Regulatory Roundup - March 16-22
AICPA
Press Release
The American Rescue Plan Act has far-reaching tax implications for individuals & businesses. AICPA webcast delves into the tax & business provisions.
March 17, 2021
Press Release
College Accounting Programs Need to Update Curricula: AICPA-NASBA
Many College Accounting Programs Need to Update Their Curricula to Keep Pace with a Changing Profession: AICPA-NASBA Report. AICPA Academic Resource Hub Offers Faculty Tools to Address Gaps in Their Emerging Issues and Technology-Related Curriculum
March 17, 2021
Press Release
Excluding Estimated Payments Significantly Impacts Small Businesses
AICPA releases statement calling on IRS to include estimated payments and all other filings due April 15th as part of the deadline extension.
March 17, 2021
Press Release
AICPA Addresses Criticism of Tax Filing Deadline Postponement
The AICPA released a statement in response to criticism of postponing the April 15th filing and payment deadline for the 2021 tax season.
March 17, 2021
Press Release
AICPA: Many Taxpayers Will Not Benefit from IRS Tax Deadline Extension
IRS announced that it would extend the filing and payment deadline for some – but not all – taxpayers for the 2021 tax season from April 15th to May 17th. AICPA urges extension for all to June 15th.
March 16, 2021
CBO
Working Paper
Estimating the Legal Status of Foreign-Born People: Working Paper 2021-02
March 19, 2021
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.
Cost Estimate
S. 314, Klamath Tribe Judgement Fund Repeal Act
March 19, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2020
Cost Estimate
S. 371, Blackwater Trading Post Land Transfer Act
March 19, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2021
Cost Estimate
H.R. 1112, Protect Democracy in Burma Act of 2021
March 18, 2021
As ordered reported by the House Committee on Foreign Affairs on February 25, 2021
Cost Estimate
H.R. 6, American Dream and Promise Act of 2021
March 18, 2021
As Posted on the Website of the House Committee on Rules on March 12, 2021
Cost Estimate
S. 144, Desert Sage Youth Wellness Center Access Improvement Act
March 18, 2021
As ordered reported by the Senate Committee on Indian Affairs on
March 10, 2021
Interactive
CBO's Waterfall Model For Projecting Discretionary Spending, March 2021
March 17, 2021
CBO’s interactive tool allows users to simulate the agency’s process for projecting discretionary budget authority and outlays for different types of spending over the course of 10 years.
Cost Estimate
CBO’s Estimate of the Budgetary Effects of H.R. 1799, the PPP Extension Act of 2021
March 16, 2021
As amended on March 15, 2021
Cost Estimate
March 16, 2021
As posted on the website of the Clerk of the House on March 12, 2021
Cost Estimate
H.R. 1620, the Violence Against Women Reauthorization Act of 2021
March 16, 2021
As posted on the House Rules Committee website on March 8, 2021
FAF
Financial Accounting Foundation Appoints Robert W. Hamilton to the Governmental Accounting Standards Advisory Council (GASAC) [03/17/21]
Media Advisory
FASB
Emerging Issues Task Force [03/16/21]
March 11, 2021 Meeting Recap
GAO
Electromagnetic Spectrum Operations
DOD Needs to Take Action to Help Ensure Superiority
GAO-21-440T
Published: Mar 19, 2021.
Publicly Released: Mar 19, 2021.
What GAO Found The electromagnetic spectrum (the spectrum) consists of frequencies worldwide that support many civilian and military uses, from mobile phone networks and radios to navigation and weapons.
FDA Should Improve Monitoring of Its Warning Letter Process and Better Assess Its Effectiveness
GAO-21-231
Published: Mar 19, 2021.
Publicly Released: Mar 19, 2021.
What GAO Found The Food and Drug Administration (FDA) issues warning letters for food safety violations that could pose a risk to public health. According to FDA, warning letters are its primary means of getting firms to voluntarily comply with food safety laws and regulations.
Released on Mar. 18, 2021
Using Data to Promote Greater Diversity and Inclusion
GAO-21-448T
Published: Mar 18, 2021.
Publicly Released: Mar 18, 2021.
What GAO Found GAO's prior work has shown that the financial services industry has made little or no progress in increasing diversity at the senior management level. The figure below shows the latest available data on diversity at senior levels.
Electricity Grid Cybersecurity
DOE Needs to Ensure Its Plans Fully Address Risks to Distribution Systems
GAO-21-81
Published: Mar 18, 2021.
Publicly Released: Mar 18, 2021.
What GAO Found The U.S. grid's distribution systems—which carry electricity from transmission systems to consumers and are regulated primarily by states—are increasingly at risk from cyberattacks.
DOD Needs to Update Modernization Schedule and Improve Data on Software Development
GAO-21-226
Published: Mar 18, 2021.
Publicly Released: Mar 18, 2021.
What GAO Found The Department of Defense (DOD) delayed the completion of key testing until problems with the F-35 aircraft simulator are resolved, which GAO also reported last year, and will again delay its full-rate production decision.
Released on Mar. 17, 2021
Efforts to Improve Competition for Medicaid Procurement
GAO-21-454T
Published: Mar 17, 2021.
Publicly Released: Mar 17, 2021.
What GAO Found Like other U.S. territories and states, Puerto Rico implements major functions of its Medicaid program by procuring services from contractors, such as the delivery of managed care services to Medicaid beneficiaries. In 2018, procurement costs represented $2.
