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Regulatory Roundup - July 9-18

By:
Ruth Singleton
Published Date:
Jul 18, 2022

AICPA 

AICPA, NC State release U.S. ERM report Despite perceived high volumes and complexities of risks, most organizations describe their risk management processes as immature 
Jul 12, 2022

CBO 

Cost Estimate 
CBO Estimate of Discretionary Spending Under H.R. 8294, the Transportation, Housing and Urban Development, Agriculture, Rural Development, Energy and Water Development, Financial Services and General Government, Interior, Environment, Military Construct 
July 15, 2022
As posted on the House Committee on Rules Website

Suspension Bill 
Legislation considered under suspension of the Rules of the House of Representatives during the week of July 18, 2022 
July 15, 2022
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

Cost Estimate 
S. 2428, False Claims Amendments Act of 2021 
July 15, 2022
As reported by the Senate Committee on the Judiciary on November 16, 2021

Cost Estimate 
S. 3502, Achieving Equity in Disaster Response, Recovery, and Resilience Act of 2022 
July 15, 2022
As ordered reported by the Senate Committee on Homeland Security and on February 2, 2022

Cost Estimate 
Estimated Budgetary Effects of the Improving Needed Safeguards for Users of Lifesaving Insulin Now Act 
July 14, 2022
As Posted on the Website of Senator Shaheen on July 11, 2022 (version TAM22C90)

Cost Estimate 
H.R. 5118, Continental Divide Trail Completion Act 
July 14, 2022
As ordered reported by the House Committee on Natural Resources on January 19, 2022

Cost Estimate 
S. 177, Cerro de la Olla Wilderness Establishment Act 
July 14, 2022
As ordered reported by the Senate Committee on Energy and Natural Resources on May 3, 2022

Cost Estimate 
S. 3375, Omnibus Travel and Tourism Act of 2021 
July 14, 2022
As reported by the Senate Committee on Commerce, Science, and Transportation on December 17, 2021

Cost Estimate 
S. 3635, Public Safety Officer Support Act of 2022 
July 14, 2022
As reported by the Senate Committee on the Judiciary on June 14, 2022

Cost Estimate 
S. 3655, Civil Rights Cold Case Investigations Support Act of 2022 
July 14, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 30, 2022

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 521, the First Responder Fair RETIRE Act 
July 12, 2022
As ordered Reported by the House Committee on Oversight and Reform on May 11, 2022

Report 
CBO’s Recent Publications and Work in Progress as of June 30, 2022 
July 11, 2022
In this report, the latest in a quarterly series, CBO highlights its recent work and summarizes its work in progress.

Report 
Monthly Budget Review: June 2022 
July 11, 2022
The federal budget deficit was $514 billion in the first nine months of fiscal year 2022, CBO estimates. That amount is less than one-quarter of the $2.2 trillion shortfall recorded during the same period in 2021.

Cost Estimate 
S. 2264, Native American Housing Assistance and Self-Determination Reauthorization Act of 2021 
July 11, 2022
As ordered reported by the Senate Committee on Indian Affairs on February 16, 2022

Cost Estimate 
S. 2524, a bill to amend the Alaska Native Claims Settlement Act to exclude certain payments to aged, blind, or disabled Alaska Natives or descendants of Alaska Natives from being used to determine eligibility or certain programs, and for other purposes 
July 11, 2022
As reported by the Senate Committee on Energy and Natural Resources on February 10, 2022

FASB 

FASB Proposes to Improve Certain Transition Requirements in Long-Duration Insurance Guidance
July 15, 2022

GAO 

K-12 Education 
Student Population Has Significantly Diversified, but Many Schools Remain Divided Along Racial, Ethnic, and Economic Lines 
GAO-22-104737 
Published: Jun 16, 2022. 
Publicly Released: Jul 14, 2022. 
What GAO Found As the K-12 public school student population grows significantly more diverse, schools remain divided along racial, ethnic, and economic lines throughout the U.S. These divisions span school types, regions, and community types (urban, suburban, and rural). 

Management Report 
IRS Should Test Videoconference Visits with Paid Preparers 
GAO-22-105978 
Published: Jul 14, 2022. 
Publicly Released: Jul 14, 2022. 
What GAO Found IRS faces challenges in conducting visits with paid preparers due to COVID-19 in-person restrictions and limited staff availability. This limits IRS’s ability to improve compliance and reduce improper payments. 

Priority Open Recommendations 
Department of Labor 
GAO-22-105621 
Published: Jul 07, 2022. 
Publicly Released: Jul 14, 2022. 
What GAO Found In June 2021, GAO identified nine priority recommendations for the Department of Labor (DOL). 

Restaurant Revitalization Fund 
Opportunities Exist to Improve Oversight 
GAO-22-105442 
Published: Jul 14, 2022. 
Publicly Released: Jul 14, 2022. 
What GAO Found The Restaurant Revitalization Fund was established in March 2021 to support eligible entities suffering revenue losses from the COVID-19 pandemic. The Small Business Administration (SBA) began accepting applications and awarding funds in May 2021. 

Nuclear Waste Cleanup 
Enhanced Coordination, Prioritization, and Leadership Commitment Could Improve DOE Research and Development Efforts 
GAO-22-106138 
Published: Jul 13, 2022. 
Publicly Released: Jul 13, 2022. 
What GAO Found The Department of Energy's (DOE) Office of Environmental Management (EM) coordinates research and development (R&D) related to nuclear waste cleanup across the EM complex—EM headquarters, its 15 sites, and the 11 DOE national laboratories that conduct R&D related to nuclear cleanup.... 

