Regulatory Roundup, Nov. 23-29

By:
Chris Gaetano
Published Date:
Nov 29, 2016

With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters. This is the first of a regular series that will let you know what you may have missed in the past seven days. 

IRS

Tax Preparedness Series: This #GivingTuesday Remember Donations May Cut Tax Bills
As tax filing season approaches, the IRS reminds taxpayers who give money or goods to a charity by Dec. 31, 2016 that they may be able to claim a deduction on their 2016 federal income tax return and reduce their taxes.

Tax Preparedness Series: Tax Help for Self-Employed and Sharing Economy
As tax filing season approaches, the IRS wants taxpayers who are self-employed or involved in the sharing economy to know about free resources that are available to help them with their taxes.

As Holidays Approach, IRS Reminds Taxpayers of Refund Delays in 2017
The IRS reminds taxpayers that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review.

AICPA

AICPA Outlines Tax Reform Priorities 
The American Institute of CPAs (AICPA) has identified several priorities that it would like to see incorporated in any tax reform proposal that advances through the legislative process. These include a repeal of the Alternative Minimum Tax, harmonization of education-related tax provisions and consolidation and reform of the multiple retirement savings provisions in the tax code.

FASB

Remembering G. Michael Crooch, Former FASB Member, Who Died November 24
The Financial Accounting Standards Board (FASB) issued a statement regarding the death of former FASB member G. Michael Crooch. He was 73.

FAF

Financial Accounting Foundation Statement on the Appointment of Wesley R. Bricker as Chief Accountant at the SEC and the Retirement of James V. Schnurr
The Financial Accounting Foundation (FAF), the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), issued a statement on the appointment of Wesley R. Bricker as the chief accountant of the U.S. Securities and Exchange Commission and the retirement of James V. Schnurr.

IASB

Francoise Flores appointed to the International Accounting Standards Board
The trustees of the IFRS Foundation, led by Michel Prada and responsible for the governance and oversight of the International Accounting Standards Board (the Board), have announced that Francoise Flores, a former CEO of the European Financial Reporting Advisory Group (EFRAG), will join as a board member on January 1, 2017.

November IFRIC Update Published
The November 2016 IFRS Interpretations Committee Update (IFRIC Update) has been published.

IFRS Foundation Requests Proposals for Conducting Reputation Research
The IFRS Foundation is seeking to engage the services of a market research agency to conduct a fixed-scope survey project to ascertain stakeholders’ perceptions of the organization in key areas. The review will gather views about the organization itself and its perceived success in achieving its mission and objectives, but it will not gather views about the specific products of the organization.

Yemen to Publish IFRS Standards for Adoption
Yemen has signed a license agreement with the IFRS Foundation to publish IFRS Standards as a first step toward incorporating them into its legal framework.

SEC

SEC Votes to Renew Equity Market Structure Advisory Committee
The Securities and Exchange Commission voted to renew the Equity Market Structure Advisory Committee’s charter until August 2017 with the current membership.  The committee’s charter was originally scheduled to expire in February 2017.

PCAOB

PCAOB Enters Into Cooperative Agreement with Italian Audit Regulator 
The Public Company Accounting Oversight Board today announced that it has entered into a cooperative agreement with the Italian audit oversight regulator Commissione Nazionale per le Società e la Borsa (CONSOB).

GAO

Additional Actions Would Improve Recording and Reporting of Appeals Data
The Whistleblower Protection Enhancement Act of 2012 seeks to strengthen the rights of and protections for federal whistleblowers. The U.S. Government Accountability Office found that the Merit Systems Protection Board—which rules on whistleblower appeals—received more of these appeals after the act was enacted. It also found weaknesses in their recording and reporting of these appeals.  

NYS Department of Taxation and Finance

Fuel Use Tax Regulations and Powers of Attorney 
Adoption and proposal to amendments of sales tax on gasoline and diesel for the fourth quarter of this year and the first quarter of 2017. There's also a proposal to an amendment relating to powers of attorney.

Enjoy a Sales Tax Holiday Now and Throughout the Year in New York
The New York State Department of Taxation and Finance reminded holiday shoppers and retailers that clothing and footwear items sold for less than $110 are exempt from New York State’s 4% sales tax. Several counties exempt these items from local sales tax as well. These state and local exemptions will put more than $300 million into shoppers’ stockings this holiday season, adding to any deep sales discounts.

Strike Force Arrests Grocery Store Worker for Possession of Contraband Cigarettes
The New York State Department of Taxation and Finance seized 73 cartons of untaxed cigarettes from a store in Brooklyn.

NYC Finance Department

Update on Audit Issue Regarding Business Income Tax Eligibility for Broker or Dealer Receipts Allocation
The New York City Department of Finance releases an update on business income taxes and income allocation.

Statistical Profile of NYC Mortgage Recording Tax
An annual report of liability incurred under the city’s Mortgage Recording Tax.

City Council Joint Committee on Housing and Buildings and Finance Hearing
Testimony of Deputy Commissioner Timothy Sheares regarding the 421-a Tax Exemption Program.

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