Regulatory Roundup - June 2-8
AICPA
AICPA Encourages Small Businesses to Apply for PPP Loans
The institute also thanks Congress for bipartisan PPP Flexibility Act.
June 5, 2020
Press Release
Business Executives Sharply Cut Profit and Sales Outlook Due to Pandemic Impact, AICPA Survey Finds
Optimism in the U.S. economy dropped to its lowest ebb since 2011, according to the latest AICPA Economic Outlook Survey.
June 4, 2020
Press Release
AICPA offers insight for valuing businesses affected by COVID-19
The AICPA released a set of FAQs to help CPAs, ABVs and other valuation professionals address one-time events caused by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
June 2, 2020
CBO
Report
Budgetary Effects of the 2020 Coronavirus Pandemic
June 5, 2020
CBO describes certain budgetary effects of the coronavirus pandemic, including how tax deferrals will affect federal revenues and what laws enacted in response to the pandemic will have the largest effect on the federal budget deficit
Cost Estimate
H.R. 5068, Women Who Worked on the Home Front World War II Memorial Act
June 5, 2020
As ordered reported by the House Committee on Natural Resources on March 11, 2020
Cost Estimate
S. 238, Special Envoy to Monitor and Combat Anti-Semitism Act
June 5, 2020
As reported by the Senate Committee on Foreign Relations on June 3, 2020
Cost Estimate
S. 712, Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act
June 5, 2020
As reported by the Senate Committee on Foreign Relations on June 3, 202
Report
Economic Effects of Additional Unemployment Benefits of $600 per Week
June 4, 2020
The CARES Act granted a temporary increase of $600 per week in the benefit amount provided by unemployment programs. In this letter, CBO examines the economic effects of extending that increase from July 31, 2020, to January 31, 2021.
Cost Estimate
H.R. 2640, Buffalo Tract Protection Act
June 4, 2020
As ordered reported by the House Committee on Natural Resources on January 15, 2020
Cost Estimate
H.R. 2956, a bill to provide for the establishment of the Western Riverside County Wildlife Refuge
June 4, 2020
As ordered reported by the House Committee on Natural Resources on January 29, 2020
Cost Estimate
H.R. 3094, a bill to designate the National Pulse Memorial located at 1912 South Orange Avenue, Orlando, Florida, 32806, and for other purposes
June 4, 2020
As ordered reported by the House Committee on Natural Resources on March 11, 2020
Cost Estimate
H.R. 835, Rodchenkov Anti-Doping Act of 2019
June 4, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 11, 2020
Cost Estimate
S. 430, Secure Rural Schools Reauthorization Act of 2019
June 4, 2020
As ordered reported by the Senate Committee on Energy and Natural Resources on December 12, 2019
Blog Post
Reflections on a Year at CBO
June 3, 2020
Today marks my one-year anniversary as the Director of the Congressional Budget Office. It is a particularly proud moment for me, and I would like to reflect on CBO’s accomplishments over the past 12 months and its ongoing commitment to supporting the Congress.
Report
The Employment of Foreign-Born People
June 3, 2020
In 2018, 46 million people living in the United States—or 14 percent of the population—had been born in other countries. CBO examines the employment and earnings of men and women by their legal immigration status, level of education, and birthplace.
Report
Costs of Creating a Space National Guard
June 2, 2020
CBO examines two options for establishing a Space National Guard to support active component Space Force personnel, estimating the additional costs beyond those incurred for existing Air and Army National Guard units that have space-related missions.
Report
Comparison of CBO’s May 2020 Interim Projections of Gross Domestic Product and Its January 2020 Baseline Projections
The two largest differences between the two forecasts result from the economic effects of the COVID-19 pandemic in reducing output and the legislation enacted between January and early May in response, which partly offsets that reduction.
Cost Estimate
H.R. 4018, an act to provide that the amount of time that an elderly offender must serve before being eligible for placement in home detention is to be reduced by the amount of good time credits earned by the prisoner, and for other purposes
As passed by the House of Representatives on December 3, 2019
Cost Estimate
H.R. 4348, PAW and FIN Conservation Act of 2019
As ordered reported by the House Committee on Natural Resources on January 29, 2020
Cost Estimate
H.R. 5428, Grid Modernization Research and Development Act of 2019
As ordered reported by the House Committee on Science, Space, and Technology on February 12, 2020
Cost Estimate
H.R. 6157, Transparency for Student Veterans Act
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020
Cost Estimate
H.R. 6800, Heroes Act
As passed by the House of Representatives on May 15, 2020
FASB
FASB Offers Limited Effective Date Delays on Revenue Recognition and Leases Standards [06/03/20]
Media Advisory
ASU 2020-05
Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Hold Biannual Meeting [06/02/20]
News Release
GAO
Electronic Health Records:
Ongoing Stakeholder Involvement Needed in the Department of Veterans Affairs' Modernization Effort
GAO-20-473: Published: Jun 5, 2020. Publicly Released: Jun 5, 2020.