Air Quality Information 
Need Remains for Plan to Modernize Air Monitoring 
GAO-22-106136 
Published: Jul 13, 2022. 
Publicly Released: Jul 13, 2022. 
What GAO Found The national ambient air quality monitoring system provides standardized information essential for implementing the Clean Air Act and protecting public health. 

Federal Spending Transparency 
OIGs Identified a Variety of Issues with the Quality of Agencies' Data Submissions 
GAO-22-105427 
Published: Jul 12, 2022. 
Publicly Released: Jul 12, 2022. 
What GAO Found Offices of Inspector General (OIG) reported a variety of issues with the quality of agencies' data submissions under the Digital Accountability and Transparency Act of 2014 (DATA Act). 

State Partnership Program 
DOD Should Ensure Partner States Record Completed Activities and Clarify Appropriate Authorities 
GAO-22-104672 
Published: Jul 12, 2022. 
Publicly Released: Jul 12, 2022. 
What GAO Found The Department of Defense (DOD) State Partnership Program (SPP) funds the 54 state, territorial, and district National Guards (partner states) to conduct activities with international partners (partner nations). See figure. 

State Department 
Additional Actions Needed to Address IT Workforce Challenges 
GAO-22-105932 
Published: Jul 12, 2022. 
Publicly Released: Jul 12, 2022. 
What GAO Found Implementing leading workforce practices is essential to successfully recruiting and retaining IT staff. Of 15 recruitment and retention practices GAO evaluated, the Department of State (State) has fully implemented one, partially implemented 11, and not implemented three. 

2020 Elections 
State and Local Perspectives on Election Administration during the COVID-19 Pandemic 
GAO-22-104731 
Published: Jul 11, 2022. 
Publicly Released: Jul 11, 2022. 
What GAO Found GAO surveyed state election offices and local election jurisdictions about steps they took to prepare for and conduct the 2020 elections during the pandemic. 

Contact Tracing for Air Travel 
CDC's Data System Needs Substantial Improvement 

GAO-22-105018 
Published: Jul 11, 2022. 
Publicly Released: Jul 11, 2022. 
What GAO Found The Centers for Disease Control and Prevention (CDC) plays a key role in contact tracing for air travel—the process of identifying and notifying passengers who may have come into contact with a person infected with a communicable disease during a flight.

IASB

May 2022 Report of the Emerging Economies Group now available
Meeting
18 Jul 2022

Join the Staff—Project Team Coordinator 
Careers
15 Jul 2022    

Q2 2022 IFRS Interpretations Committee podcast now available 
 Podcast 
15 Jul 2022  

New appointment and four reappointments to the IFRS Interpretations Committee 
Appointment
15 Jul 2022 

IFRS Foundation Trustees appoint Tae-Young Paik and Elizabeth Seeger to the ISSB 
Appointment 
14 Jul 2022 

IRS 

IRS revises frequently asked questions about the 2021 Child Tax Credit and Advance Child Tax Credit 
IR-2022-139, July 14, 2022 — The IRS today issued a revised set of frequently asked questions for the 2021 Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-32, July 14, 2022. 

Free IRS/FTC webinar to focus on scams, ID theft and IP PINs 
IR-2022-138, July 14, 2022 — The Internal Revenue Service and the Federal Trade Commission will sponsor a free webinar designed to help everyone recognize and combat tax scams and tax-related identity theft.

Extension filers: IRS.gov is the source for summertime tax help; agency encourages people to file soon 
IR-2022-137, July 13, 2022 — With millions of people still waiting to file their tax returns, the IRS reminds them to file as soon as possible and take advantage of special tools available on IRS.gov that can help them file. 

Special virtual sessions coming up for those interested in compliance positions; IRS hiring 470 revenue agents 
IR-2022-136, July 12, 2022 — The Internal Revenue Service, one of the largest single employers of professional accountants, is now hiring 470 revenue agents who will specialize in auditing or examining both individual and business taxpayers nationwide. 

IRS Security Summit renews warnings for tax pros to guard against identity theft amid continued threats 
IR-2022-135, July 12, 2022 — As the battle continues against tax-related identity theft, the IRS, state tax agencies and the tax industry renewed their call for tax professionals to be on guard against new and ongoing threats involving their systems and taxpayer data. 

IRS Nationwide Tax Forum kicks off July 19 
IR-2022-134, July 11, 2022 — This Thursday, July 14, is the last day for tax professionals to register to attend the 2022 IRS Nationwide Tax Forum and have access to all 32 webinars — including a keynote address by IRS Commissioner Chuck Rettig, updates on tax law, cybersecurity, practitioner ethics and more. 

NYS 

DFS Superintendent Adrienne A. Harris Calls on Federal Loan Servicers to Increase Awareness and Enrollment in Public Service Loan Forgiveness Program Before Temporary Program Rules Change 
2022-07-13  

Superintendent Adrienne A. Harris Announces New Guidance Prohibiting Unfair and Deceptive Overdraft and Non-Sufficient Funds Fees 
2022-07-11  

PCAOB 

250 Students Named PCAOB Scholars for the 2022-2023 Academic Year 
Jul. 14, 2022 

SEC 

SEC Adopts Amendments to Proxy Rules Governing Proxy Voting Advice  
2022-120, July 13, 2022 — The Securities and Exchange Commission today voted to adopt amendments to its rules governing proxy voting advice as proposed in November 2021. The final amendments aim to avoid burdens on proxy voting advice businesses that may impair the timeliness and independence of their advice. The amendments also address misperceptions about liability standards applicable to proxy voting advice while also preserving investors’ confidence in the integrity of such advice.

TIGTA 

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