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 30-September 6

By:
S.J. Steinhardt
Published Date:
Sep 6, 2022

AICPA

AICPA Submits Comments on Virtual Currency Question on Form 1040
Aug. 30

AICPA Releases Exposure Draft and Invitation to Comment
Aug. 29

CBO

Cost Estimate
S. 4101, Combating Human Rights Abuses Act of 2022
September 1, 2022
As ordered reported by the Senate Committee on Commerce, Science and Transportation on May 25, 2022

Report
Expired and Expiring Authorizations of Appropriations for Fiscal Year 2022
August 31, 2022
CBO reports annually on programs whose authorizations of appropriations have already expired or will expire.

Cost Estimate
H.R. 6671, a bill to amend title 38, United States Code, to ensure that a member of the Armed Forces, granted a general discharge under honorable conditions on the sole basis that such member failed to obey a lawful order to receive a vaccine for COVID-19
August 31, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Cost Estimate
H.R. 8003, Restore Veterans Dignity Act of 2022
August 31, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Report 
How CBO Analyzes the Effects of Charging the Oil and Gas Industry for Methane Emissions
August 31, 2022
CBO describes how imposing a charge for methane emissions generally affects emissions, companies’ costs, and natural gas prices and discusses how the agency analyzes such a charge.

Cost Estimate
H.R. 4481, Small Business 7(a) Loan Agent Transparency Act
August 30, 2022
As passed by the House of Representatives on November 2, 2021

Cost Estimate
H.R. 5343, FEMA Caseworker Accountability Act
August 30, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 25, 2022

Cost Estimate
H.R. 5606, Return Home to Housing Act
August 30, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Cost Estimate
H.R. 6455, U.S.-Africa Economic Engagement Act
August 30, 2022
As ordered reported by the House Committee on Foreign Affairs on July 28, 2022

Cost Estimate
H.R. 7939, Student Veteran Emergency Relief Act of 2022
August 30, 2022
As ordered reported by the House Committee on Veterans’ Affairs on July 19, 2022

Cost Estimate
S. 1128, University of Alaska Fiscal Foundation Act
August 30, 2022
As ordered reported by the Senate Committee on Energy and Natural Resources on May 3, 2022

Cost Estimate
S. 3404, a bill to provide the consent of Congress to an amendment to the Constitution of the State of New Mexico August 30, 2022
As ordered reported by the Senate Committee on Energy and Natural Resources on July 21, 2022

Cost Estimate
S. 3434, Strengthening Support for American Manufacturing Act
August 30, 2022
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 22, 2022

Report
CBO’s Projections of Federal Receipts and Expenditures as Measured by the National Income and Product Accounts: 2022 to 2032
August 29, 2022
This report presents CBO’s revenue and outlay projections for 2022 to 2032 translated to the receipts and expenditures used in the national income and product accounts framework.

Cost Estimate
H.R. 3114, Longshore and Harbor Workers’ COVID-19 Compensation Act of 2022
August 29, 2022
As ordered reported by the House Committee on Education and Labor on March 16, 2022

Cost Estimate
H.R. 7622, Small Business Workforce Pipeline Act of 2022
August 29, 2022
As passed by the House of Representatives on June 8, 2022

Cost Estimate
H.R. 7977, Promoting Opportunities for Non-Traditional Capital Formation Act
August 29, 2022
As ordered reported by the House Committee on Financial Services on June 22, 2022

GAO

Cybersecurity
Kick-Starting the Office of the National Cyber Director
GAO-22-105502
Published: Sep 06, 2022.
Publicly Released: Sep 06, 2022.
What GAO Found In 2021, Congress established the Office of the National Cyber Director to lead the nation's cybersecurity effort. Since June 2021, the Director has outlined the strategic statement for the Office and has hired staff. As of August 2022, according to the Office, the development of a national... 

VA Disability
Clearer Claims Processing Guidance Needed for Selected Agent Orange Conditions 
GAO-22-105191
Published: Sep 01, 2022.
Publicly Released: Sep 01, 2022.
What GAO Found About 8 percent of Vietnam veterans who received disability compensation claim decisions for three conditions associated with exposure to herbicides were granted benefits by the Department of Veterans Affairs (VA), according to GAO's analysis of VA data from fiscal years 2003 through 2021.... 

