avenue in Detroit, Michigan, as the “Rosa Louise McCauley Parks Post Office Building 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 700, an act to designate the facility of the United States Postal Service located at 303 East Mississippi Avenue in Elmwood, Illinois, as the “Lawrence M. “Larry” Walsh Sr. Post Office 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 7873, a bill to designate the facility of the United States Postal Service located at 400 Southern Avenue Southeast in Washington, District of Columbia, as the “District of Columbia Servicemembers and Veterans Post Office 
August 15, 2022 
As ordered reported by the House Committee on Oversight and Reform on July 20, 2022 

Cost Estimate 
H.R. 8025, a bill to designate the facility of the United States Postal Service located at 100 South 1st Street in Minneapolis, Minnesota, as the “Martin Olav Sabo Post Office 
August 15, 2022 
As ordered reported by the House Committee on Oversight and Reform on July 20, 2022 

Cost Estimate 
H.R. 8026, a bill to designate the facility of the United States Postal Service located at 825 West 65th Street in Minneapolis, Minnesota, as the “Charles W. Lindberg Post Office 
August 15, 2022 
As ordered reported by the House Committee on Oversight and Reform on July 20, 2022 

Cost Estimate 
H.R. 8217, a bill to designate the facility of the United States Postal Service located at 430 South Knowles Avenue in New Richmond, Wisconsin, as the “Captain Robert C. Harmon and Private John R. Peirson Post Office Building 
August 15, 2022 
As ordered reported by the House Committee on Oversight and Reform on July 20, 2022 

Cost Estimate 
H.R. 8218, a bill to designate the facility of the United States Postal Service located at 619 Hewett Street in Neillsville, Wisconsin, as the “Corporal Mitchell Red Cloud, Jr. Post Office 
August 15, 2022 
As ordered reported by the House Committee on Oversight and Reform on July 20, 2022 

Cost Estimate 
H.R. 8248, a bill to designate the facility of the United States Postal Service located at 609 Portsmouth Avenue in Greenland, New Hampshire, as the “Chief Michael Maloney Post Office Building 
August 15, 2022 
As ordered reported by the House Committee on Oversight and Reform on July 20, 2022 

Cost Estimate 
H.R. 91, an act to designate the facility of the United States Postal Service located at 810 South Pendleton Street in Easley, South Carolina, as the “Private First Class Barrett Lyle Austin Post Office Building 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate 
H.R. 92, an act to designate the facility of the United States Postal Service located at 110 Johnson Street in Pickens, South Carolina, as the “Specialist Four Charles Johnson Post Office 
August 15, 2022 
As reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2022 

Cost Estimate
S. 4543, James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 
August 15, 2022 
As reported by the Senate Committee on Armed Services on July 18, 2022 

FASB  

SEC ACCEPTS 2022 Q3 Supplemental GAAP TaxonomyAugust 16, 2022  

GAO  

Aviation Safety 
FAA Should Strengthen Efforts to Address the Illegal Practice of Intentionally Aiming Lasers at Aircraft 
GAO-22-104664 
Published: Aug 18, 2022. 
Publicly Released: Aug 18, 2022. 
What GAO Found Aiming a laser at an aircraft can distract or disorient pilots and is a federal crime. The Federal Aviation Administration (FAA) investigates laser incidents, pursues civil penalties, and assists the Federal Bureau of Investigation (FBI) and U.S. Attorneys with investigations. Given the... 

Federal Fisheries Management
Opportunities Exist to Enhance Climate Resilience 
GAO-22-105132 
Published: Aug 18, 2022. 
Publicly Released: Aug 18, 2022. 
What GAO Found Fisheries managers comprised of eight Regional Fishery Management Councils (Councils) and the National Marine Fisheries Service's (NMFS) Atlantic Highly Migratory Species Division (HMS Division) have generally used climate information to a limited extent in fisheries management activities.... 

Military Personnel 
Armed Forces Should Clarify Tattoo Policies' Waiver Guidance 
GAO-22-105676 
Published: Aug 17, 2022. 
Publicly Released: Aug 17, 2022. 
What GAO Found The armed forces' policies for tattoo permissions and restrictions all focus on the content, size, and location of allowable tattoos. While the armed forces have content prohibitions for tattoos, the policies have evolved and become less restrictive regarding size and location. The current... 

Public Health Preparedness
COVID-19 Medical Surge Experiences and Related HHS Efforts 
GAO-22-105461 
Published: Aug 17, 2022. 
Publicly Released: Aug 17, 2022. 
What GAO Found The COVID-19 pandemic has highlighted the importance of hospitals' abilities to evaluate and care for an increased volume of patients exceeding normal operating capacity, known as medical surge. All eight hospitals in GAO's review reported multiple challenges related to staff, supplies,... 

VA Disability Benefits
Compensation Program Could Be Strengthened by Consistently Following Leading Reform Practices 
GAO-22-104488 
Published: Jul 18, 2022. 
Publicly Released: Aug 17, 2022. 
What GAO Found GAO identified 23 reforms the Veterans Benefits Administration (VBA) implemented that were aimed at improving its disability compensation program and were underway from fiscal years 2017 through 2020. GAO's review of five of these reforms found that VBA did not consistently follow relevant... 

