Regulatory Roundup - Dec. 8-14

By:
Chris Gaetano
Published Date:
Dec 14, 2020

AICPA

 

Press Release

More than Half of Business Executives Predict a Negative Impact on Their Companies if A New Round of Economic Stimulus Fails to Pass in Next Few Months, AICPA Survey Finds

More than half of business executives say they expect some negative impact to their organizations if a renewed round of economic stimulus does not materialize by early 2021, an AICPA survey found

December 10, 2020

Comment Letters

AICPA Comments on Electronic Filing (e-filing) of Forms 706, 706-NA, and 709

AICPA submitted comments to the IRS requesting allowing of E-filing of Forms 706, 706-NA, and 709.

December 9, 2020

Press Release

AICPA’s Revised Standard for Attestation Engagements Tackles Transparency and Consistency in Review Reports and Engagements

The ASB today issued Statement on Standards for Attestation Engagements (SSAE) No. 22, Review Engagements, to supersede SSAE No. 18.

December 9, 2020

Press Release

45% of American Taxpayers Have No Idea When They Last Updated Their Withholding: AICPA W-4 Survey

New data that explores the opinions of tax-filing Americans regarding their awareness and experiences surrounding the updated Form W-4 and its implications.

December 8, 2020

Press Release

AICPA Leads Coalition Letter Once Again Calling on IRS, Treasury to Provide Penalty Relief for Those Impacted by Pandemic

AICPA led a coalition of 7 professional tax organizations in sending a letter to Treasury and the IRS calling on the IRS to offer targeted penalty relief to Americans facing hardship due to pandemic.

December 8, 2020

 

CBO

Report

Additional Information about H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act

December 10, 2020

In this letter, CBO provides more information about its cost estimate for H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.

Blog Post

How CBO Analyzes Proposals for a Single-Payer Health Care System

December 10, 2020

CBO explains how it analyzes proposals for single-payer health care systems that would be based on Medicare’s fee-for-service program.

Working Paper

How CBO Analyzes the Costs of Proposals for Single-Payer Health Care Systems That Are Based on Medicare’s Fee-for-Service Program: Working Paper 2020-08

December 10, 2020

CBO describes the methods it has developed to analyze the federal budgetary costs of proposals for single-payer health care systems that are based on the Medicare fee-for-service program.

Cost Estimate

CBO’s Estimate for H.R. 8900, Further Continuing Appropriations Act, 2021, and Other Extensions Act

December 9, 2020

As introduced on December 8, 2020 (https://docs.house.gov/billsthisweek/20201207/BILLS-116hr8900-SUS.pdf)

Blog Post

Director's Statement on CBO's Latest Volume of Budget Options

December 9, 2020

Options for Reducing the Deficit: 2021 to 2030 is the latest edition of a report that CBO publishes periodically. The report describes 83 policy options that would decrease federal spending or increase federal revenues over the next decade.

Cost Estimate

H.R. 5287, Fair Student Loan Debt Collection Practices Act

December 9, 2020

As ordered reported by the House Committee on Financial Services on December 10, 2019

Cost Estimate

H.R. 5330, Consumer Protection for Medical Debt Collections Act

December 9, 2020

As ordered reported by the House Committee on Financial Services on December 11, 2019

Report

Options for Reducing the Deficit: 2021 to 2030

December 9, 2020

CBO periodically issues a compendium of policy options and their effects on the federal budget. This document provides estimates of the budgetary savings from 83 options that would decrease federal spending or increase federal revenues.

Cost Estimate

S. 2757, HELP for Small Business Act

December 9, 2020

As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

Cost Estimate

CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 1375, Provide Accurate Information Directly Act

December 8, 2020

As posted on the website Bills to be Considered on the House Floor (https://docs.house.gov/floor/) on December 7, 2020

Cost Estimate

CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 1570, Removing Barriers to Colorectal Cancer Screening Act of 2020

December 8, 2020

As posted on the website, Bills to be Considered on the House Floor (https://docs.house.gov/floor) on December 4, 2020 (version H1570_SUS.XML)

Cost Estimate

CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 2477, Beneficiary Enrollment Notification and Eligibility Simplification Act of 2020

December 8, 2020

As posted on the website Bills to be Considered on the House Floor (https://docs.house.gov/floor/) on December 7, 2020

Cost Estimate

CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 8235, Open Courts Act of 2020

