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Most Popular Content

Regulatory Roundup: March 19-25

By:
S.J. Steinhardt
Published Date:
Mar 25, 2024

AICPA

AICPA Makes Recommendations for Digital Asset Transactions Regulations
Mar 11, 2024

AICPA Requests Guidance on IRC Section 461(I)
Mar 10, 2024

CBO

Cost Estimate

H.R. 4587, Red Snapper Act of 2023
March 25, 2024
As ordered reported by the House Committee on Natural Resources on October 26, 2023

Cost Estimate

H.R. 7334, Detain and Deport Illegal Aliens Who Commit Robbery Act
March 25, 2024As ordered reported by the House Committee on the Judiciary on March 6, 2024

Cost Estimate

H.R. 7343, Detain and Deport Illegal Aliens Who Assault Cops Act
March 25, 2024
As ordered reported by the House Committee on the Judiciary on March 6, 2024

Cost Estimate

H.R. 784, Internet Application I.D. Act
March 25, 2024
As ordered reported by the House Committee on Energy and Commerce on March 9, 2023

Report
Answers to Questions for the Record Following a Hearing on Health Care Spending
March 22, 2024
The Subcommittee on Health of the House Committee on Energy and Commerce convened a hearing at which Chapin White, CBO’s Director of Health Analysis, testified. This document provides CBO’s answers to questions submitted for the record.

Report
Answers to Questions for the Record Following a Hearing on The Budget and Economic Outlook: 2024 to 2034
March 22, 2024
The House Committee on the Budget convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.

Report
CBO’s Timeline for Providing a Preliminary Analysis of H.R. 1770
March 22, 2024
CBO expects to be able to provide an estimated range of the budgetary effects of H.R. 1770, the Equitable Community Access to Pharmacist Services Act, by the end of June 2024.

Cost Estimate
H.R. 3396, Fire Department Repayment Act of 2023
March 22, 2024
As ordered reported by the House Committee on Natural Resources on December 6, 2023

Cost Estimate
S. 1396, Research Advancing to Market Production for Innovators Act
March 22, 2024
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023

Cost Estimate
S. 2866, Improving Government Services Act
March 21, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on October 25, 2023

Cost Estimate
Further Consolidated Appropriations Act, 2024
March 21, 2024
As posted on the Document Repository of the House of Representatives on March 21, 2024 https://tinyurl.com/mr3cacer

Presentation
CBO’s Work on Health Care and a Call for New Research
March 20, 2024
Presentation by Chapin White, CBO’s Director of Health Analysis, at the David Rogers Health Policy Colloquium, Weill Cornell Medicine.

Presentation
The Federal Perspective on Coverage of Medications to Treat Obesity: Considerations From the Congressional Budget Office
March 20, 2024
Presentation by Noelia Duchovny, an analyst in CBO’s Health Analysis Division, at the National Academies’ Roundtable on Obesity Solutions.

Report
The Long-Term Budget Outlook: 2024 to 2054
March 20, 2024
The federal budget deficit increases significantly in relation to gross domestic product over the next 30 years, in CBO’s projections, pushing federal debt held by the public far beyond any previously recorded level.

Cost Estimate
March 19. 2024
H.R. 7520, Protecting Americans’ Data from Foreign Adversaries Act of 2024
As reported by the House Committee on Energy and Commerce on March 11, 2024

Cost Estimate
H.R. 5490, BEACH Act
March 19, 2024
As ordered reported by the House Committee on Natural Resources on December 6, 2023

Cost Estimate
H.R. 6192, Hands Off Our Home Appliances Act
March 19, 2024
As ordered reported by the House Committee on Energy and Commerce on December 5, 2023

Cost Estimate
S. 2482, Community Advantage Loan Program Act of 2023
March 18, 2024
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023

Cost Estimate
S. 2958, Strengthening Coastal Communities Act of 2023
March 18, 2024
As reported by the Senate Committee on Environment and Public Works on September 27, 2023

FASB

Financial Accounting Standards Advisory Council Meeting Recap—March 5, 2024
March 22, 2024

