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Regulatory Roundup - August 23-29

By:
S.J. Steinhardt
Published Date:
Aug 29, 2022

AICPA

AICPA Releases Comments Requesting Guidance Related to Remote Work
Aug. 25, 2022

CBO

Cost Estimate
H.R. 7188, Modernizing Department of Veterans Affairs Disability Benefit Questionnaires Act
Aug. 26, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Report
Additional Information About Increased Enforcement by the Internal Revenue Service
Aug. 25, 2022
CBO answers several questions from Congressmen Kevin Brady and Jason Smith about increased enforcement by the Internal Revenue Service.

Report
Answers to Questions for the Record Following a Hearing on CBO’s Appropriation Request for Fiscal Year 2023
Aug. 25, 2022
The Subcommittee on the Legislative Branch of the Senate Committee on Appropriations convened a hearing about CBO's appropriation request for fiscal year 2023. This document provides CBO’s answers to questions submitted for the record.

Cost Estimate
H.R. 8453, Upholding the Dayton Peace Agreement Through Sanctions Act
August 25, 2022
As ordered reported by the House Committee on Foreign Affairs on July 28, 2022

Cost Estimate
S. 4337, Military Spouse Employment Act
Aug. 25, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 3, 2022

Cost Estimate
H.R. 7181, Human Trafficking Prevention Act of 2022
Aug. 24, 2022
As ordered reported by the House Committee on the Judiciary on June 15, 2022

Cost Estimate
H.R. 2142, an act to designate the facility of the United States Postal Service located at 170 Manhattan Avenue in Buffalo, New York, as the “Indiana Hunt-Martin Post Office Building"
Aug. 23, 2022
As reported by the Senate Committee on Homeland Security and Governmental Affairs on June 8, 2022

Cost Estimate
S. 4254, Disclosing Foreign Influence in Lobbying Act
Aug. 23, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Cost Estimate
H.R. 5641, SPEED Recovery Act
August 22, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 3, 2022

Cost Estimate
H.R. 8463, Millennium Challenge Corporation Eligibility Expansion Act
August 22, 2022
As ordered reported by the House Committee on Foreign Affairs on July 29, 2022

Cost Estimate
S. 4320, Secure Embassy Construction and Counterterrorism Act of 2022
August 22, 2022
As reported by the Senate Committee on Foreign Relations on July 21, 2022

FAF and FASB

Financial Accounting Foundation Appoints, Reappoints Members to the Private Company Council
Aug. 29, 2022
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Michael Cheng and the reappointment of Holly Nelson to the Private Company Council (PCC), each for a three-year term. Both appointments are effective on January 1, 2023.

GAO

Aviation Safety
FAA 
Should Strengthen Efforts to Address the Illegal Practice of Intentionally Aiming Lasers at Aircraft [Reissued with revisions on Aug. 26, 2022]
GAO-22-104664
Published: Aug 18, 2022.
Publicly Released: Aug 18, 2022.
What GAO Found Aiming a laser at an aircraft can distract or disorient pilots and is a federal crime. The Federal Aviation Administration (FAA) investigates laser incidents, pursues civil penalties, and assists the Federal Bureau of Investigation (FBI) and U.S. Attorneys with investigations. Given the...

Bank Secrecy Act
Action Needed to Improve DOJ Statistics on Use of Reports on Suspicious Financial Transactions
GAO-22-105242
Published: Aug 25, 2022.
Publicly Released: Aug 25, 2022.
What GAO Found The Financial Crimes Enforcement Network (FinCEN) is responsible for administering the Bank Secrecy Act (BSA), which requires financial institutions to file reports about suspicious financial transactions. FinCEN provides BSA report access to law enforcement agencies, which use those reports...

الیمنالیمنتحتاج وزارتا الخارجیة والدفاع معلومات أفضل عن الآثار المدنیة للدعم العسكري الأمریكي للمملكة العربیة السعودی...
GAO-22-105991
Published: Aug 24, 2022.
Publicly Released: Aug 24, 2022.
This is an Arabic language translation of the highlights for GAO-22-105988, which issued on Wednesday, June 15, 2022. النتائج التي توصل إلیھا مكتب مساءلة الحكومة أدارت وزارة اﻟدﻓﺎع ﻣﺎ ﻻ ﯾﻘل ﻋن 54.6 ﻣﻠﯾﺎر دوﻻر ﻣن اﻟدﻋم...

