Regulatory Roundup - July 28 - Aug. 3
AICPA
Press Release
AICPA Announces New Scholarship for Accounting Students in Minneapolis and St. Paul, Minn.
The AICPA is offering a new scholarship to ethnic minority accounting students attending a college or university in Minneapolis or St. Paul, Minn.
July 28, 2020
CBO
Cost Estimate
Statutory Pay-As-You-Go Effects of H.R. 7575, the Water Resources Development Act of 2020
July 29, 2020
As Posted on the Website of the Clerk of the House on July 28, 2020
Cost Estimate
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 6192, the 1921 Silver Dollar Coin Anniversary Act
July 28, 2020
As Introduced in the House of Representatives on March 11, 2020
Cost Estimate
H.R. 4248, Surface Mining Control and Reclamation Act Amendments of 2019
July 28, 2020
As ordered reported by the House Committee on Natural Resources on January 15, 2020
Cost Estimate
H.R. 2579, Hardrock Leasing and Reclamation Act of 2019
As ordered reported by the House Committee on Natural Resources on October 23, 2019
Cost Estimate
H.R. 2795, Wildlife Corridors Conservation Act of 2019
As ordered reported by the House Committee on Natural Resources on January 29, 2020
Cost Estimate
H.R. 7617, Defense, Commerce, Justice, Science, Energy and Water Development, Financial Services and General Government, Homeland Security, Labor, HHS, Education, Transportation, Housing, and Urban Development Appropriations Act, 2021
As posted on the House Committee on Rules Website https://rules.house.gov/bill/116/hr-7617)
Cost Estimate
S. 2894, Federal Maritime Commission National Shipper AdvisoryCommittee Act of 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 20, 2020
Cost Estimate
S. 3681, Ensuring Health Safety in the Skies Act of 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 20, 2020
GAO
Genetic Services:
Information on Genetic Counselor and Medical Geneticist Workforces
GAO-20-593: Published: Jul 31, 2020. Publicly Released: Jul 31, 2020.
Survivors of Childhood Cancer:
Factors Affecting Access to Follow-up Care
GAO-20-636R: Published: Jul 31, 2020. Publicly Released: Jul 31, 2020.
Covid-19:
Data Quality and Considerations for Modeling and Analysis
GAO-20-635SP: Published: Jul 30, 2020. Publicly Released: Jul 30, 2020.
National Nuclear Security Administration:
Information on the Fiscal Year 2021 Budget Request and Affordability of Nuclear Modernization Activities
GAO-20-573R: Published: Jul 30, 2020. Publicly Released: Jul 30, 2020.
Small Business Contracting:
Better Documentation and Reporting Needed on Procurement Center Representatives
GAO-20-462: Published: Jun 30, 2020. Publicly Released: Jul 30, 2020.
Covid-19 Contracting:
Observations on Federal Contracting in Response to the Pandemic
GAO-20-632: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Crumbling Foundations:
Extent of Homes with Defective Concrete Is Not Fully Known and Federal Options to Aid Homeowners Are Limited
GAO-20-649: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Economic Adjustment Assistance:
Actions Needed to Better Address Workers' Needs and Assess Program Effectiveness
GAO-20-521: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Federal Prison Industries:
Actions Needed to Evaluate Program Effectiveness
GAO-20-505: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Over-The-Counter Drugs:
Information on FDA's Regulation of Most OTC Drugs
GAO-20-572: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Public Health Preparedness:
HHS Has Taken Some Steps to Implement New Authority to Speed Medical Countermeasure Innovation
GAO-20-601R: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
VA Health Care:
VA Needs to Continue to Strengthen Its Oversight of Quality of State Veterans Homes
GAO-20-697T: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020
VA Research:
Opportunities Exist to Strengthen Partnerships and Guide Decision-Making with Nonprofits and Academic Affiliates
GAO-20-570: Published: Jul 29, 2020. Publicly Released: Jul 29, 2020.
Climate Change:
USAID Is Taking Steps to Increase Projects' Resilience, but Could Improve Reporting of Adaptation Funding
GAO-20-555: Published: Jul 28, 2020. Publicly Released: Jul 28, 2020.