FASB Issues Standard That Clarifies Accounting Guidance Related to Profits Interest Awards
March 21, 2024

Jackson M. Day Named Technical Director of the Financial Accounting Standards Board
March 20, 2024

SEC Accepts 2024 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
March 19, 2024

GAO

Clinical Research:
FDA Should Evaluate Its Efforts to Recruit and Retain Its Inspection Workforce
GAO-24-106383
Published: 
Publicly Released: 

The FDA oversees clinical trials and other research involving human subjects, mostly for drugs trying to get FDA approval. This includes conducting inspections in hospitals and other healthcare settings in the U.S. and abroad. Recruiting and retaining investigators for these inspections has been a challenge—partly due to low compensation and heavy travel. This has resulted in fewer inspections and a less experienced workforce. FDA has...

Science & Tech Spotlight:
At-Home Tools to Diagnose Alzheimer's, Parkinson's, and Related Diseases
GAO-24-107306
Published: 
Publicly Released: 

Neurodegenerative diseases affect about 7 million people in the U.S., with cases expected to increase. This Spotlight covers cognitive assessment apps and wearable sensors designed for home use. They can collect data on patients' cognitive and motor abilities and help detect symptoms of Alzheimer's and other neurodegenerative diseases. Doctors can use data from these tools to diagnose diseases earlier and more accurately, and these tools...

Vehicle Repair:
Information on Evolving Vehicle Technologies and Consumer Choice

GAO-24-106633
Published: Mar 21, 2024
Publicly Released: Mar 21, 2024
"Right-to-repair" is the ability to repair your own vehicles or get repairs at auto dealerships or independent repair shops. In this Q&A report, we looked at the effects of changing technologies on the right-to-repair. For example, the use of technology to wirelessly transfer vehicle health and repair data with automakers could give dealerships an advantage. If independent repair shops don't have access to this data...

Service Members Transitioning to Civilian Life:
Agencies Can Improve Warm Handovers for Additional Assistance

GAO-24-106248
Published: Mar 21, 2024
Publicly Released: Mar 21, 2024
Transitioning from military to civilian life can be difficult for some service members as they may lose access to housing, pay, healthcare, and more. DOD provides certain at-risk service members with a person-to-person connection—known as a "warm handover"—to support agencies like VA. But DOD doesn't ensure that warm handovers take place. From April 2021-March 2023, more than 4,300 at-risk service members didn't receive this assistance...

Weapons of Mass Destruction:
DHS Has Made Progress in Some Areas, but Additional Improvements Are Needed

GAO-24-107426
Published: Mar 20, 2024
Publicly Released: Mar 20, 2024  
This testimony discusses DHS's work to combat chemical, biological, radiological, and nuclear threats from weapons of mass destruction. For example, DHS's Securing the Cities program works with federal, state, and local partners to address radiological and nuclear threats by providing detection technologies, leading training, and more. In a recent report, we found that the agency hasn't clearly communicated to these partners how it plans to...

Nuclear Terrorism Prevention:
DHS Has Strengthened the Securing the Cities Program, but Actions Are Needed to Address Key Remaining Challenges
GAO-24-106922
Published: Mar 20, 2024
Publicly Released: Mar 20, 2024
The Department of Homeland Security's Securing the Cities program is trying to reduce the risk of terrorist attacks in high-risk urban areas. This program helps state and local agencies in 13 regions detect radiological and nuclear materials that could be used in such attacks—such as by funding the purchase of wearable radiation detectors for police officers. The agency regularly meets with the regions to check...

Border Security:
Border Patrol's Missing Migrant Program

GAO-24-107051
Published: Mar 20, 2024
Publicly Released: Mar 20, 2024
U.S. Border Patrol's Missing Migrant Program helps rescue migrants in distress, prevent migrant deaths, and recover human remains along the southwest border. Border Patrol must submit annual reports to Congress on this issue, including data on migrant rescues and deaths. In April 2022 , we found that Border Patrol hadn't collected, recorded, or reported to Congress complete data on migrant deaths. As of March 2024...

