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News

Regulatory Roundup: June 18-24

By:
S.J. Steinhardt
Published Date:
Jun 24, 2024

AICPA

AICPA & CIMA set out path for the next government to solve the productivity and skills emergency
June 24, 2024

CBO

The Effects of Permanently Extending the Expansion of the Premium Tax Credit and the Costs of that Credit for Deferred Action for Childhood Arrivals Recipients
June 24, 2024
CBO provides information about the effects on the budget and on health insurance coverage of permanently extending the expanded premium tax credit and about the costs of that credit for Deferred Action for Childhood Arrivals recipients.

Cost Estimate
H.R. 1513, FUTURE Networks ActAs reported by the House Committee on Energy and Commerce on May 14, 2024

Cost Estimate
H.R. 6349, Preventing Adversaries from Developing Critical Capabilities Act
As ordered reported by the House Committee on Foreign Affairs on November 29, 2023

Cost Estimate
H.R. 6531, Training Responsible and Informed National VA Employees Act
As ordered reported by the House Committee on Veterans’ Affairs on May 1, 2024

Cost Estimate
S. 1955, Great Salt Lake Stewardship Act
As reported by the Senate Committee on Energy and Natural Resources on April 9, 2024

Cost Estimate
S. 3235, End Iranian Terrorism Act of 2024

As reported by the Senate Committee on Foreign Relations on May 7, 2024

Cost Estimate
H.R. 4424, the Vietnam Veterans Liver Fluke Cancer Study Act
As ordered reported by the House Committee on Veterans’ Affairs on May 1, 2024

Cost Estimate
H.R. 7909, Violence Against Women by Illegal Aliens Act
As ordered reported by the House Committee on the Judiciary on May 22, 2024

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of June 24, 2024

The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

Cost Estimate
S. 3698, Words Matter for the District of Columbia Courts ActAs ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on April 10, 2024

Cost Estimate
S. 3891, Economic Development Reauthorization Act of 2024
As reported by the Senate Committee on Environment and Public Works on March 12, 2024

Report
An Update to the Budget and Economic Outlook: 2024 to 2034
In CBO’s projections, the deficit totals nearly $2 trillion this year. Large deficits push federal debt held by the public to 122 percent of GDP in 2034. Economic growth slows to 2.0 percent in 2024 and 1.8 percent in 2026 and later years.

Blog Post
CBO Publishes New Projections Related to Health Insurance for 2024 to 2034
CBO published updated baseline projections of health insurance coverage and federal subsidies for it. The projections are described in an article published in the journal "Health Affairs" and a presentation on CBO’s website.

Blog Post
Director’s Statement on the Updated Budget and Economic Outlook for 2024 to 2034
CBO’s Director, Phillip Swagel, discusses the current budget and economic outlook.

Cost Estimate
H.J. Res. 165, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to “Nondiscrimination on the Basis of Sex in Education Programs or Activities Receiving Federal Financial Assistance”
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R 8648, Civil Rights Protection Act of 2024
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R. 5567, CLASS Act
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R. 618, Improving Access to Workers’ Compensation for Injured Federal Workers Act
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R. 6816, PROTECT Our Kids Act
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R. 8534, Protecting Student Athletes’ Economic Freedom Act
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R. 8606, Never Again Education Reauthorization and Study Act of 2024
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Cost Estimate
H.R. 8649, Transparency in Reporting Adversarial Contributions to Education Act
As ordered reported by the House Committee on Education and the Workforce on June 13, 2024

Presentation
Health Insurance Coverage for the U.S. Population, 2024 to 2034
Presentation by Jessica Hale, an analyst in CBO’s Budget Analysis Division, at a press briefing organized by "Health Affairs."

Presentation
CBO’s Immigration Projections
Presentation by Julie Topoleski, CBO’s Director of Labor, Income Security, and Long-Term Analysis, at the 16th Annual Meeting of the OECD Working Party of Parliamentary Budget Officials and Independent Fiscal Institutions.

GAO

Priority Open Recommendations:
Office of the Director of National Intelligence

GAO-24-107337
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of the Director of National Intelligence outlines 15 open recommendations that it should prioritize. These recommendations are intended to address management issues related to business functions and systems, facilities, workforce, and personnel vetting...