Science & Tech Spotlight:
Contact Tracing Apps
GAO-20-666SP: Published: Jul 28, 2020. Publicly Released: Jul 28, 2020.
IASB
03 August 2020
Third webinar in Chinese on Exposure Draft General Presentation and Disclosures—recording now available
03 August 2020
Forthcoming webinar on second comprehensive review of the IFRS for SMEs Standard
31 July 2020
Goodwill and Impairment project webinar in French—recording now available
31 July 2020
New ITCG member appointed
31 July 2020
CMAC—Call for members
30 July 2020
New two-part webcast: Amendments to IFRS 17 Insurance Contracts
29 July 2020
July 2020 IASB podcast available now
28 July 2020
IFRS Foundation meetings to be held remotely in 2020
IRS
IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses
IR-2020-174, July 30, 2020 — The Internal Revenue Service today issued proposed regulations proposed regulations updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA).
IRS grants additional relief for rehabilitation credit deadlines
IR-2020-173, July 30, 2020 — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
IR-2020-172, July 29, 2020 — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
IRS issues final regulations and other guidance on business interest expense deduction limitation
IR-2020-171, July 28, 2020 — The Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.
Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals
IR-2020-170, July 28, 2020 — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts
IRS provides guidance on recapturing excess employment tax credits
IR-2020-169, July 27, 2020 — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.
NYS
DFS Superintendent Linda A. Lacewell Announces $1.6 Million Settlement with Student Health Insurers
July 30, 2020
Superintendent Lacewell Announces DFS’ Opposition to Federal Government’s Proposed Rule Change that Discourages ESG Investing, Undermining Retirement Security of Workers
July 29, 2020
Superintendent Lacewell Announces Department of Financial Services’ Holocaust Claims Processing Office Facilitates Compensation Settlements for Three Old Master Paintings Looted by Nazis
July 29, 2020
Governor Cuomo Kicks Off Census Push Week to Make Sure Every New Yorker Is Counted in the Upcoming Census
July 28, 2020
PCAOB
PCAOB Posts Conversations with Audit Committee Chairs: COVID-19 and the Audit
SEC
Pharmaceutical Company and Former Executives Charged With Misleading Financial Disclosures
2020-169, July 31, 2020 — The Securities and Exchange Commission today announced that Bausch Health, formerly Quebec, Canada-based Valeant Pharmaceuticals, agreed to pay a $45 million penalty to settle charges of improper revenue recognition and misleading disclosures in SEC filings and earnings presentations. Three former executives – the chief executive officer, chief financial officer, and controller – also agreed to pay penalties to settle charges against them.
SEC Charges Former Georgia State Legislator With Defrauding Investors in Ponzi Scheme
2020-168, July 30, 2020 — The Securities and Exchange Commission today charged former Georgia state legislator and former member of the Georgia Board of Regents Clarence Dean Alford with defrauding at least 100 investors in his now-bankrupt energy development company, Allied Energy Services LLC.
SEC Charges CEO and Company With Defrauding First Responders and Others Out of Millions
2020-167, July 30, 2020 —The Securities and Exchange Commission today announced charges against a San Antonio-area businessman and his company for running a multimillion-dollar fraudulent scheme that victimized scores of investors, many of them retired San Antonio police officers and other first responders.
Small Business Capital Formation Advisory Committee Aug. 4 Meeting to Focus on How Capital Markets Are Serving Underrepresented Founders
2020-166, July 29, 2020 — The Securities and Exchange Commission today released the agenda for the Tuesday, Aug. 4 meeting of its Small Business Capital Formation Advisory Committee, which will be hosted via video conference.
SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to Promote Services to Florida Educators
2020-164, July 28, 2020 —The Securities and Exchange Commission today charged Houston-based VALIC Financial Advisors Inc. (VFA) in a pair of actions for failing to disclose to teachers and other investors practices that generated millions of dollars in fees and other financial benefits for VFA.
Review of the Internal Revenue Service’s Purchase Card Violations Report
July 30, 2020