Regulatory Roundup: Dec. 20–Jan. 9

By:
Ruth Singleton
Published Date:
Jan 9, 2018

AICPA 

AICPA Reacts to Congressional Passage of Tax Legislation
Washington, D.C. (December 20, 2017) – The American Institute of CPAs (AICPA) today issued the following statement by President and CEO Barry C. Melancon, CPA, CGMA, following congressional passage of the Tax Cuts and Jobs Act: “While the tax reform legislation contains several provisions that should be welcomed by CPAs and their clients, the AICPA is very disappointed by lawmakers’ decision to exclude CPAs from the measure’s treatment of pass-through entities. Congress should have provided parity for pass-throughs, regardless of their line of business, in order to achieve a fairer, simpler, and more competitive tax code. The AICPA pointedly and repeatedly made the case that all professional service firms – including accounting firms – should have received the new deduction.

CBO

Cost Estimate
H.R. 4561, Security Assessment Feasibility for Equipment Testing and Evaluation of Capabilities for Our Homeland Act
January 8, 2018

Cost Estimate
H.R. 4577, Domestic Explosives Detection Canine Capacity Building Act of 2017
January 8, 2018

Cost Estimate
S. 1827, Keep Kids’ Insurance Dependable and Secure Act of 2017
January 5, 2018

Cost Estimate
S. 1285, Oregon Tribal Economic Development Act
January 5, 2018

Cost Estimate
Estimated Deficits and Debt Under the Conference Agreement of H.R. 1
January 2, 2018

Cost Estimate
Rules Committee Print 115-52, Further Additional Continuing Appropriations Act, 2018, and Other Matters
December 21, 2017

Cost Estimate
H.R. 453, Relief from New Source Performance Standards Act of 2017
December 21, 2017

Cost Estimate
H.R. 4266, Acadia National Park Boundary Clarification Act
December 21, 2017

Cost Estimate
H.R. 4009, Smithsonian National Zoological Park Central Parking Facility Authorization Act
December 21, 2017

Cost Estimate
S. 1901, Leverage to Enhance Effective Diplomacy Act of 2017
December 21, 2017

Cost Estimate
S. 1928, Multilateral Aid Review Act of 2017
December 21, 2017

Cost Estimate
H.R. 4475, National Volcano Early Warning and Monitoring System Act
December 20, 2017

Cost Estimate
Rules Committee Print 115-50, Containing the Text of H.R. 4667, and Other Modifications
December 20, 2017

Cost Estimate
H.R. 4519, a bill to amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to resource extraction, and for other purposes
December 20, 2017

Cost Estimate
S. 1118, North Korean Human Rights Reauthorization Act of 2017
December 20, 2017

Cost Estimate
H.R. 4478, FISA Amendments Reauthorization Act of 2017
December 20, 2017

FAF

FASB Proposes Improvements to Lease Standard Implementation
Norwalk, CT, January 5, 2018—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to reduce costs and ease implementation of the Leases standard for financial statement preparers.

2018 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available
Norwalk, CT, December 21, 2017—The Financial Accounting Standards Board (FASB) today announced the availability of the 2018 GAAP Financial Reporting Taxonomy. The Board also announced the availability of the 2018 SEC Reporting Taxonomy (SRT). The SRT is new for 2018. Both taxonomies are pending final acceptance by the U.S. Securities and Exchange Commission (SEC).

GAO

Bureau of Prisons:
Better Planning and Evaluation Could Help Ensure Effective Use of Retention Incentives
GAO-18-147: Published: Dec 7, 2017. Publicly Released: Jan 8, 2018.

Medicaid:
Further Action Needed to Expedite Use of National Data for Program Oversight
GAO-18-70: Published: Dec 8, 2017. Publicly Released: Jan 8, 2018. 

Social Security Disability:
Additional Measures and Evaluation Needed to Enhance Accuracy and Consistency of Hearings Decisions
GAO-18-37: Published: Dec 7, 2017. Publicly Released: Jan 8, 2018.