December 8, 2020

As posted on the Website of the Clerk of the House on December 8, 2020

Cost Estimate

CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 1811, Water Resources Development Act of 2020

December 8, 2020

As posted on the Website of the Clerk of the House on December 4, 2020 https://docs.house.gov/billsthisweek/20201207/BILLS-116s1811-SUS.pdf

Cost Estimate

H.R. 7539, Strengthening Behavioral Health Parity Act

December 8, 2020

As ordered reported by the House Committee on Energy and Commerce on July 15, 2020

Report

Monthly Budget Review for November 2020

December 8, 2020

The federal budget deficit totaled $430 billion in October and November 2020, the first two months of fiscal year 2021, the Congressional Budget Office estimates.

Cost Estimate

S. 2722, SWAG Act

December 8, 2020

As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

FASB

 

Remarks of FASB Chair Richard R. Jones, AICPA Conference on SEC and PCAOB Developments  [12/08/20]
Speech

GAO

Climate Resilience:

DOD Coordinates with Communities, but Needs to Assess the Performance of Related Grant Programs

GAO-21-46: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Electromagnetic Spectrum Operations:

DOD Needs to Address Governance and Oversight Issues to Help Ensure Superiority

GAO-21-64: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Federal Reserve Lending Programs:

Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally Improved

GAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Financial Assistance:

Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible Businesses

GAO-21-198: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Higher Education:

Children's Savings Account Programs Can Help Families Build Savings and Envision College

GAO-21-10: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Indian Health Service:

Actions Needed to Improve Oversight of Provider Misconduct and Substandard Performance

GAO-21-97: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Uranium Management:

Actions to Mitigate Risks to Domestic Supply Chain Could Be Better Planned and Coordinated

GAO-21-28: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

VA Construction:

VA Should Enhance the Lessons-Learned Process for Its Real-Property Donation Pilot Program

GAO-21-133: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.

Clinical Labs:

Studies Suggest Biopsy Specimen Misidentification and Contamination Errors Are Infrequent

GAO-21-59: Published: Nov 10, 2020. Publicly Released: Dec 10, 2020.

2020 Census:

The Bureau Concluded Field Work but Uncertainty about Data Quality, Accuracy, and Protection Remains

GAO-21-206R: Published: Dec 9, 2020. Publicly Released: Dec 9, 2020.

Environmental Protection:

Action Needed to Ensure EPA's Enforcement and Compliance Activities Support Its Strategic Goals

GAO-21-82: Published: Dec 9, 2020. Publicly Released: Dec 9, 2020.

International Trade:

Observations On Whether Women's Rights and Economic Interests Are Protected or Promoted by U.S. Trade Preference Programs

GAO-21-190: Published: Dec 9, 2020. Publicly Released: Dec 9, 2020.

VA Disability Benefits:

Process for Identifying Conditions Presumed to be Service Connected and Challenges in Processing Complex Gulf War Illness Claims

GAO-21-253T: Published: Dec 9, 2020. Publicly Released: Dec 9, 2020.

Oil and Gas:

Onshore Competitive and Noncompetitive Lease Revenues

GAO-21-138: Published: Nov 19, 2020. Publicly Released: Dec 9, 2020.

Offshore Wind Energy:

Planned Projects May Lead to Construction of New Vessels in the U.S., but Industry Has Made Few Decisions amid Uncertainties

GAO-21-153: Published: Dec 8, 2020. Publicly Released: Dec 8, 2020.

Troubled Asset Relief Program:

Treasury Continues Winding Down Housing Programs

GAO-21-39: Published: Dec 8, 2020. Publicly Released: Dec 8, 2020.

Air Pollution:
Opportunities to Better Sustain and Modernize the National Air Quality Monitoring System
GAO-21-38: Published: Nov. 12, 2020 Publicly Released: Dec. 7, 2020


Medicaid:
CMS Needs More Information on States' Financing and Payment Arrangements to Improve Oversight
GAO-21-98: Published: Dec. 7, 2020 Publicly Released: Dec. 7, 2020

Science & Tech Spotlight:
Air Quality Sensors
GAO-21-189SP: Published: Dec. 7, 2020 Publicly Released: Dec. 7, 2020

IASB

 

09 December 2020

IASB reviews package of IFRS Standards for group accounting

08 December 2020

Speech: IASB Vice-Chair on challenges and developments in 2020 and plans for the year ahead

08 December 2020

IFRS Foundation announces appointments to the Capital Markets Advisory Committee from 2021

 

IRS

IRS: Volunteers needed for free tax prep help

IR-2020-276, December 11, 2020 — Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses

IR-2020-275, December 9, 2020 — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA).

IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds

IR-2020-274, December 9, 2020 — The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF).

IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plans

IR-2020-273, December 9, 2020 — The Internal Revenue Service today issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.

Get Ready for Taxes: What’s new and what to consider when filing in 2021

IR-2020-272, December 8, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

 

NYS

Superintendent Lacewell Announces DFS Approves New Bank Branch
December 14

NYS Tax Department Launches Online Financial Education Program
December 8

PCAOB

PCAOB posts marked text illustration of amendments to independence standards and rules. 
Dec. 10, 2020

SEC

SEC Charges Sequential Brands Group Inc. with Deceiving Investors by Failing to Timely Impair Goodwill

2020-315, Dec. 11, 2020 — The Securities and Exchange Commission today charged New York-based brand-management company Sequential Brands Group Inc. with failing to impair its goodwill as required by accounting principles and the federal securities laws.

Enforcement Director Stephanie Avakian To Conclude Tenure After Four Years Leading the Division
2020-314., Dec. 10, 2020 — The Securities and Exchange Commission today announced that Division of Enforcement Director Stephanie Avakian will conclude her tenure by the end of the year. Ms. Avakian, who began her career at the SEC, leaves the agency after leading the Enforcement Division over the last four years as Co-Director and then Director.

SEC Staff Supplements Quarterly Private Funds Statistics
2020-313, Dec. 10, 2020 — The Securities and Exchange Commission staff today published an expanded suite of data and analyses of private fund statistics and trends.

General Electric Agrees to Pay $200 Million Penalty for Disclosure Violations
2020-312., Dec. 9, 2020 — The Securities and Exchange Commission today announced that General Electric Co. (GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses.  In 2017 and 2018, GE’s stock price fell almost 75% as challenges in its power and insurance businesses were disclosed to the public. 

SEC Adopts Rules to Modernize Key Market Infrastructure Responsible for Collecting, Consolidating, and Disseminating Equity Market Data
2020-311, Dec. 9, 2020 — The Securities and Exchange Commission today adopted rules to modernize the infrastructure for the collection, consolidation, and dissemination of market data for exchange-listed national market system stocks (“NMS market data”).  This infrastructure has not been significantly updated since its initial implementation in the late 1970s.  The adopted rules update and significantly expand the content of NMS market data to better meet the diverse needs of investors in today’s equity markets.  The adopted rules also update the method by which NMS market data is consolidated and disseminated, by fostering a competitive environment and providing for a new decentralized model that promises reduced latency and other new efficiencies.​

Global Securities Pricing Service to Pay $8 Million for Compliance Failures
2020-310, Dec. 9, 2020 — The Securities and Exchange Commission today charged ICE Data Pricing & Reference Data LLC, a global securities pricing service and New York-based registered investment adviser, for compliance deficiencies relating to its delivery to clients of prices based on quotes it received from a single market participant, also known as single broker quotes.  ICE Data PRD has agreed to pay $8 million to settle the charges. 

Robert Stebbins to Conclude Tenure as SEC General Counsel
2020-309, Dec. 8, 2020 — The Securities and Exchange Commission today announced that Robert B. Stebbins will conclude his tenure as General Counsel in early January, after serving over three and a half years as the agency's chief legal officer.

SEC Orders BlueCrest to Pay $170 Million to Harmed Fund Investors
2020-308, Dec. 8, 2020 — The Securities and Exchange Commission today announced that UK-based investment adviser BlueCrest Capital Management Limited has agreed to pay $170 million to settle charges arising from inadequate disclosures, material misstatements, and misleading omissions concerning its transfer of top traders from its flagship client fund, BlueCrest Capital International (BCI), to a proprietary fund, BSMA Limited, and replacement of those traders with an underperforming algorithm.  The SEC will distribute the $170 million to harmed investors.

SEC Issues Multiple Whistleblower Awards Totaling Nearly $3 Million
2020-307, Dec. 7, 2020 — The Securities and Exchange Commission today announced whistleblower awards to five individuals for information provided in three different enforcement actions for combined payments of nearly $3 million.

TIGTA

December 10, 2020
Improvements Have Been Made, but Controls Need to Be Strengthened to Detect Improper Self-Employed Retirement Deductions

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