Regulatory Roundup - March 23-29
AICPA
Press Release
CPAs and Their Small Business Clients Thankful for Passage of PPP Extension Act, Says AICPA
Sixty-day extension helps small businesses access much-needed PPP relief funds and gives the SBA time to addresses lingering E-Tran system issues and provide more guidance.
March 26, 2021
Press Release
Stakeholders Join AICPA in Calling for Filing and Payment Relief
The AICPA & NAEA released a letter urging relief for all. Many stakeholders expressed disappointment in the IRS’ decision to omit small businesses, self-employed taxpayers and others from tax relief.
March 25, 2021
Press Release
CPAs and Their Small Business Clients Thankful for Passage of PPP Extension Act, Says AICPA
Sixty-day extension helps small businesses access much-needed PPP relief funds and gives the SBA time to addresses lingering E-Tran system issues and provide more guidance.
March 25, 2021
Press Release
More than 1-in-5 Companies Plan Some Reduction in Office Space, AICPA Survey Finds
AICPA submitted recommendations requesting Treasury and IRS issue immediate authoritative guidance to ensure that taxpayers are able to promptly take advantage of the ERC.
March 25, 2021
CBO
Cost Estimate
H.R. 1251, Cyber Diplomacy Act of 2021
March 26, 2021
As ordered reported by the House Committee on Foreign Affairs on February 25, 2021
Cost Estimate
S. 111, Luke and Alex School Safety Act of 2021
March 26, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 17, 2021
Presentation
An Overview of the 2021 Long-Term Budget Outlook
March 25, 2021
Presentation by Mark Doms, Chief Economist, to Institutional Investor's Fixed Income Forum.
Presentation
An Overview of the 2021 Long-Term Budget Outlook
March 25, 2021
Presentation by Phillip Swagel, CBO’s Director, to the Institute of International Finance's Washington Policy Summit.
Report
The Capacity of the Navy’s Shipyards to Maintain Its Submarines
March 25, 2021
The Navy’s shipyards have experienced significant delays in completing maintenance on submarines. In this report, CBO projects that required maintenance will continue to exceed the shipyards’ capacity and examines options to reduce delays.
Presentation
An Overview of the 2021 Long-Term Budget Outlook
March 24, 2021
Presentation by Phillip Swagel, CBO’s Director, to the Committee for Economic Development of the Conference Board.
Cost Estimate
March 24, 2021
As passed by the House of Representatives on March 19, 2021
Cost Estimate
S. 548, Alaska Native Tribal Health Consortium Land Transfer Act of 2021
March 24, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2021
Cost Estimate
March 24, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2021
Cost Estimate
S. 550, Southeast Alaska Regional Health Consortium Land Transfer Act of 2021
March 24, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2021
Presentation
An Overview of the 2021 Long-Term Budget Outlook
March 23, 2021
Presentation by Phillip Swagel, CBO’s Director, to the National Association for Business Economics.
Cost Estimate
S. 559, a bill to amend the Grand Ronde Reservation Act
March 23, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2020
Cost Estimate
H.R. 241, Tropical Forest and Coral Reef Conservation Reauthorization Act of 2021
As ordered reported by the House Committee on Foreign Affairs on February 25, 2021
Working Paper
The Economic Effects of Financing a Large and Permanent Increase in Government Spending: Working Paper 2021-03
This working paper analyzes the long-term economic effects of financing a large and permanent increase in government expenditures of 5 percent to 10 percent of gross domestic product annually.
Working Paper
Estimating the Legal Status of Foreign-Born People: Working Paper 2021-02
This paper explains CBO’s methods for estimating the number of residents without legal status and imputing legal status by using individual-level data from federal surveys.
FASB
SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy [03/23/21] Media Advisory
GAO
Defense Cleanup
GAO-21-268
Published: Mar 26, 2021.
Publicly Released: Mar 26, 2021.
What GAO Found The Department of Defense (DOD) continues to make progress on cleanup efforts at the former military sites in Vieques and Culebra, Puerto Rico, but substantial work remains. The U.S. Navy and the U.S.
Progress Made to Implement Early Warning System, but Actions Needed to Improve Program Management
GAO-21-129
Published: Mar 25, 2021.
Publicly Released: Mar 25, 2021.