GAO-21-402T
Published: Mar 17, 2021.
Publicly Released: Mar 17, 2021.
What GAO Found GAO's review of data from the Centers for Disease Control and Prevention (CDC) found that winter 2020 was marked by a significant surge in the number of COVID-19 cases and deaths in nursing homes.
DOT Has Taken Steps to Verify and Publicize Drug and Alcohol Testing Data but Should Do More
GAO-21-296
Published: Mar 17, 2021.
Publicly Released: Mar 17, 2021.
What GAO Found Federal regulations require employers in the different transportation industries to: (1) randomly test their safety-sensitive employees for drugs or alcohol, or both, and (2) certify and report the aggregate data annually or when requested to the Department of Transportation (DOT).
Federal Guidance Could Help Mitigate Cybersecurity Risks in 401(k) and Other Retirement Plans
What GAO Found In their role administering private sector employer-sponsored defined contribution (DC) retirement plans, such as 401(k) plans, plan sponsors and their service providers—record keepers, third party administrators, custodians, and payroll providers—share a variety of personally identifiable...
What GAO Found Eviction moratoriums at the federal, state, and local levels reduced eviction filings during the COVID-19 pandemic; however, some eligible renters may not have benefitted from a recent federal moratorium.
GASB
Financial Accounting Foundation Appoints Robert W. Hamilton to the Governmental Accounting Standards Advisory Council (GASAC) [03/17/21]
Media Advisory
IASB
22 March 2021
SME Implementation Group February 2021 meeting report posted
IR-2021-61, March 18, 2021 — The Internal Revenue Service Office of Chief Counsel has embarked on its most far-reaching Settlement Days program ever, declaring the month of March 2021 as “National Settlement Month.”
Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to check tax refund status
IR-2021-60, March 18, 2021 — The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the Where’s My Refund? tool at IRS.gov or through the IRS2Go Mobile App.
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
IRS, Treasury disbursed 90 million Economic Impact Payments from the American Rescue Plan
IR-2021-58, March 17, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they disbursed approximately 90 million Economic Impact Payments from the American Rescue Plan.
IRS expands help to taxpayers in multiple languages with new forms, communication preferences
NYS
Nearly 900 Cartons of Illegal Cigarettes Seized Across Onondaga County
March 18, 2021
Superintendent Lacewell Announces New DFS Actions to Promote Diversity, Equity and Inclusion in the Insurance Industry
March 16, 2021
SEC
SEC Responds to Investor Demand by Bringing Together Agency Information About Climate and ESG Issues
2021-52, March 22, 2021 —The SEC today launched a new page on its website to bring together agency actions and the latest information about climate and environmental, social and governance (ESG) investing. In response to increased investor demand for this information, the page will appear on the front page of SEC.gov and will be updated as the agency continues to respond to investors.
SEC Charges California-Based Fraudster With Selling “Insider Tips” on the Dark Web
2021-51, March 18, 2021 —The Securities and Exchange Commission today charged James Roland Jones of Redondo Beach, California, with perpetrating a fraudulent scheme to sell what he called “insider tips” on the dark web. The dark web allows users to access the internet anonymously and, as such, has often been used to host websites and marketplaces that support or promote illegal activity. This is the SEC’s first enforcement action involving alleged securities violations on the dark web.
SEC Obtains Emergency Asset Freeze, Charges Colorado Resident with Fraud Involving Sham Bottling Company
2021-50, March 18, 2021 — The Securities and Exchange Commission today announced it filed charges and obtained an asset freeze and other emergency relief to stop an alleged offering fraud and misappropriation of investor assets orchestrated by Colorado Springs resident Tra Jay Scarlett using two entities under Scarlett's control, Chatfield PCS Ltd. (Chatfield) and GO ECO Manufacturing, Inc. (GO ECO).
SEC Charges Co-Founders of San Francisco Biotech Company With $60 Million Fraud
2021-49, March 18, 2021 — The Securities and Exchange Commission today charged Jessica Richman and Zachary Apte, co-founders of uBiome Inc., a San Francisco-based private medical testing company, with defrauding investors out of $60 million by falsely portraying uBiome as a successful start-up with a proven business model and strong prospects for future growth.
SEC Charges Owner of Real Estate Investment Company with Defrauding Investors
2021-48, March 18, 2021 — The Securities and Exchange Commission today charged a New Jersey resident with defrauding investors, most of whom were members of the Orthodox Jewish community, who invested millions based on false claims about investments in real estate.
SEC Issues Agenda for March 19 Meeting of the Asset Management Advisory Committee
2021-47, March 17, 2021 — The Securities and Exchange Commission today released the agenda for the March 19 meeting of the Asset Management Advisory Committee (AMAC). AMAC was formed to provide the Commission with diverse perspectives on asset management and related advice and recommendations.
SEC Obtains Emergency Asset Freeze, Charges California Trader with Posting False Stock Tweets
2021-46, March 15, 2021 — The Securities and Exchange Commission today announced fraud charges and an asset freeze and other emergency relief against an Irvine, California-based trader who used social media to spread false information about a defunct company, while secretly profiting by selling his own holdings of the company's stock.
TIGTA
March 19, 2021
Compliance Services Collection Operations Should Improve the Timeliness of Responding to Taxpayer Correspondence