Trusted Professional

Regulatory Roundup: May 2-8

AICPA

May 7
IRS’s No-Rule Policy for S Corporations Requires Clarification, AICPA Says

May 3
AICPA ENGAGE to Feature New Learning Track on the Future of Finance

CBO

Report
Monthly Budget Review for April 2018
May 7, 2018

Cost Estimate
H.R. 5274, Global Electoral Exchange Act
May 4, 2018

Presentation
Transferring Credit Risk on Mortgages Guaranteed by Fannie Mae or Freddie Mac
May 3, 2018

Blog Post
Cost-Sharing Reductions in CBO’s Spring 2018 Baseline
May 3, 2018

Report
Answers to Questions for the Record Following a Hearing on Oversight of CBO Conducted by the Senate Committee on the Budget
May 3, 2018

Cost Estimate
H.R. 2, Agriculture and Nutrition Act of 2018
May 2, 2018

Presentation
An Overview of The Budget and Economic Outlook: 2018 to 2028
May 2, 2018

FASB

FASB Issues Accounting Standards Update 2018-06—Codification Improvements to Topic 942, Financial Services—Depository and Lending [05/07/18] ASU 2018-06

FASB Investor Video: Pension Presentation—Focuses on the Changes to the Accounting for Pensions and Other Postretirement Benefits [05/03/18] Video

GAO

Combating Wildlife Trafficking:
Opportunities Exist to Improve the Use of Financial Rewards
GAO-18-279:Published: Apr 23, 2018. Publicly Released: May 8, 2018.

Cooperative Endangered Species Conservation Fund:
NOAA Should Track Its Endangered Species Act and Lacey Act Collections and Request Any Required Deposits
GAO-18-346R:Published: Apr 9, 2018. Publicly Released: May 8, 2018.

Management Report:
Improvements Are Needed to Enhance the Internal Revenue Service's Internal Control over Financial Reporting
GAO-18-393R:Published: May 7, 2018. Publicly Released: May 7, 2018.

Veterans Affairs Research:
Actions Needed to Help Better Identify Agency Inventions
GAO-18-325:Published: Apr 25, 2018. Publicly Released: May 7, 2018.

Bureau of Engraving and Printing:
Options for and Costs of a Future Currency Production Facility
GAO-18-338:Published: Apr 5, 2018. Publicly Released: May 7, 2018.

IASB

08 May 2018
April 2018 IASB podcast now available

IRS

New IRS online tool offers expanded access to information on tax-exempt organizations; newly-filed data available to public for first time
IR-2018-116, May 7, 2018 — The Internal Revenue Service today introduced a new online tool on IRS.gov designed to provide faster, easier access to publicly available information about exempt organizations.

IRS provides disaster readiness guidance during National Hurricane Preparedness Week
IR-2018-115, May 7, 2018 —  The IRS reminds taxpayers who may be impacted by hurricanes and other natural disasters that now is a good time to begin preparing for one. National Hurricane Preparedness Week runs from May 6-12.

IRS Advisory Committee to submit recommendations at June meeting
IR-2018-114, May 4, 2018 — The IRS’s Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 7, 2018, when the panel will submit its annual report and recommendations to the IRS.

For Small Business Week: Tax credit can help employers hiring new workers; key certification requirement applies
IR-2018-113, May 4, 2018 — With many businesses facing a tight job market, the IRS reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers.

For Small Business Week, IRS offers tips to small business owners about the overlooked home office deduction
IR-2018-112, May 3, 2018 — The IRS today reminded small business owners who work from a home office that they may be overlooking a common deduction.

IRS urges small businesses: Protect IT systems from identity theft
IR-2018-111, May 3, 2018 — The IRS, state tax agencies and the nation’s tax industry are warning small businesses to be on-guard against a growing wave of identity theft attempts against employers.

IRS highlights sharing economy tax center, other resources during National Small Business Week
IR-2018-110, May 2, 2018 — The IRS is highlighting a variety of online resources to help small business owners and self-employed individuals as part of National Small Business Week from April 29 to May 5.

For Small Business Week, IRS highlights key business tax topics
IR-2018-109, May 2, 2018 — In recognition of National Small Business Week, April 29 to May 5, the IRS is highlighting several resources to help small business owners and self-employed individuals understand and meet their tax obligations.

SEC

SEC Launches Additional Investor Protection Search Tool
Washington D.C., May 2, 2018 —The Securities and Exchange Commission today announced the launch of an additional online search feature that enables investors to research whether the person trying to sell them investments has a judgment or order entered against them in an enforcement action. The new tool is intended to assist the public in making informed investment decisions and avoiding financial fraud.