Workforce Automation
Insights into Skills and Training Programs for Impacted Workers 
GAO-22-105159 
Published: Aug 17, 2022. 
Publicly Released: Aug 17, 2022. 
What GAO Found Although available data do not explicitly identify workers at risk of losing their jobs to automation, they provide insight into the skills needed for jobs projected to be in high demand over the next decade. For example, Department of Labor (DOL) data show that in-demand jobs require... 

Domestic Oceangoing Shipping 
Information on the Surface Transportation Board's Regulatory Processes 
GAO-22-105391 
Published: Aug 16, 2022. 
Publicly Released: Aug 16, 2022. 
What GAO Found Almost 6-million people living in Hawaii, Alaska, Puerto Rico and other noncontiguous U.S. territories and possessions depend on maritime transportation of vital goods from the mainland (contiguous) U.S. (see figure). These shipments include items such as food products and other goods.... 

Management Report
Improvements Needed in Controls over the Processes Treasury and OMB Used to Prepare the U.S. Consolidated Financial Statements 
GAO-22-105851 
Published: Aug 16, 2022. 
Publicly Released: Aug 16, 2022. 
What GAO Found GAO's audit of the fiscal year 2021 consolidated financial statements of the U.S. government (CFS) identified control deficiencies in the processes the Department of the Treasury, in coordination with the Office of Management and Budget (OMB), used to prepare the CFS. These control deficiencies... 

IASB  

July 2022 Jurisdictional Working Group meeting summary now available 
Meeting
16 Aug 2022

Join the staff—Business Development Lead for Corporate Sustainability/ESG 
Careers 
16 Aug 2022

July 2022 Accounting Standards Advisory Forum meeting summary available 
Meeting
16 Aug 2022 

IRS  

IRS Appeals invites input on enhancing video conference options for taxpayers and tax professionals
IR-2022-154, August 18, 2022 — The IRS Independent Office of Appeals invites public input on best practices for conducting video conferences with taxpayers and tax professionals who have cases pending before Appeals. 

2021 tax extension filers, don’t overlook these important tax benefits 
IR-2022-153, August 18, 2022 — The Internal Revenue Service reminds taxpayers who’ve yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they’re entitled and to file electronically as soon as possible. 

IRS adds new information in traditional Chinese to help with tax authorizations, part of growing multilingual effort to support taxpayers and help tax pros, third-party designees 
IR-2022-152, August 17, 2022 — As part of a larger effort to expand tax resources in more languages, the Internal Revenue Service announced today the addition of a translation of the Instructions for Form 8821, Tax Information Authorization, in traditional Chinese. 

Security Summit: Tax pros can help clients battle identity theft risk 
IR-2022-151, August 16, 2022 — The Security Summit partners today concluded a special summer education campaign by outlining steps tax professionals can take to help clients from becoming statistics in identity-theft related tax-fraud scams. 

IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1 
IR-2022-150, August 15, 2022— The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022. 

NYS  

Superintendent Adrienne A. Harris Secures $21.6 Million For New Yorkers Following Long Term Care Insurance Investigation  
2022-08-18    

DFS Announces 2023 Health Insurance Premium Rates, Saving New Yorkers $799.5 Million  
2022-08-17 

PCAOB  

PCAOB Sanctions KPMG Korea for Violating Quality Control Standards and Sanctions Two Former KPMG Korea Auditors for Noncooperation 
Aug. 16, 2022 

PCAOB Seeks Public Comment on Five-Year Strategic Plan for Protecting Investors 
Aug. 16, 2022 

SEC  

SEC Charges Eagle Bancorp and Former CEO with Failing to Disclose Related Party Loans                                     
2022-146,  Aug. 16, 2022 — The Securities and Exchange Commission today charged Eagle Bancorp, Inc., based in Bethesda, Maryland, and its former Chief Executive Officer and Chairman of the Board, Ronald D. Paul, with negligently making false and misleading statements about related party loans extended by the bank to Paul’s family trusts. Eagle and Paul have agreed to settle the SEC’s charges.

SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts 
2022-145,  Aug. 15, 2022 — The Securities and Exchange Commission today charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.

SEC Names Monique Winkler as Regional Director of San Francisco Office                                                                   
2022-144,  Aug. 15, 2022 — The Securities and Exchange Commission today announced that Monique C. Winkler has been named Regional Director of the San Francisco Regional Office. Ms. Winkler has served as the office’s Acting Regional Director since March 2022 and as the Associate Regional Director for Enforcement in the San Francisco Regional Office since 2019.

SEC Names Nicholas Grippo as Regional Director of Philadelphia Office                                                                        
2022-143, Aug. 15, 2022 — The Securities and Exchange Commission today announced that Nicholas P. Grippo has been named Regional Director of the Philadelphia Regional Office, effective September 12, 2022. Mr. Grippo currently serves as Chief of the Criminal Division for the U.S. Attorney’s Office for the District of New Jersey (USAO) where he supervises approximately 120 prosecutors and support staff.

TIGTA  

Review of the Independent Office of Appeals Collection Due Process Program  
August 18, 2022