Regulatory Roundup - April 14-20
AICPA
Press Release
AICPA Applauds Senators Doug Jones and Chris Van Hollen For Encouraging Stronger Guidance on Use of Payroll Cost Reports
Senators Jones and Van Hollen’s statement is consistent with key recommendations made by the AICPA-led small business funding coalition and other key stakeholders.
April 17, 2020
Press Release
AICPA Recognizes Top 2019 CPA Exam Performers with Elijah Watt Sells Award
The American Institute of CPAs announces the recipients of the 2019 Elijah Watt Sells awards. The 133 CPA candidates were recognized for their outstanding performance on the CPA Exam.
April 17, 2020
Press Release
AICPA Urges Additional Funding for Paycheck Protection Program
he AICPA urged additional funding for the Paycheck Protection Program, a key small business relief initiative under the CARES Act.
April 16, 2020
CBO
Cost Estimate
H.R. 748, CARES Act, Public Law 116-136
April 16, 2020
As enacted on March 27, 2020, as Public Law 116-136
Blog Pos
CBO Releases Infographics About the Federal Budget in Fiscal Year 2019
April 15, 2020
View CBO’s budget infographics to see how much the federal government spent and took in during fiscal year 2019, as well as broader trends in the budget over the past few decades.
Graphic
Discretionary Spending in 2019: An Infographic
April 15, 2020
Discretionary spending by the federal government totaled $1.3 trillion in 2019—about half for national defense and half for nondefense activities.
Graphic
Mandatory Spending in 2019: An Infographic
April 15, 2020
Mandatory spending by the federal government totaled $2.7 trillion in 2019, of which $1.7 trillion was for Social Security and Medicare.
Graphic
Revenues in 2019: An Infographic
April 15, 2020
Revenues received by the federal government in 2019 totaled $3.5 trillion, of which $1.7 trillion was receipts from individual income taxes.
Graphic
The Federal Budget in 2019: An Infographic
April 15, 2020
The federal deficit in 2019 was $984 billion, equal to 4.6 percent of gross domestic product. Learn more about the deficit with a new interactive version of the infographic.
Cost Estimate
H.R. 2224, Homeless Veterans with Children Reintegration Act
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 2847, No Passport Fees for Heroes’ Families Act
As ordered reported by the House Committee on Foreign Affairs on March 4, 2020
Cost Estimate
H.R. 5284, Vet OUTREACH Act
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 712, a bill to direct the Secretary of Veterans Affairs to carry out a clinical trial of the effects of cannabis on certain health outcomes of adults with chronic pain and post-traumatic stress disorder, and for other purposes
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
S. 3076, an act to release a federal reversionary interest in Chester County, Tennessee, to manage certain Federal land in Bath County, Virginia, and for other purposes
As passed by the Senate on January 6, 2020
Cost Estimate
S. 524, Department of Veterans Affairs Tribal Advisory Committee Act of 2019
As ordered reported by the Senate Committee on Veterans’ Affairs on January 29, 2020
GAO
Priority Open Recommendations:
Department of Education
GAO-20-425PR: Published: Apr 10, 2020. Publicly Released: Apr 17, 2020.
Priority Open Recommendations:
Nuclear Regulatory Commission
GAO-20-286PR: Published: Apr 10, 2020. Publicly Released: Apr 17, 2020.
Defense Acquisitions:
Action Is Needed to Provide Clarity and Mitigate Risks of the Air Force's Planned Advanced Battle Management System
GAO-20-389: Published: Apr 16, 2020. Publicly Released: Apr 16, 2020.
Presidential Helicopter:
Program is Meeting Cost Goals but Some Technical and Schedule Risks Remain
GAO-20-356: Published: Apr 16, 2020. Publicly Released: Apr 16, 2020.
Job Corps:
DOL Should Provide Greater Transparency in Communicating Its Rationale for Closure Decisions
GAO-20-240R: Published: Apr 14, 2020. Publicly Released: Apr 14, 2020.
Preventing Drug Diversion:
Disposal of Controlled Substances in Home Hospice Settings
GAO-20-378: Published: Apr 14, 2020. Publicly Released: Apr 14, 2020.