Army Modernization:
Production Challenges for Stryker Upgrade Reinforce Need to Follow Acquisition Leading Practices in Future Efforts
GAO-24-106590
Published: Mar 20, 2024
Publicly Released: Mar 20, 2024
The Army's Stryker combat vehicle is an 8-wheeled armored vehicle that transports infantry into combat. To respond to increased competition from Russia, the Army tried to rapidly upgrade its existing Strykers to have increased firepower. But in doing so, the Army didn't fully analyze and address potential production risks. As a result, it had hardware and software issues with the upgraded Strykers. Our leading practices...

Spectrum IT Modernization:
Incorporating Leading Practices Could Improve Planning Effort

GAO-24-106634
Published: Mar 19, 2024
Publicly Released: Mar 19, 2024
The radio-frequency spectrum is vital to a variety of commercial and government activities—such as broadcast television and air traffic control. The National Telecommunications and Information Administration manages federal use of this spectrum, and it uses multiple IT systems to do so. The agency is working to modernize these IT systems. For example, it established a team to lead the effort, started market research, and identified...

Port Infrastructure:
U.S. Ports Have Adopted Some Automation Technologies and Report Varied Effects

GAO-24-106498
Published: Mar 19, 2024
Publicly Released: Mar 19, 2024
All 10 of the largest U.S. container ports are using some form of automation technology to process and handle cargo. At least 1 terminal at each port uses it to track and communicate container movements. Port operators consider factors like costs, profitability, priorities, and labor agreements when deciding whether to automate. Some port stakeholders said automation can improve worker safety, simplify tasks, and increase efficiency...

Information Technology:
IRS Needs to Complete Planning and Improve Reporting for Its Modernization Programs

GAO-24-106566
Published: Mar 19, 2024
Publicly Released: Mar 19, 2024
The Internal Revenue Service relies extensively on IT systems to collect taxes and distribute refunds. In August 2022, Congress appropriated tens of billions of dollars to the IRS, partly to help the agency modernize its IT systems. The IRS intends to use some of these funds to replace legacy IT systems, give taxpayers more online tools and services, and protect taxpayer privacy and security. However...

Air Quality Sensors:
Policy Options to Help Address Implementation Challenges

GAO-24-106393
Published: Mar 19, 2024
Publicly Released: Mar 19, 2024
Portable, low-cost air quality sensors could identify pollution hot spots, improve wildfire smoke warnings, and provide air quality information in rural areas. Current sensors are accurate enough to accomplish these tasks for some pollutants, but more capabilities are still in development. Also, there are challenges to using these sensors. For example, users may not have access to the expertise and information they need to deploy...

SUPPLEMENTAL MATERIAL FOR GAO-24-106446:
Strengthening Coordination and Monitoring of Autism Activities in the Federal Government

GAO-24-107314
Published: Mar 18, 2024
Publicly Released: Mar 18, 2024
The National Institutes of Health helps coordinate federal agencies' activities that promote the health and well-being of people with autism. We reported that NIH has followed several practices to help these agencies work well together. But it could be doing more, and we recommend ways to help. This is an "Easy Read" version of our report. Easy Read is a way some groups make their...

Commercial Aviation:
Key Lessons from COVID-19 Preparedness and Emergency Financial Assistance to the Industry

GAO-24-106754
Published: Mar 18, 2024
Publicly Released: Mar 18, 2024  
Airlines saw a dramatic, sudden decrease in passengers due to the COVID-19 pandemic. The federal government responded—providing billions in financial assistance. What are the lessons learned from the assessment of this response? Our pandemic-related work and information from agencies and industry showed: Greater federal leadership in preparedness and disease mitigation research could better address future communicable disease threats while minimizing aviation disruptions Key lessons, such...