Grants Management
Interior Should Improve the Award Process for Some Competitive Grant Programs

GAO-22-105407
Published: Aug 23, 2022.
Publicly Released: Aug 23, 2022.
What GAO Found The Department of the Interior's competitive grant award process involves announcing funding opportunities, evaluating grant applications, and obtaining management approval to issue award decisions (see fig.). Interior's nine grant-making bureaus make all funding announcements publicly...

Priority Open Recommendations
Department of Defense
GAO-22-105664
Published: Aug 12, 2022.
Publicly Released: Aug 22, 2022.
What GAO Found In August 2021, GAO identified 81 priority open recommendations for the Department of Defense (DOD). Since then, DOD has implemented 12 of those recommendations, leading to improvements in financial management, cybersecurity, and Navy readiness, among other areas. Additionally, GAO closed...

IFRS

Three members appointed to the International Sustainability Standards Board from Europe and Japan
Appointment
23 August 2022

IRS

September is National Preparedness Month; IRS urges everyone to update and secure their records to prepare now for natural disasters 
IR-2022-156, August 29, 2022 — September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the Internal Revenue Service urges everyone to develop an emergency preparedness plan, or if they already have one, update it for 2022. 

COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers
IR-2022-155, August 24, 2022 — To help struggling taxpayers affected by the COVID-19 pandemic, the IRS today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late.

NYS

Search Warrants Net Two Arrests Plus Large Amounts of Untaxed Tobacco and Cannabis
August 22, 2022

PCAOB

PCAOB Sanctions Audit Firm and Two Partners for Improper Use and Reporting of Unregistered Firm
Aug. 29, 2022

FACT SHEET: CHINA AGREEMENT
Aug. 26, 2022

PCAOB Signs Agreement with Chinese Authorities, Taking First Step Toward Complete Access for PCAOB to Select, Inspect and Investigate in China
Aug. 26, 2022

SEC

SEC Issues First Fee Rate Advisory for Fiscal Year 2023
2022-152, Aug. 26, 2022 — The Securities and Exchange Commission announced that the fees that public companies and other issuers pay to register their securities with the Commission will increase from $92.70 per million dollars to $110.20 per million dollars, effective Oct. 1.

SEC Amends Whistleblower Rules to Incentivize Whistleblower Tips
2022-151, Aug. 26, 2022 — The Securities and Exchange Commission today adopted two amendments to the rules governing its whistleblower program. The first rule change allows the Commission to pay whistleblowers for their information and assistance in connection with non-SEC actions in additional circumstances. The second rule affirms the Commission’s authority to consider the dollar amount of a potential award for the limited purpose of increasing an award but not to lower an award.

SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud
2022-150, Aug. 25, 2022 — The Securities and Exchange Commission today charged Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed. In 2021, Granite restated its financial statements from 2017 through 2019 to correct revenue and profit margin errors allegedly caused by Swanberg’s misconduct. The company agreed to pay $12 million to settle the SEC’s charges.

SEC Adopts Pay Versus Performance Disclosure Rules
2022-149, Aug. 25, 2022 — The Securities and Exchange Commission today adopted amendments to its rules to require registrants to disclose information reflecting the relationship between executive compensation actually paid by a registrant and the registrant’s financial performance. The rules implement a requirement mandated by the Dodd-Frank Act. The Commission proposed pay versus performance disclosure rules in 2015 and reopened the comment period on the proposal in January of this year. 

SEC Publishes Draft FY22-26 Strategic Plan for Public Comment
2022-148, Aug. 24, 2022 — The Securities and Exchange Commission today released for public comment a draft strategic plan for fiscal years 2022 to 2026.

TIGTA

Fiscal Year 2022 Statutory Review of Restrictions on Directly Contacting Represented Taxpayers
Aug. 24, 2002

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