Indian Education:
Actions Needed to Ensure Students with Disabilities Receive Special Education Services
GAO-20-358: Published: May 22, 2020. Publicly Released: Jun 5, 2020.
K-12 Education:
School Districts Frequently Identified Multiple Building Systems Needing Updates or Replacement
GAO-20-494: Published: Jun 4, 2020. Publicly Released: Jun 4, 2020.
Science & Tech Spotlight:
COVID-19 Modeling
GAO-20-582SP: Published: Jun 4, 2020. Publicly Released: Jun 4, 2020.
Infectious Disease Modeling:
Opportunities to Improve Coordination and Ensure Reproducibility
GAO-20-372: Published: May 13, 2020. Publicly Released: Jun 4, 2020.
Defense Acquisitions Annual Assessment:
Drive to Deliver Capabilities Faster Increases Importance of Program Knowledge and Consistent Data for Oversight
GAO-20-439: Published: Jun 3, 2020. Publicly Released: Jun 3, 2020.
Private Citizens' Involvement in Decision-Making at the Department of Veterans Affairs:
Information on the Purpose, Scope, and Time Frames of Interactions between 2016 and 2018
GAO-20-447R: Published: May 4, 2020. Publicly Released: Jun 3, 2020.
Drug Safety:
COVID-19 Complicates Already Challenged FDA Foreign Inspection Program
GAO-20-626T: Published: Jun 2, 2020. Publicly Released: Jun 2, 2020.
Agile Software Development:
DHS Has Made Significant Progress in Implementing Leading Practices, but Needs to Take Additional Actions
GAO-20-213: Published: Jun. 1, 2020 Publicly Released: Jun. 1, 2020
Internet Protocol Version 6:
DOD Needs to Improve Transition Planning
GAO-20-402: Published: Jun. 1, 2020 Publicly Released: Jun. 1, 2020
Medicaid:
State Views on Program Administration Challenges
GAO-20-407: Published: Apr. 30, 2020 Publicly Released: Jun. 1, 2020
GASB
GASB Issues Guidance on Cloud Computing and Similar Subscription-Based IT Arrangements [06/05/20]
Media Advisory
Statement No. 96
IASB
05 June 2020
Due Process Oversight Committee June meeting papers available
05 June 2020
IFRS Interpretations Committee June meeting papers and agenda available
03 June 2020
Issue 20 of the Investor Update published
03 June 2020
Forthcoming second webinar in Korean on Exposure Draft General Presentation and Disclosures
02 June 2020
Forthcoming second webinar in Chinese on Exposure Draft General Presentation and Disclosures
IRS
IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors
IR-2020-114, June 4, 2020 — The IRS today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.
Interest rates decrease for the third quarter of 2020
IR-2020-113, June 4, 2020 — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020.
IRS Chief Counsel goes virtual with national Settlement Days; Helps dozens of taxpayers settle their Tax Court cases
IR-2020-112, June 4, 2020 — The Internal Revenue Service Office of Chief Counsel is expanding its Virtual Settlement Days program after the tremendous success achieved by three offices that took Settlement Days events virtual in May 2020.
159 million Economic Impact Payments processed; Low-income people and others who aren’t required to file tax returns can quickly register for payment with IRS Non-Filers tool
IR-2020-111, June 3, 2020 — With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don’t usually file tax returns to register for a payment by October 15.
IRS provides relief to retirement plan participants to sign elections remotely
IR-2020-110, June 3, 2020 — The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures.
IRS reminder: June 15 tax deadline postponed to July 15 for taxpayers who live and work abroad
IR-2020-109, June 2, 2020 — The Internal Revenue Service today reminded people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15.
SEC
Insurance Company Settles SEC Charges for Failing to Disclose Executive Perks
2020-127, June 4, 2020 — The Securities and Exchange Commission today announced settled charges against Bermuda-based insurance company Argo Group International Holdings, Ltd. for failing to fully disclose perquisites and benefits provided to its former chief executive officer.
SEC Awards Record Payout of Nearly $50 Million to Whistleblower
2020-126, June 4, 2020 — The Securities and Exchange Commission today announced a nearly $50 million whistleblower award to an individual who provided detailed, firsthand observations of misconduct by a company, which resulted in a successful enforcement action that returned a significant amount of money to harmed investors. This is the largest amount ever awarded to one individual under the SEC’s whistleblower program. The next largest is a $39 million award to an individual in 2018. Two individuals also shared a nearly $50 million whistleblower award that same year.
June 3, 2020
Large Dollar Refunds Are Not Always Examined and Sent to the Joint Committee on Taxation [PDF]
Highlights