Regulatory Roundup - Feb. 12-19

By:
Chris Gaetano
Published Date:
Feb 19, 2019

AICPA 

Press Release
AICPA Urges Relief for Certain Small Businesses from Definition of Tax Shelter
The simplifying provisions for small business under the TCJA will not apply to certain small businesses unless Treasury and IRS act, AICPA said in its letter.
February 14, 2019

Press Release
Going Broke Remains Top Concern in Retirement: Survey of CPA Financial Planners
New AICPA PFP Trends survey results find that running out of money, maintaining lifestyle and rising healthcare expenses top the list retirement planning concerns.
February 14, 2019

Press Release
Kathy King Joins AICPA as Senior Director Public Affairs, Advocacy & Media
In her new role King will work with the advocacy team in the Washington, D.C. office promoting and defending the public and management accounting profession’s global public policy agenda.
February 13, 2019

CBO

Presentation
How CBO Develops the Economic Projections Underlying Its Long-Term Budget Projections
February 15, 2019
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, and Jeffrey Werling, Assistant Director of CBO's Macroeconomic Analysis Division, at the 2019 Social Security Technical Panel.

Cost Estimate
S. 216, Spokane Tribe of Indians of the Spokane Reservation Equitable Compensation Act
February 14, 2019
As ordered reported by the Senate Committee on Indian Affairs on January 29, 2019

Cost Estimate
Conference Agreement for H.J.Res. 31, Consolidated Appropriations Act, 2019
February 14, 2019
As posted on the U.S. House Documents Repository on February 14, 2019

Report
Long-Term Implications of the 2019 Future Years Defense Program
February 13, 2019
CBO estimates that if the Department of Defense implemented the plans described in its 2019 Future Years Defense Program, its base-budget costs (in 2019 dollars) would climb from the $617 billion requested for 2019 to $735 billion in 2033.

Cost Estimate
S. 163, Alaska Remote Generator Reliability and Protection Act
February 12, 2019
As reported by the Senate Committee on Environment and Public Works on February 5, 2019

Cost Estimate
S. 207, a bill to enhance tribal road safety, and for other purposes

FAF

Financial Accounting Foundation Board of Trustees  [02/14/19] 
Meeting Notice

FASB

FASB Issues Proposal and Invitation to Comment on Recognizing and Measuring Deferred Revenue in Business Combinations  [02/14/19]
News Release
Proposed Accounting Standards Update
Invitation to Comment

GAO

Retirement Accounts:
Federal Action Needed to Clarify Tax Treatment of Unclaimed 401(k) Plan Savings Transferred to States
GAO-19-88:Published: Jan 18, 2019. Publicly Released: Feb 19, 2019.

Child Care and Development Fund:
Subsidy Receipt and Plans for New Funds
GAO-19-222R:Published: Feb 15, 2019. Publicly Released: Feb 15, 2019.

Department of Defense:
Process Improvements Needed in Recouping Overpayments to Service Members
GAO-19-61:Published: Feb 15, 2019. Publicly Released: Feb 15, 2019.

Civilian Marksmanship Program:
Information on the Sale of Surplus Army Firearms
GAO-19-287:Published: Feb 14, 2019. Publicly Released: Feb 14, 2019.

Financial Audit:
Federal Deposit Insurance Corporation Funds' 2018 and 2017 Financial Statements
GAO-19-295R:Published: Feb 14, 2019. Publicly Released: Feb 14, 2019.

Nuclear Waste:
DOE Should Take Actions to Improve Oversight of Cleanup Milestones
GAO-19-207:Published: Feb 14, 2019. Publicly Released: Feb 14, 2019.

Internet Privacy:
Additional Federal Authority Could Enhance Consumer Protection and Provide Flexibility
GAO-19-52:Published: Jan 15, 2019. Publicly Released: Feb 13, 2019.

Military Courts:
DOD Should Assess the Tradeoffs Associated With Expanding Public Access to and Information About Terrorism Trials
GAO-19-283:Published: Feb 12, 2019. Publicly Released: Feb 12, 2019.

IASB

14 February 2019
Webcast: IFRS 15 Revenue from Contracts with Customers for investors

13 February 2019
Read the summary of the latest Global Preparers Forum meeting

IRS 

Avoid the rush: Today marks busiest phone day of the year; check IRS.gov for answers to tax questions
IR-2019-18, February 19, 2019 — The Internal Revenue Service alerted taxpayers that today, the day after Presidents Day, marks the busiest period for calls to its toll-free help line.