IASB

New IFRS Taxonomy Consultative Group members appointed
Appointment
21 March 2024

March 2024 Due Process Oversight Committee meeting agenda and papers now available
Meeting
20 March 2024

March 2024 National Standard-setters newsletter now available
News summary
20 March 2024

Join the staff—Adoption Support Manager
Careers
19 March 2024

IRS

Time running out to claim $1 billion in refunds for tax year 2020, taxpayers face May 17 deadline
IR-2024-80, March 25, 2024 ― The Internal Revenue Service announced today that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but face a May 17 deadline to submit their tax returns.

IRS reminder to U.S. taxpayers living, working abroad: File 2023 tax return by June 17; those impacted by terrorist attacks in Israel have until Oct. 7
IR-2024-79, March 22, 2024 — The Internal Revenue Service reminds taxpayers living and working outside the U.S. to file their 2023 federal income tax return by Monday, June 17, 2024. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.

IRS Employee Retention Credit compliance effort tops $1 billion threshold since fall; Voluntary Disclosure Program suspended after March 22, special withdrawal program remains open as audits, investigations intensify 
IR-2024-78, March 22, 2024 — The Internal Revenue Service announced today that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion so far since last fall as work continues on a number of efforts to counter questionable claims pushed by aggressive marketing, including an aggressive push on claims made for 2021.

IRS issues guidance for energy communities and the bonus credit program under the Inflation Reduction Act
IR-2024-77, March 22, 2024 — The Internal Revenue Service today issued Notice 2024-30 that expands certain rules for determining what an energy community is for the production and investment tax credits.

IRS: Free File provides quick, easy way to file an extension
IR-2024-76, March 21, 2024 — As the end of tax season draws near, the Internal Revenue Service reminds taxpayers there’s an easy way to get a tax filing extension through the Free File program. 

Seven warning signs of incorrect Employee Retention Credit claims for businesses to review as key March 22 deadline approaches
IR-2024-75, March 20, 2024 — To counter promoters that marketed misleading information about the Employee Retention Credit (ERC), the Internal Revenue Service urged businesses to review seven suspicious signs of a bad claim and see if the agency’s special programs can help them avoid future compliance issues.

PCAOB

PCAOB’s Office of the Investor Advocate Marks Successful First Year
Mar. 21, 2024

PCAOB Sanctions Three Partners of KPMG China for Violations of Audit Standards
Mar. 20, 2024

PCAOB Sanctions Audit Firm and Its Sole Partner for Violations of PCAOB Rules and Standards in Multiple Issuer Audits Mar. 19, 2024

SEC

SEC’s OMWI FY 2023 Annual Report Highlights the Agency’s Diversity, Equity, Inclusion and Accessibility Initiatives and Progress
2024-39
Washington D.C., March 21, 2024 — As part of its continuing efforts to promote diversity, equity, and inclusion with regulated entities, the Securities and Exchange Commission’s Office of Minority and Women Inclusion (OMWI) published two reports: the 2022 Diversity Assessment Report for Entities Regulated by the SEC and OMWI’s Fiscal Year (FY) 2023 Annual Report to Congress.

SEC, NASAA, and Georgia Secretary of State to Host Investor Roundtables at University of North Georgia and Dalton State College
Washington D.C., March 19, 2024 — The Securities and Exchange Commission today announced that it will join the North American Securities Administrators Association (NASAA), the Georgia Secretary of State, the University of North Georgia, and Dalton State College to host joint public roundtables and interactive sessions at both academic institutions on Wednesday, March 27, and Thursday, March 28, 2024, at 10 a.m. ET. Portions of the event will be webcast on the SEC website, and in-person public attendance is welcome.

Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges
2024-37
Washington D.C., March 19, 2024 — The Securities and Exchange Commission today announced that Genesis Global Capital, LLC agreed to a final judgment ordering it to pay a $21 million civil penalty and imposing a permanent injunction to settle charges that it engaged in the unregistered offer and sale of securities through a crypto asset lending program known as the Gemini Earn program. Under the terms of the settlement, the SEC will not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court, including claims by retail investors in the Gemini Earn program.

TIGTA

The IRS Continues to Reduce Backlog Inventories in the Tax Processing Centers
March 18, 2024