Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Regulatory Roundup - August 2-8

Ruth Singleton
Published Date:
Aug 8, 2022

Cost Estimate
Information About H.R. 5376, the Inflation Reduction Act of 2022  
August 6, 2022 
As amended in the nature of a substitute (ERN22410) and posted on the website of the Senate Majority Leader on August 6, 2022 

Additional Information About Prescription Drug Legislation 
August 4, 2022 CBO provides additional information that Congressman Jason Smith and his colleagues requested about subtitle I of the reconciliation recommendations of the Senate Committee on Finance regarding prescription drug legislation. 

Economic Analysis of Budget Reconciliation Legislation 
August 4, 2022 
CBO provides answers to four questions that Senator Lindsey Graham asked related to H.R. 5376, the Inflation Reduction Act of 2022, and broader economic conditions. 

Information About Cancer Drugs Covered by Part B of Medicare 
August 4, 2022 
CBO provides information about the use of drugs that treat cancer and that are covered by Part B of the Medicare program, identifying the top 15 such drugs on the basis of the number of enrollees that use them. 

An Overview of the 2022 Long-Term Budget Outlook 
August 3, 2022 
Presentation by Phillip Swagel, CBO’s Director, at an event hosted by the American Enterprise Institute. 

Budgetary Costs of Higher Interest Rates and Inflation 
August 3, 2022 
CBO responds to three questions that Congressman Jason Smith asked about the budgetary costs of higher interest rates and inflation. 

Cost Estimate 
Estimated Budgetary Effects of H.R. 5376, the Inflation Reduction Act of 2022 
August 3, 2022 
As Amended in the Nature of a Substitute (ERN22335) and Posted on the Website of the Senate Majority Leader on July 27, 2022 

Cost Estimate 
H.R. 4693, Global Malnutrition Prevention and Treatment Act of 2021 
August 3, 2022 
As reported by the Senate Committee on Foreign Relations on July 21, 2022 

Cost Estimate 
S. 552, Global Learning Loss Assessment Act of 2022 
August 3, 2022 
As ordered reported by the Senate Committee on Foreign Relations on July 19, 2022 

Blog Post 
CBO’s Panel of Health Advisers, 2022 
August 2, 2022 
CBO announces the members of the Panel of Health Advisers for the coming year. 


Financial Accounting Foundation Seeks Nominations for Financial Accounting Standards Advisory Council
August 2, 2022 


GPS Alternatives 
DOD is Developing Navigation Systems but is Not Measuring Overall Progress 
Published: Aug 05, 2022. 
Publicly Released: Aug 05, 2022. 
What GAO Found The U.S. military relies on its Global Positioning System (GPS) to provide position, navigation, and timing data crucial to its operations. Access to these data, collectively known as PNT, and GPS face multiple threats, including: (1) anti-satellite weapons, (2) jamming, (3) spoofing,... 

Tax Equity 
Enhanced Evaluation Could Improve Outreach to Small Business Owners 
Published: Aug 03, 2022. 
Publicly Released: Aug 03, 2022. 
What GAO Found The Internal Revenue Service (IRS) does not collect data on taxpayers, including small business owners, regarding their race, ethnicity, or sex. This makes it difficult to determine if tax provision use varies by demographic group. In the absence of these data, GAO used data from other... 

Spectrum Management 
Improved Planning and Interagency Collaboration Could Strengthen Spectrum Reallocation Efforts 
Published: Aug 02, 2022. 
Publicly Released: Aug 02, 2022. 
What GAO Found Spectrum is a natural resource that enables wireless communications and critical government operations, such as shown in the figure below. A key spectrum management activity of the National Telecommunications and Information Administration (NTIA) is to work with other agencies, such as... 

Federal Budget 
Selected Agencies and Programs Used Strategies to Manage Constraints of Continuing Resolutions 
Published: Jun 30, 2022. 
Publicly Released: Aug 01, 2022. 
What GAO Found From fiscal years 2010 through 2022, Congress and the President enacted 47 continuing resolutions (CRs) that ranged from 1 day to 176 days (see figure). Duration and Number of Continuing Resolutions and Lapses in Appropriations, Fiscal Years 2010-2022 The three selected agencies and programs... 


ISSB receives global response on proposed sustainability disclosure standards 
5 Aug 2022 


IRS: Truckers need to file by August 31 deadline, e-file encouraged 
IR-2022-146, August 8, 2022 — The Internal Revenue Service today is reminding those who have registered, or are required to register, large trucks and buses that it’s time to file Form 2290, Heavy Highway Vehicle Use Tax Return. The IRS strongly encourages using e-file and filing before the payment deadline of August 31, 2022, for vehicles first used in July 2022. 

IRS: Kentucky storm, flooding victims now eligible for tax relief; October 17 deadline, other dates extended to November 15 
IR-2022-145, August 2, 2022 — Storm victims in parts of Kentucky now have until November 15, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. 

Security Summit: Tell-tale signs of identity theft tax pros should watch for 
IR-2022-144, August 2, 2022 — With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. 


DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti- Money Laundering, Cybersecurity & Consumer Protection Violations  


PCAOB Applauds Appointment of Board Member Anthony C. Thompson for a Second Term 
Aug. 2, 2022 


SEC Charges Surgical Implant Manufacturer Surgalign and Former Senior Executives with Accounting and Disclosure Fraud 
2022-137, Aug. 3, 2022 —The Securities and Exchange Commission today charged Surgalign Holdings, Inc., formerly RTI Surgical Holdings, Inc., and former executives Brian Hutchison and Robert Jordheim for masking disappointing sales numbers by shipping future orders ahead of schedule to accelerate, or “pull forward,” revenue and then failing to disclose this practice to investors. In June 2020, RTI restated its public financial statements from 2014 through 2019 to correct errors caused by this practice.

SEC Appoints Anthony C. Thompson to Second Term on PCAOB                                                                                           
2022-136, Aug. 2, 2022 — The Securities and Exchange Commission today announced the appointment of Anthony (Tony) C. Thompson to a second term as a Board Member of the Public Company Accounting Oversight Board (PCAOB). Mr. Thompson joined the Board on January 3, 2022, filling a term that expires on October 24, 2022. His second term will run until October 24, 2027.

SEC Charges Convertible Note Dealer and its Long Island-Based Owners for Failure to Register                                
2022-135, Aug. 2, 2022 — The Securities and Exchange Commission today announced settled charges against a convertible note dealer, Crown Bridge Partners, LLC, and its managing members, Soheil and Sepas Ahdoot of Great Neck, N.Y., for failing to register with the SEC as securities dealers. As part of the settlement, the Ahdoots and Crown Bridge agreed to pay more than $9 million in monetary relief and to surrender or cancel securities of 82 different issuers they allegedly obtained from their unregistered dealer activity.


Fiscal Year 2022 Mandatory Review of Compliance With the Freedom of Information Act July 28, 2022

Successful Detection and Assistance Processes Used to Combat Individual Identity Theft Should Be Implemented for Business Identity Theft
July 27, 2022

Review of the Internal Revenue Service’s Purchase Card Violations Report 
July 27, 2022

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