Regulatory Roundup, Jan. 25-31

By:
Chris Gaetano
Published Date:
Jan 31, 2017

AICPA

Americans’ Personal Financial Satisfaction Pulled Back Slightly in Fourth Quarter: AICPA Index
Increase in Inflation adds to Personal Financial Pain 
 
Published January 26, 2017


CBO

  • Cost Estimate
  • January 30, 2017

  • FASB

    FASB Issues Accounting Standards Update 2017-04—Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment  [01/26/17]

    GAO

    International Taxation: Information on the Potential Impact on IRS and U.S. Multinationals of Revised International Guidance on Transfer Pricing
    GAO-17-103:Published: Jan 27, 2017. Publicly Released: Jan 27, 2017

    Medicaid: CMS Has Taken Steps, but Further Efforts Are Needed to Control Improper Payments
    GAO-17-386T: Published: Jan 31, 2017. Publicly Released: Jan 31, 2017.

    IASB

    30 Jan 2017IFRS Foundation Trustees to meet in Paris

    For the second time, the Trustees' Due Process Oversight Committee's (DPOC) discussions take place in public. The agenda papers are available here. The DPOC is responsible for ensuring the International Accounting Standards Board has followed all the required steps in the standard-setting process. Those who are interested in following the meeting live can register here to listen.

    IRS 

    Reminder: Employers Must File Forms W-2 by Jan. 31 This Year
    IR-2017-13, Jan. 30, 2017 -- The Internal Revenue Service today reminds employers that the due date for filing Forms W-2, the Wage and Tax Statement for their employees for calendar year 2016, is now Jan, 31, 2017

    EITC Awareness Day: Workers May Qualify for Significant Tax Benefit
    IR-2017-12, Jan. 27, 2017 — The IRS today joined partners across the country in promoting the Earned Income Tax Credit on EITC Awareness Day, Friday, Jan. 27, 2017.

    IRS Encourages Tribal Communities to Check Out the Earned Income Tax Credit
    IR-2017-11, Jan 26, 2017 — The IRS urges Native American taxpayers to look into the EITC and correctly claim it if they qualify.

    IRS, States and Tax Industry Renew Alert about Form W-2 Scam Targeting Payroll, Human Resource Departments
    IR-2017-10, Jan. 25, 2017 — The IRS, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments.

    Working Grandparents May Be Eligible for EITC
    IR-2017-09, Jan. 25, 2017 — The IRS wants working grandparents raising grandchildren to be aware of the EITC and correctly claim it if they qualify.     

    NYC Dept. of Finance 

    January 25, 2017
    Posted Finance Memoranda regarding Application of IRC §280F Limits to Sport Utility Vehicles.

    NYS Comptroller’s Office

    DiNapoli: Municipalities Facing Slow Growth in Sales Tax Collections, January 30, 2017

    State Comptroller DiNapoli Releases State Audits, January 30, 2017

    DiNapoli Announces State Contract and Payment Actions For December 2016, January 26, 2017

    DiNapoli: 59 School Districts in Fiscal Stress, January 25, 2017

    NYS Dept. of Taxation and Finance

    Finger Lakes Residents Eligible for Billions in Earned Income Tax Credits

  • Capital Region Residents Eligible for Billions in Tax Credits

  • North Country Residents Eligible for Billions in Earned Income Tax Credit

  • Southern Tier Residents Eligible for Billions in Tax Credits

  • Long Island Residents Eligible for Billions in Tax Credits

  • Mohawk Valley Residents Eligible for Billions in Tax Credits

  • Western New York Residents Eligible for Billions in Tax Credits

  • New York City Residents Eligible for Billions in Earned Income Tax Credits

  • Central New York Residents Eligible for Billions in Earned Income Tax Credits

  • New Jersey Businessman Pleads Guilty to Stealing NYS Sales Tax


  • SEC

    SEC Uncovers Cherry-Picking Scheme, Charges Investment Adviser Behind It
    Washington D.C., Jan. 25, 2017 —The Securities and Exchange Commission today announced that a Massachusetts-based investment adviser agreed to be banned from the securities industry after the agency uncovered an illegal cherry-picking scheme through its data analysis used to detect suspicious trading patterns.

    Brokerage Firm Charged With Gatekeeper Failures Related to Pump-and-Dump Scheme
    Washington D.C., Jan. 25, 2017 —The Securities and Exchange Commission today announced administrative proceedings against New York-based brokerage firm Windsor Street Capital and its former anti-money laundering officer John D. Telfer.  The SEC’s Enforcement Division alleges that the firm, formerly named Meyers Associates L.P., failed to file Suspicious Activity Reports (SARs) for $24.8 million in suspicious transactions, including those occurring in accounts controlled by microcap stock financiers Raymond H. Barton and William G. Goode who are separately charged today by the SEC with conducting a pump-and-dump scheme. 

    SEC Charges Two Former Och-Ziff Executives With FCPA Violations
    Washington D.C., Jan. 26, 2017 —The Securities and Exchange Commission today charged two former executives at Och-Ziff Capital Management Group with being the driving forces behind a far-reaching bribery scheme that violated the Foreign Corrupt Practices Act (FCPA).

    Citigroup Paying $18 Million for Overbilling Clients
    Washington D.C., Jan. 26, 2017 —The Securities and Exchange Commission today announced that Citigroup Global Markets has agreed to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts.

    Chief Operating Officer Jeffery Heslop to Leave SEC
    Washington D.C., Jan. 27, 2017 —The Securities and Exchange Commission today announced SEC Chief Operating Officer Jeffery Heslop will leave the agency in February.

    SEC Announces Charges in Hamilton Ticket Resale Ponzi Scheme
    Washington D.C., Jan. 27, 2017 —The Securities and Exchange Commission today announced fraud charges against two New York City men accused of running a Ponzi scheme with money raised from investors to fund businesses purportedly created to purchase and resell tickets to such high-demand shows as Adele concerts and the Broadway musical Hamilton.

    OCIE Director Marc Wyatt to Leave SEC    
    Washington D.C., Jan. 30, 2017 —The Securities and Exchange Commission today announced that Marc Wyatt, Director of the Office of Compliance Inspections and Examinations, will leave the agency next month to return to the private sector.

    Wenchi Hu, Associate Director in the Division of Trading and Markets, to Leave SEC
    Washington D.C., Jan. 30, 2017 —The Securities and Exchange Commission today announced that Wenchi Hu, an Associate Director in the Division of Trading and Markets, will leave the agency in early February.

     

    Click here to see more of the latest news from the NYSSCPA.