What GAO Found The U.S. Geological Survey (USGS), through its Earthquake Hazards Program (EHP), has made several efforts to identify the dangers from earthquakes, such as tsunamis and landslides, to inform the public and help decision-makers ensure public safety and mitigate losses.
Additional Actions to Improve Suspense Account Transactions Would Strengthen Financial Reporting
GAO-21-132
Published: Mar 25, 2021.
Publicly Released: Mar 25, 2021.
What GAO Found Federal agencies use suspense accounts to temporarily hold financial transactions—such as transactions with missing or incomplete documentation—that require further research before they are permanently recorded to the proper accounts in an accounting system.
Steps Needed to Address COVID-19 Loans' Susceptibility to Fraud
GAO-21-449T
Published: Mar 25, 2021.
Publicly Released: Mar 25, 2021.
What GAO Found In April 2020, the Small Business Administration (SBA) quickly implemented the Paycheck Protection Program (PPP) and expedited the processing of Economic Injury Disaster Loans (EIDL) and a new EIDL advance program.
FY 2020 and FY 2019 Consolidated Financial Statements of the U.S. Government
GAO-21-340R
Published: Mar 25, 2021.
Publicly Released: Mar 25, 2021.
What GAO Found To operate as effectively and efficiently as possible, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information—both for individual federal entities and for the federal government as a whole.
Actions Needed to Improve COVID-19 Loans' Internal Controls and Reduce Their Susceptibility to Fraud
GAO-21-472T
Published: Mar 24, 2021.
Publicly Released: Mar 24, 2021.
What GAO Found In April 2020, the Small Business Administration (SBA) quickly implemented the Paycheck Protection Program (PPP) and expedited the processing of Economic Injury Disaster Loans (EIDL) and a new EIDL advance program.
Comprehensive Supply Chain Management Strategy Key to Address Existing Challenges
GAO-21-445T
Published: Mar 24, 2021.
Publicly Released: Mar 24, 2021.
What GAO Found The Department of Veterans Affairs (VA) experienced challenges tracking and obtaining medical supplies in response to COVID-19, particularly in the early stages of the pandemic—underscoring the need for supply chain improvements and acquisition management efficiencies.
U.S. Efforts to Disrupt Gun Smuggling into Mexico Would Benefit from Additional Data and Analysis
GAO-21-322
Published: Feb 22, 2021.
Publicly Released: Mar 24, 2021.
Para la versión de esta página en español, ver a GAO-21-336. What GAO Found Trafficking of U.S.-sourced firearms into Mexico is a national security threat, as it facilitates the illegal drug trade and has been linked to organized crime.
GAO-21-336
Published: Mar 24, 2021.
Publicly Released: Mar 24, 2021.
For the English version of this page, see GAO-21-322. Conclusiones de la GAO El tráfico de armas de fuego procedentes de origen estadounidense hacia México es una amenaza a la seguridad nacional, ya que facilita el comercio de drogas ilícitas y se ha vinculado con el crimen organizado.
GAO-21-288
Published: Mar 24, 2021.
Publicly Released: Mar 24, 2021.
What GAO Found GAO reiterates the importance of addressing the four major cybersecurity challenges and the 10 associated critical actions listed below.
Sexual Assault in the Military
Continued Congressional Oversight and Additional DOD Focus on Prevention Could Aid DOD's Efforts
GAO-21-463T
Published: Mar 24, 2021.
Publicly Released: Mar 24, 2021.
What GAO Found In the National Defense Authorization Acts (NDAA) from fiscal years 2004 to 2019, based on GAO's preliminary analysis, Congress enacted 249 statutory requirements related to sexual assault prevention and response in the military to assist the Department of Defense (DOD) with its efforts...
After Pandemic Recovery, Focus Needed on Achieving Long-Term Fiscal Sustainability
GAO-21-275SP
Published: Mar 23, 2021.
Publicly Released: Mar 23, 2021.
The Government’s Fiscal Condition in 2020 Reflects Response to the Pandemic The COVID-19 pandemic has resulted in catastrophic loss of life and substantial damage to the global economy, stability, and security. This continuing crisis prompted a major federal response.
Better Planning Needed as Use of Contracted Examiners Continues to Grow
GAO-21-444T
Published: Mar 23, 2021.