Child Care and Development Fund:
Office of Child Care Should Strengthen Its Oversight and Monitoring of Program-Integrity Risks
GAO-20-227: Published: Mar. 2, 2020 Publicly Released: Apr. 13, 2020
Cybersecurity:
DOD Needs to Take Decisive Actions to Improve Cyber Hygiene
GAO-20-241: Published: Apr. 13, 2020 Publicly Released: Apr. 13, 2020
Priority Open Recommendations:
Department of the Interior
GAO-20-289PR: Published: Apr. 6, 2020 Publicly Released: Apr. 13, 2020
Priority Open Recommendations:
U.S. Department of Agriculture
GAO-20-288PR: Published: Apr. 6, 2020 Publicly Released: Apr. 13, 2020
Telecommunications and Call Centers:
Observations on Federal Contracting Practices
GAO-20-291: Published: Apr. 13, 2020 Publicly Released: Apr. 13, 2020
GASB
GASB Proposes to Postpone Effective Dates of Certain Pronouncements [04/15/20]
Media Advisory
Exposure Draft
The GASB Offers Emergency Toolbox to Address Issues Arising from COVID-19 [04/14/20]
Toolbox
IASB
17 April 2020
IASB amends work plan and proposes amendment to IFRS 16
17 April 2020
Due Process Oversight Committee—meeting report now available
16 April 2020
April 2020 IFRS Interpretations Committee—meeting papers and agenda available
15 April 2020
Due Process Oversight Committee meeting scheduled for 16 April—agenda papers available
15 April 2020
Join the IFRS Foundation Trustees
14 April 2020
IASB to discuss timeline reconsiderations and possible amendment to IFRS 16 due to covid-19
IRS
Veterans Affairs recipients will receive automatic Economic Impact Payments; Step follows work between Treasury, IRS, VA
IR-2020-75, April 17, 2020 — The IRS, working in partnership with the Treasury Department and the Department of Veterans Affairs, announced today that recipients of VA benefits will automatically receive automatic Economic Impact Payments.
IRS: Free File use soars; taxpayers still have time to do their taxes for free
IR-2020-74, April 16, 2020 — The Internal Revenue Service today reported a record increase in the use of Free File products for entering and filing federal income taxes and reminded taxpayers that they should go through IRS.gov to ensure they get the free offers they are due.
Supplemental Security Income recipients will receive automatic Economic Impact Payments; step follows work between Treasury, IRS, Social Security Administration
IR-2020-73, April 15, 2020 — The IRS, working in partnership with the Treasury Department and the Social Security Administration, announced today that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments.
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date
IR-2020-72, April 15, 2020 — Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.
IRS, Security Summit partners warn tax professionals on scams, urge additional security measures to protect taxpayer data
IR-2020-71, April 14, 2020 — The Internal Revenue Service and its Security Summit partners today urged tax professionals to take additional security steps immediately to protect taxpayer data as more practitioners telework and security risks increase.
REMINDER: Schedule and pay federal taxes electronically due by July 15; only a few hours remaining for taxpayers to reschedule payments set for April 15
IR-2020-70, April 13, 2020— The Internal Revenue Service reminds taxpayers they have several options to schedule and pay federal taxes electronically that are due on July 15. Taxpayers with payments scheduled for April 15 also have a midnight Monday deadline to reschedule payments.
NYS
Governor Cuomo Launches Awareness Campaign Encouraging Low-Income New Yorkers to Claim Their Economic Impact Payments Under the CARES Act
Aptil 17, 2020
PCAOB
PCAOB Posts Request for Comment, Seeks Stakeholder Input on Critical Audit Matters (April 17)
SECSEC Orders Three Self-Reporting Advisory Firms to Reimburse Investors
2020-90, April 17, 2020 —The Securities and Exchange Commission today announced settled charges against two advisers that self-reported as part of the Division of Enforcement’s Share Class Selection Disclosure Initiative, and a third adviser that self-reported within months of the initiative’s self-reporting deadline. The Commission’s orders today are the final cases the Division intends to recommend under the terms of the initiative. Including today’s actions, the Commission has ordered more than $139 million to be returned to investors as part of the initiative.
SEC Awards Over $27 Million to Whistleblower
Amounts Awarded to Whistleblowers by SEC Now Exceed $400 Million
2020-89, April 16, 2020 —The Securities and Exchange Commission today announced an award of more than $27 million to a whistleblower who alerted the agency to misconduct occurring, in part, overseas. After providing the tip to the Commission, the whistleblower provided critical investigative leads that advanced the investigation and saved significant Commission resources.
SEC Charges Former Financial Services Executive With FCPA Violations
2020-88, April 13, 2020 —The Securities and Exchange Commission today charged a former executive of a financial services company with orchestrating a bribery scheme to help a client to win a government contract to build and operate an electrical power plant in the Republic of Ghana in violation of the Foreign Corrupt Practices Act (FCPA).
Natasha Guinan Named Chief Counsel, Office of the Chief Accountant
2020-87, April 13, 2020 —The Securities and Exchange Commission today announced that Natasha Guinan has been named Chief Counsel, Office of the Chief Accountant (OCA).