Offshore Seismic Surveys:
Additional Guidance Needed to Help Ensure Timely Reviews
GAO-18-60: Published: Dec 11, 2017. Publicly Released: Jan 4, 2018.

Small Business Contracting:
SBA Efforts May Clarify the Assignment of Industry Codes, and Most Code Appeals Were Dismissed
GAO-18-76: Published: Dec 5, 2017. Publicly Released: Jan 4, 2018.

Natural Gas Storage:
Department of Transportation Could Take Additional Steps to Improve Safety Enforcement Planning
GAO-18-89: Published: Nov 22, 2017. Publicly Released: Dec 22, 2017.

Columbia Class Submarine:
Immature Technologies Present Risks to Achieving Cost Schedule and Performance Goals
GAO-18-158: Published: Dec 21, 2017. Publicly Released: Dec 21, 2017.

Internet Firearm Sales:
ATF Enforcement Efforts and Outcomes of GAO Covert Testing
GAO-18-24: Published: Nov 21, 2017. Publicly Released: Dec 21, 2017.

Transportation Security Administration:
After Oversight Lapses, Compliance with Policy Governing Special Authority Has Been Strengthened
GAO-18-172: Published: Dec 21, 2017. Publicly Released: Dec 21, 2017.

Unemployment Insurance:
State Use of Warnings Related to Work Search Requirements Affects DOL's Improper Payment Estimates
GAO-18-133R: Published: Nov 21, 2017. Publicly Released: Dec 21, 2017.

Tax Information Returns:
Shared Service Centers Generally Transmitted Federal Wage and Tax Data on Time for Tax Year 2016
GAO-18-90R: Published: Nov 20, 2017. Publicly Released: Dec 20, 2017.

IASB

08 January 2018
IFRS 9 and IFRS 15 are now effective

22 December 2017
December IASB podcast now available

20 December 2017
Join the IFRS Foundation—Project manager required

IRS 

2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers
IR-2018-01, Jan. 04, 2018 ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.

IRS Issues Guidance on Transition Tax on Foreign Earnings
IR-2017-212, Dec. 29, 2017 ― The Treasury Department and the Internal Revenue Service today issued Notice 2018-07, which provides guidance for computing the “transition tax” under recent tax legislation enacted on Dec. 22, 2017.

Get Ready for Taxes: Choosing a Tax Return Preparer?
IR-2017-211, Dec. 28, 2017 —  As the tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their federal tax return.

IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017
IR-2017-210, Dec. 27, 2017 — The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances.

IRS Statement – Withholding for 2018
Dec. 26, 2017 — The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22.

IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018
IR-2017-209, Dec. 22, 2017 ― The IRS announced today that it has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals.

IRS Criminal Investigation Releases Fiscal Year 2017 Annual Report
IR-2017-208, December 20, 2017  — The Internal Revenue Service today announced the release of the Criminal Investigation Division’s (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2017.

IRS: Tax Professionals Need 2018 PTIN; Continuing Education for Annual Filing Season Program Due by Year End
IR-2017-207, Dec. 20, 2017  — The Internal Revenue Service is reminding federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTIN) that expire Dec. 31, 2017.

Get Ready for Taxes: Filing Electronically a Safe, Easy Way to File
IR-2017-206, Dec. 19, 2017  — The Internal Revenue Service said today that it expects more than 90 percent of all 2017 individual tax returns to be prepared using tax software.

NYS Dept. of Taxation and Finance

Owner of Two Syracuse Car Dealerships Facing Felony Charges

Ring in the New Year with a Clean Slate

Governor Cuomo Announces $6.6 Million in Illegal Tobacco Removed from New York State Streets in 2017

Governor Cuomo Takes Emergency Executive Action to Deliver Property Tax Deductibility For New Yorkers

A.G. Schneiderman And Acting Tax Commissioner Manion Announce Arrest Of Former Broome County Restaurant Owner For Failing To Report And Pay Sales Tax

Watertown Flower Shop Owner Charged with Sales Tax Evasion

PCAOB

Francis "Abe" Dymond Named Chief of Staff for the PCAOB
Washington, Jan. 2, 2018
The Public Company Accounting Oversight Board announced today that Chairman William D. Duhnke III has named Francis "Abe" Dymond chief of staff for the PCAOB, effective immediately.