Human Trafficking 
U.S. Agencies' International Efforts to Fight a Global Problem 
GAO-22-106029
Published: Sep 01, 2022.
Publicly Released: Sep 01, 2022.
Federal agencies implement a range of efforts to combat international human trafficking. GAO found gaps that could impede these efforts, such as unclear roles and weaknesses in monitoring. 

Tribal Economic Development 
Action is Needed to Better Understand the Extent of Federal Support 
GAO-22-105215
Published: Aug 30, 2022.
Publicly Released: Aug 30, 2022.
What GAO Found Federal efforts to support economic development among tribal entities (such as tribal governments and businesses) show evidence of fragmentation and some overlap. Programs are fragmented across seven agencies: the U.S. Departments of Agriculture (USDA), Commerce, Energy, Health and Human... 

DHS Headquarters Consolidation 
Project Cost and Schedule Estimates Are Not Finalized 
GAO-22-105970
Published: Aug 30, 2022. Publicly Released: Aug 30, 2022.
What GAO Found In 2005, the Department of Homeland Security (DHS) began planning its headquarters consolidation at the St. Elizabeths campus. DHS developed capital planning documents and analyses to guide the construction and consolidation process, but in 2014, GAO reported that DHS and the General Services... 

Export-Import Bank
Status of End-Use Monitoring of Dual-Use Exports as of August 2022 
Published: Aug 30, 2022.
Publicly Released: Aug 30, 2022.
What GAO Found As of August 2022, the Export-Import Bank (EXIM) was monitoring the end use of a single transaction that it had continued to finance in fiscal year 2020, as summarized below: Two satellites for the government of Mexico. EXIM had provided financing to the government of Mexico for (1) a...

Retirement Security
Recent Efforts by Other Countries to Expand Plan Coverage and Facilitate Savings
Published: Aug 29, 2022.
Publicly Released: Aug 29, 2022. 
What GAO Found According to representatives GAO interviewed about selected international retirement savings plans, most of the plans require eligible employers to automatically enroll some of their workforce, unless workers explicitly opt out (see figure). This automatic enrollment is intended to help...

IASB

IFRS Foundation announces appointments to Sustainability Consultative Committee
Appointment
6 Sep 2022

International Accounting Standards Board to publish Exposure Draft Third edition of the IFRS for SMEs Accounting Standard
Forthcoming publication
6 Sep 2022

Call for new members to join the Global Preparers Forum in 2022
Appointment
5 Sep 2022

September 2022 IFRS Interpretations Committee agenda and meeting papers available
Meeting
2 Sep 2022

August 2022 monthly news summary
News summary
1 Sep 2022

Forthcoming webinar on the Staff Request for Feedback on the IFRS Sustainability Disclosure Taxonomy
Webinar
1 Sep 2022

Former World Bank Vice President Jingdong Hua appointed as ISSB Vice-Chair, completing the ISSB membership
Appointment
31 Aug 2022

IRS

IRS: Sept. 15 is the deadline for third quarter estimated tax payments 
IR-2022-157, September 6, 2022 – The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15, 2022. 

SEC

SEC Charges Perceptive Advisors for Failing to Disclose SPAC-Related Conflicts of Interest
2022-155,, Sept. 6, 2022 —The Securities and Exchange Commission today charged New York-based investment adviser Perceptive Advisors LLC with failing to disclose conflicts of interest regarding its personnel’s ownership of sponsors of special purpose acquisition companies (SPACs) into which Perceptive advised its clients to invest.

SEC Charges Venture Capital Adviser Energy Innovation Capital Management for Overcharging Fees
2022-154, Sept. 2, 2022 - The Securities and Exchange Commission today charged Energy Innovation Capital Management, LLC (EIC), a California-based exempt reporting adviser, with charging excess management fees from two venture capital funds. EIC has returned $678,681 plus interest to the funds and their limited partners, and has agreed to settle the SEC’s charges by paying a $175,000 penalty.

SEC Charges Advisory Firm and Executives with Devising an Elaborate Scheme to Defraud Clients out of More Than $75 Million 

2022-153, Aug. 30, 2022 — The Securities and Exchange Commission today charged two North Carolina-based executives, Gregory E. Lindberg and Christopher Herwig, and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies.

TIGTA

Delays Continue to Result in Businesses Not Receiving Pandemic Relief Benefits
August 31, 2022 

Compliance Efforts Are Needed to Address Refund Claims Reported on Form 1139 That Are Based on the CARES Act Net Operating Loss Carryback Provisions
August 31, 2022 

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