Publicly Released: Mar 23, 2021.
What GAO Found In recent years, the Department of Veterans Affairs (VA) has significantly expanded the Veterans Benefits Administration's (VBA) use of contractors to perform disability medical exams instead of relying on Veterans Health Administration (VHA) medical centers (see figure).
GAO-21-462T
Published: Mar 23, 2021.
Publicly Released: Mar 23, 2021.
What GAO Found The U.S. Census Bureau (Bureau) has critical work remaining to deliver apportionment counts and redistricting data.
Hypersonic Weapons
DOD Should Clarify Roles and Responsibilities to Ensure Coordination across Development Efforts
GAO-21-378
Published: Mar 22, 2021.
Publicly Released: Mar 22, 2021.
What GAO Found GAO identified 70 efforts to develop hypersonic weapons and related technologies that are estimated to cost almost $15 billion from fiscal years 2015 through 2024 (see figure).
Program Evaluation
Key Terms and Concepts
Bureau Should Assess Significant Data Collection Challenges as It Undertakes Planning for 2030
What GAO Found In March 2020, the Census Bureau (Bureau) delayed the start of field data collection because of COVID-19 safety, and then revised several operational timelines in response to the pandemic and Department of Commerce (Commerce) decisions.
IASB
29 March 2021
Join the IFRS Foundation Trustees
29 March 2021
March 2021 IASB podcast available
26 March 2021
IASB decides to extend the comment period for Exposure Draft Regulatory Assets and Regulatory Liabilities
26 March 2021
March 2021 IASB Update available and work plan updated
25 March 2021
IASB proposes a new approach that opens the way to better communication in the notes in financial statements
24 March 2021
March 2021 IFRIC Update available
24 March 2021
IFRS Foundation publishes IFRS Taxonomy 2021
IRS
Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax deductible
IR-2021-66, March 26, 2021 — The Internal Revenue Service issued Announcement 2021-7 today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.
IRS Criminal Investigation (CI) pledges continued commitment to investigating COVID-19 fraud as CARES Act reaches one-year anniversary
IR-2021-65, March 25, 2021 — The Internal Revenue Service’s Criminal Investigation Division (IRS-CI) marks the one-year anniversary of the Coronavirus Aid, Relief and Economic Security (CARES) Act by pledging its continued commitment to investigating COVID-19 fraud.
J5 countries host ‘Challenge’ aimed at FINtech companies
IR-2021-64, March 25, 2021 — The Joint Chiefs of Global Tax Enforcement (J5) brought together investigators, cryptocurrency experts and data scientists in a coordinated push to track down individuals and organizations perpetrating tax crimes around the world this week.
IRS, Treasury disburse another 37 million Economic Impact Payments from the American Rescue Plan
IR-2021-63, March 24, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing approximately 37 million payments in the second batch of Economic Impact Payments from the American Rescue Plan
More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards
IR-2021-62, March 22, 2021 — The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.
NYS
Crack Down on Bad Tax Preparers Nets 7 Arrests Across New York State
March 26, 2021
Attorney General James and Tax Commissioner Schmidt Announce Convictions of Long
Island Auto Repair Shops for Tax Evasion
March 26, 2021
Superintendent Lacewell Announces DFS Approves New Bank Branch
March 25, 2021
Superintendent Lacewell Announces Proposed DFS Guidance to New York Insurers On Managing the Financial Risks from Climate Change
March 25, 2021
Superintendent Linda A. Lacewell Approves New Banking Development District In the East Harlem Neighborhood In Manhattan
March 24, 2021
DFS Issues Findings on the Apple Card and Its Underwriter Goldman Sachs Bank
March 23, 2021
PCAOB
Mar. 24, 2021
At March 29 open meeting, PCAOB will consider adoption of a charter for a new Standards Advisory Group.
SEC
SEC Issues Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act
2021-53, March 24, 2021 — The Securities and Exchange Commission has adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Holding Foreign Companies Accountable Act (HFCA Act)
TIGTA
March 23, 2021
Interim Report – IRS COVID-19 Response Timeline and Policies to Protect Employee Health and Safety
March 22, 2021
Results of the 2020 Filing Season and Effects of COVID-19 on Tax Processing Operations