Priority Open Recommendations:
National Aeronautics and Space Administration

GAO-24-107387
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to where they can save the most money, address issues on our High Risk List, or significantly improve government operations. This letter to NASA outlines 5 open recommendations that NASA should prioritize. For example, we recommended that NASA improve long-term cost estimates for human spaceflight programs, including...

National Nuclear Security Administration:
Guidance Enhancements Could Improve Contractors’ Diversity Plans

GAO-24-107221
Published:
Publicly Released:  
The National Nuclear Security Administration relies on about 59,000 contractor employees to carry out its mission across 8 sites. We reviewed NNSA's May 2023 report on contractor employee workforce diversity. This included demographic data from each site and a small amount of summary information from the contractors' diversity plans. We also looked at the diversity plans, which generally addressed existing federal guidance. But the guidance...

Personnel Vetting:
DOD Needs to Enhance Cybersecurity of Background Investigation Systems

GAO-24-106179
Published:
Publicly Released:  
DOD's Defense Counterintelligence and Security Agency conducts background investigation operations for most federal agencies. It does so through a combination of old IT systems previously owned by the Office of Personnel Management, and the new, not-fully-developed National Background Investigation Services IT system. However, the agency hasn't fully followed DOD's planning steps for cybersecurity risk management, or fully implemented privacy controls for any of the IT...

Sexual Harassment and Violence:
Efforts to Help College Athletes

GAO-24-106641
Published:
Publicly Released:  
This Q&A report examines campus sexual harassment and violence and its effects on college athletes, including: Why it can be hard for some athletes to report it How some colleges address it For example, some college athletes may be reluctant to report because they fear being ostracized or jeopardizing a scholarship. To address the issue, some colleges train athletes to recognize and report sexual harassment...

NASA:
Assessments of Major Projects

GAO-24-106767
Published:
Publicly Released:
NASA plans to invest more than $82 billion in its major projects to continue exploring Earth, the moon, and the solar system. This is our 16th annual assessment of these projects. The projects' total overruns—when costs incurred are more than NASA planned for—decreased by over $3 billion in the last year. NASA's largest projects continue to have the biggest impact on these overruns. For example...

Abandoned Mine Land:
Opportunities Exist to Improve Interior's Economic Revitalization Program for Coal Communities

GAO-24-106680
Published:
Publicly Released:
Millions of Americans live less than a mile from an abandoned mine. These sites can pose health risks and create economic challenges for nearby communities. Since 2016, the Department of the Interior's Abandoned Mine Land Economic Revitalization program has received over $1 billion in funding to help affected communities. But program participants have only spent about 29% of funds due to challenges, such as how...

Artificial Intelligence:
Generative AI Technologies and Their Commercial Applications

GAO-24-106946
Published:
Publicly Released:  
Generative artificial intelligence systems—like ChatGPT and Gemini—create text, images, audio, video, and other content. This Q&A report takes a closer look at the technology behind these increasingly popular systems, and their many uses. The systems are trained to recognize patterns and relationships in massive datasets and can quickly generate content from the data when prompted by a user. These growing capabilities can be used in...

F-22 Aircraft:
Air Force Needs to Better Document Options Before Making Critical Decisions

GAO-24-106639
Published:
Publicly Released:  
The Air Force proposed to divest—i.e., retire—its F-22 Block 20 aircraft without fully documenting the implications. Block 20s are used for training and aren't upgraded with the same capabilities as the rest of the fleet. In its proposal to Congress, the Air Force didn't note key details such as how to train without Block 20s or whether they should be upgraded instead of retired. Congress...

Agresión Sexual:
Los estados proveen a sobrevivientes acceso a exámenes forenses gratuitos, pero los costos totales son desconocidos
GAO-24-107417
Published:
Publicly Released:  
To see the version of this page in English, see GAO-24-106036. Cuando un sobreviviente de agresión sexual solicita un examen forense, la ley federal establece que sobrevivientes tienen derecho a que no se les cobre por ello. La mayoría de los estados y territorios (47 de 56) tienen leyes o políticas para brindar acceso a exámenes gratuitos a las sobrevivientes de agresión sexual. Los nueve...