PCAOB Chairman Duhnke and Board Member Hamm Sworn in Today
Washington, Jan. 2, 2018
The Public Company Accounting Oversight Board announced that William D. Duhnke III was sworn in today as Chairman and Kathleen M. Hamm was sworn in as a Board member. The ceremony took place at the Securities and Exchange Commission.

Samantha Ross to Leave the PCAOB After 15 Years
Washington, Dec. 29, 2017
The Public Company Accounting Oversight Board announced today that Samantha E. Ross is leaving the PCAOB. Ms. Ross was one of a handful of staff who opened the PCAOB's doors in January 2003. Over the last 15 years, as the PCAOB grew to more than 800 employees, she played an integral role in the establishment, growth, management and direction of the PCAOB.

PCAOB Announces $1.5 Million Settlement with Grant Thornton for Quality Control Violations and Audit Failures
The first finding of quality control violations at a domestic global network firm
Washington, Dec. 20, 2017
The Public Company Accounting Oversight Board today announced a $1.5 million civil penalty and censure against Grant Thornton LLPDescription: DF for violations of quality control standards and for audit failures.

PCAOB Announces $750,000 Settlement with Deloitte Turkey
 
Charges include failure to cooperate with an inspection, quality control, ethics, and audit documentation violations
Washington, Dec. 20, 2017
The Public Company Accounting Oversight Board today announced that Turkey-based DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik A.Ş. (Deloitte Turkey) will pay a $750,000 civil money penalty Description: DFto settle charges that it devised and implemented a plan to improperly alter documents in advance of a PCAOB inspection in 2014.

SEC

SEC Issues Agenda for Inaugural Meeting of the Fixed Income Market Structure Advisory Committee
Washington D.C., Jan. 8, 2018 — The Securities and Exchange Commission today released the agenda for the inaugural meeting of the Fixed Income Market Structure Advisory Committee, which will be held on January 11, 2018 beginning at 9:30 a.m. ET.  The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on fixed income market structure issues.

Annual Staff Reports on Credit Rating Agencies Show Improvements
Washington D.C., Dec. 29, 2017 — Credit rating agencies under Securities and Exchange Commission oversight show improved compliance, increased information technology resources, and continued competition, according to two SEC staff reports released today on nationally recognized statistical rating organizations (NRSROs).

Commission Staff Provides Regulatory Guidance for Accounting Impacts of the Tax Cuts and Jobs Act
Washington D.C., Dec. 22, 2017 — The Securities and Exchange Commission today announced publication of staff guidance for publicly traded companies, auditors, and others to help ensure timely public disclosures of the accounting impacts of the Tax Cuts and Jobs Act (the Act).  Specifically, the staff of the Office of the Chief Accountant and the Division of Corporation Finance issued the following interpretations:

Gerald Hodgkins, Associate Director of the SEC's Enforcement Division, to Leave the Agency After 20 Years of Service
Washington D.C., Dec. 21, 2017 — The Securities and Exchange Commission today announced that Gerald W. Hodgkins, an Associate Director of the Division of Enforcement, will leave the agency at the end of this year for private practice.

SEC Charges Operators of $1.2 Billion Ponzi Scheme Targeting Main Street Investors
Washington D.C., Dec. 21, 2017 — The Securities and Exchange Commission today announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

Broker Charged With Giving Special Access to IPOs for Cash Kickbacks
Washington D.C., Dec. 19, 2017 — The Securities and Exchange Commission today charged a Wall Street stockbroker with illegally accepting more than $1 million in undisclosed kickbacks for giving certain customers preferential access to lucrative IPOs, enabling them to reap major trading profits in the secondary markets.

 

 

 

 

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