Avoid the rush: Get a tax transcript online
IR-2019-17, February 15, 2019  — The Internal Revenue Service today reminded taxpayers who need their prior-year tax records to either complete their 2018 tax return or to validate their income can use Get Transcript Online or Get Transcript by Mail.

Avoid the rush: Be prepared to validate identity if contacting the IRS
IR-2019-16, February 14, 2019 — The Internal Revenue Service today reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS.

IRS provides various payment options for taxpayers who owe but can’t pay in full
IR-2019-15, February 13, 2019 ― As the 2019 tax filing season gets into full swing, the IRS reminds taxpayers who owe of the many easy payment options.

IRS provides a safe harbor method of accounting for passenger automobiles that qualify for the 100-percent additional first year depreciation
IR-2019-14, February 13, 2019 –The Treasury Department and the Internal Revenue Service issued guidance today that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles. 

Avoid the rush: Pay taxes owed online or set up a payment plan
IR-2019-13, February 13, 2019 — The Internal Revenue Service today reminded taxpayers who may unexpectedly owe additional tax that there are many online options for payment as well as online options for applying for a payment plan for those who can not pay in full.

Avoid the rush: Fastest way to check tax refund is ‘Where’s My Refund?’ tool at IRS.gov
IR-2019-12, February 12, 2019 — Offering time-saving alternatives to a telephone call, the IRS reminds taxpayers they can get fast answers to their refund questions by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app.

National Taxpayer Advocate delivers annual report to Congress: Addresses impact of shutdown; urges more funding for IT modernization
IR-2019-11, February 12, 2019 — National Taxpayer Advocate Nina E. Olson today released her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with additional multi-year funding to replace its core 1960s-era information technology (IT) systems.

NYS Dept. of Taxation and Finance

Five Ways to Guard Against Identity Theft this Tax Season
February 14, 2019​

SEC

SEC Proposes to Expand “Test-the-Waters” Modernization Reform to All Issuers
Washington D.C., Feb. 19, 2019 —The Securities and Exchange Commission voted to propose an expansion of a popular modernization reform that would permit investor views about potential offerings to be taken into account at an earlier stage in the process than is the case today. The new rule and related amendments would expand the "test-the-waters" accommodation—currently available to emerging growth companies or "EGCs"—to all issuers, including investment company issuers. 

SEC Files Charges in Elaborate Microcap Stock Fraud
Washington D.C., Feb. 15, 2019 —The Securities and Exchange Commission today announced charges against four individuals and related businesses for their roles in two microcap frauds and unlawful securities offerings.  In sum, the alleged illegal transactions resulted in proceeds of more than $25 million.

SEC Charges Cognizant and Two Former Executives With FCPA Violations
Washington D.C., Feb. 15, 2019 —Cognizant Technology Solutions Corporation has agreed to pay $25 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA), and two of the company’s former executives were charged for their roles in facilitating the payment of millions of dollars in a bribe to an Indian government official.

SEC Extends Comment Period for Rulemaking Proposal Regarding Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts
Washington D.C., Feb. 14, 2019 —The Securities and Exchange Commission today announced that it is extending for one month the comment period on the proposed rulemaking to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts that was published in the Federal Register on November 30, 2018 (Release Nos. 33-10569; 34-84508; IC-33286).

SEC Charges Former Senior Attorney at Apple With Insider Trading
Washington D.C., Feb. 13, 2019 —The Securities and Exchange Commission today filed insider trading charges against a former senior attorney at Apple whose duties included executing the company’s insider trading compliance effort

Deloitte Japan Charged With Violating Auditor Independence Rules
Washington D.C., Feb. 13, 2019 —The Securities and Exchange Commission today announced that Deloitte Touche Tohmatsu LLC (Deloitte Japan) will pay $2 million to settle charges that it issued audit reports for an audit client at a time when dozens of its employees maintained bank accounts with the client’s subsidiary.  According to the SEC’s order, the accounts had balances that exceeded depositary insurance limits in violation of the SEC audit independence rules.  Deloitte Japan’s former CEO Futomichi Amano and former reputation and risk leader and director of independence Yuji Itagaki settled related charges.

TIGTA

Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance
Report Date: 02/14/2019
Audit Highlights: HTML
Audit Reports: PDF

Review of Processes to Identify and Assist in Investigations of Tax-Exempt Organizations
Audit Highlights: HTML
Audit Reports: PDF

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