Sexual Assault:
States Provide for Survivors to Access Free Forensic Exams but Total Costs are Unknown

GAO-24-106036
Published:
Publicly Released:
Para la versión de esta página en español, ver a GAO-24-107417. When a sexual assault survivor requests a forensic examination, federal law states that survivors have the right not to be charged for it. Most states and territories—47 of 56—have laws or policies to provide for access to free exams for sexual assault survivors. The remaining 9 said they or another government entity cover full...

SSA Disability Programs:
Work Incentive and Modernization Challenges Remain

GAO-24-107614
Published:
Publicly Released:  
Social Security's two largest disability programs provided about $170 million in benefits to more than 11 million working-age adults in 2022. Some disability beneficiaries want to return to work. We testified about three key issues beneficiaries face that may disincentivize them from working. For example, beneficiaries may be overpaid if SSA doesn't adjust their benefits when they return to work and have trouble paying it...

Older Americans Act:
Updated Information on Unmet Need for Services

GAO-24-107513
Published:
Publicly Released:  
This report provides our most current data on the unmet need for meal services and home-based care services for older individuals—updating what we previously provided in 2015. We estimated that: Food insecurity among older Americans in 2021 was 18% The percentage of those receiving home-delivered meals increased slightly during this period The percentage of individuals who have trouble with at least one activity of daily...

K-12 Education:
How States Identify English Learners, Including Those with Disabilities

GAO-24-107376
Published:
Publicly Released:
States must ensure school districts identify students who need English language services to participate fully in the classroom. States must also ensure that all children with disabilities residing in their state are evaluated. In this Q&A, we reported on how schools identify students needing English services. It can be hard to determine whether a specific educational challenge is related to a student's disability, their English-language...

IASB

ISSB delivers further harmonisation of the sustainability disclosure landscape as it embarks on new work plan Announcement
24 June 2024

July 2024 Accounting Standards Advisory Forum agenda and meeting papers now available
Meeting
24 June 2024

June 2024 IFRS for SMEs Accounting Standard Update now available
Update
21 June 2024

July 2024 IFRS Taxonomy Consultative Group agenda and meeting papers now available
Meeting
19 June 2024

IASB unanimously agrees to finalise the revision of the Management Commentary Practice Statement
Announcement
19 June 2024

June 2024 IFRIC Update now available
Update
19 June 2024

June 2024 ISSB podcast now available
Podcast
18 June 2024

June 2024 ISSB Update now available
Update
17 June 2024

IRS

IRS releases revised draft Form 6765, Credit for Increasing Research Activities, following public comment
IR-2024-171, June 21, 2024 — The Internal Revenue Service today announced the release of draft Form 6765, Credit for Increasing Research Activities, also known as the Research Credit.

Retirement plan distributions: IRS provides guidance on certain exceptions from 10% additional tax for emergency personal or family expenses and for survivors of domestic abuse
IR-2024-170, June 20, 2024 — The Internal Revenue Service today issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse.

IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper IR-2024-169, June 20, 2024 — Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers.

Treasury, IRS release guidance on the prevailing wage and apprenticeship requirements for increased credit and deduction amounts under the Inflation Reduction Act
IR-2024-168, June 18, 2024 — The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy incentives, enacted as a part of the Inflation Reduction Act (IRA).

Treasury, IRS issue frequently asked questions regarding educational assistance programs
IR-2024-167, June 17, 2024 — The Internal Revenue Service today issued frequently asked questions related to educational assistance programs.

NYS

Governor Hochul Announces Hundreds of Illicit Storefronts Shut Down by the New York State Task Force, Leading to a Surge in Sales for Legal Retailers
June 18, 2024

PCAOB

PCAOB Sanctions Two Firms for Failing To Comply With PCAOB Reporting Requirements
Jun. 18, 2024

SEC

SEC Charges R.R. Donnelley & Sons Co. with Cybersecurity-Related Controls Violations
2024-75
Washington D.C., June 18, 2024 — The Securities and Exchange Commission today announced that R.R. Donnelley & Sons Company (RRD), a global provider of business communication and marketing services, agreed to pay over $2.1 million to settle disclosure and internal control failure charges relating to cybersecurity incidents and alerts in late 2021.

TIGTA

The IRS Ceased Compliance With the $10 Million Taxpayer Treasury Directive in Favor of an Overall Focus on High-Income Taxpayer Noncompliance
June 20, 2024

Quarterly Snapshot: The IRS’s Inflation Reduction Act Spending Through March 31, 2024
June 18, 2024