Regulatory Roundup - Jan. 5-11

By:
Chris Gaetano
Published Date:
Jan 11, 2021

AICPA

News

A Statement from AICPA President and CEO, Barry Melancon, CPA, CGMA on the Events at the U.S. Capitol

We are heartened that through last night’s chaos and criminal behaviors, the nation’s important Constitutional process continued and did not sway.

January 7, 2021

Press Release

Association of International Certified Professional Accountants Promotes Sue Coffey, CPA, CGMA to Chief Executive Officer of Public Accounting

In her new role, Coffey will lead key strategic initiatives that will transform the public accounting profession and the way it supports clients and businesses.

January 7, 2021

 

CBO

Report

Monthly Budget Review: December 2020

January 11, 2021

Report

Answers to Questions for the Record Following a Hearing on CBO’s Budget Projections Conducted by the Subcommittee on Fiscal Responsibility and Economic Growth of the Senate Committee on Finance

January 7, 2021

Report

CBO’s Recent Publications and Work in Progress as of January 1, 2021

January 7, 2021

Presentation

The 2021 Outlook for Navy Shipbuilding: Prospects and Challenges in Building a Larger Fleet

January 6, 2021

 

FASB

Financial Accounting Standards Advisory Council  [01/07/21]
December 15, 2020 Meeting Recap

FASB Clarifies Scope of Recent Reference Rate Reform Guidance  [01/07/21]
Media Advisory
ASU 2021-01

Private Company Council  [01/05/21]
PCC Meeting Minutes - December 3, 2020

GAO

K-12 Education:

Observations on States' School Improvement Efforts

GAO-21-199: Published: Jan 11, 2021. Publicly Released: Jan 11, 2021.

Fair Labor Standards Act:

Tracking Additional Complaint Data Could Improve DOL's Enforcement

GAO-21-13: Published: Dec 9, 2020. Publicly Released: Jan 8, 2021.

Aircraft Noise:

Better Information Sharing Could Improve Responses to Washington, D.C. Area Helicopter Noise Concerns

GAO-21-200: Published: Jan 7, 2021. Publicly Released: Jan 7, 2021.

Hanford Cleanup:

DOE's Efforts to Close Tank Farms Would Benefit from Clearer Legal Authorities and Communication

GAO-21-73: Published: Jan 7, 2021. Publicly Released: Jan 7, 2021.

Medicare Severe Wound Care:
Spending Declines May Reflect Site of Care Changes; Limited Information Is Available on Quality
GAO-21-92: Published: Jan. 4, 2021 Publicly Released: Jan. 4, 2021

IASB

08 January 2021

December 2020 IFRS Interpretations Committee podcast now available

IRS

IRS sends Taxpayer First Act Report to Congress

IR-2021-07, January 11, 2021 — The IRS today sent the Taxpayer First Act Report to Congress, a comprehensive set of recommendations that will reimagine the taxpayer experience, enhance employee training and restructure the organization to increase collaboration and innovation.

Treasury issues millions of second Economic Impact Payments by debit card

IR-2021-06, January 7, 2021 —  Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card.

Treasury, IRS provide final regulations to help businesses claim credits for carbon capture 

IR-2021-05, January 6, 2020 — Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.

Eligible Paycheck Protection Program expenses now deductible

IR-2021-04, January 6, 2021 — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

IRS releases 2020 Progress Update; annual report details unprecedented year

IR-2021-03, January 5, 2021 — The Internal Revenue Service today released its 2020 annual report describing the agency’s work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year.

IRS revises Form 1024-A, application for Section 501(c)(4) tax-exempt status as part of ongoing efforts to improve service

IR-2021-02, January 5, 2021 — As part of ongoing efforts to improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4), and its instructions to allow electronic filing.

Economic Impact Payments on their way, visit IRS.gov instead of calling

IR-2021-01, January 4, 2021— The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers.

NYS

Consumer Alert: The Division of Consumer Protection Urges New Yorkers to be Aware of Covid-19 Scams Tied to Federal Economic Impact Payments
January 6, 2021

SEC

SEC Charges Deutsche Bank With FCPA Violations Related to Third-Party Intermediaries

2021-3 Jan. 8, 2021 — The Securities and Exchange Commission today announced charges against Deutsche Bank AG for violations of the Foreign Corrupt Practices Act (FCPA).  As part of coordinated resolutions with the SEC and the Department of Justice, Deutsche Bank has agreed to pay more than $120 million, which includes more than $43 million to settle the SEC’s charges.

SEC Issues Over $1.1 Million to Multiple Whistleblowers

2021-2, Jan. 7, 2021 — The Securities and Exchange Commission today announced awards totaling more than $1.1 million to five whistleblowers who provided high-quality information that led to successful enforcement actions.

Paul G. Cellupica, Division of Investment Management Deputy Director and Chief Counsel to Conclude Tenure at SEC
2021-1 Jan. 7, 2021 —The Securities and Exchange Commission today announced that Paul G. Cellupica, Deputy Director and Chief Counsel of the Division of Investment Management, will depart the agency later this month.

 

 

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