Regulatory Roundup - June 23-29

By:
Chris Gaetano
Published Date:
Jun 29, 2020

AICPA

Press Release

AICPA and CPA.com Launch OnPoint EBP on CaseWare Cloud Platform
The AICPA, CPA.com and CaseWare today launched OnPoint EBP, a cloud-based solution that facilitates the efficient and effective performance of "limited scope" employee benefit plan audits.
June 25, 2020

Press Release
COVID-19 Highlights Advances in Online Learning Opportunities

The transition to online conferences and events presents a great opportunity for CPAs to collect CPE credits and expand lifelong learning opportunities.
June 25, 2020

Press Release
Majority of Clients had Effective Plans to Navigate Economic Uncertainty Caused by COVID-19: Survey of CPA Financial Planners
A new AICPA PFP Trends survey found that throughout the COVID-19 pandemic, CPA financial planners spoke with their clients early and often-- serving as a calming influence.
June 24, 2020

Press Release
AICPA Requests Additional Guidance and Relief for Limitations on Excess Business Losses of Noncorporate Taxpayers
In a letter submitted to Treasury and the IRS, the AICPA requested additional guidance and relief regarding Internal Revenue Code section 461(l) as enacted under the CARES Act.
June 23, 2020

CBO

Blog Post
CBO to Release Updated Economic Projections on July 2
June 26, 2020
The report will provide CBO’s first complete set of 10-year economic projections since January. It will update the interim projections that the agency published in May, which focused on 2020 and 2021.

Working Paper
Federal Reinsurance for Terrorism Risk and Its Effects on the Budget: Working Paper 2020-04

June 26, 2020
This paper describes CBO’s methods for estimating the costs of the federal terrorism risk insurance program. It also discusses how estimates of the program’s budgetary effects would differ if they were produced using accrual-based measures rather than cash-based measures.

Cost Estimate
H.R. 7301, Emergency Housing Protections and Relief Act of 2020
June 26, 2020
As Introduced in the House of Representatives on June 24, 2020

Cost Estimate
Rules Committee Print 116-56, Patient Protection and Affordable Care Enhancement Act, as Amended by Amendment Number 6 (Pallone, Neal, Scott)
June 26, 2020
As posted on the House Rules Committee website on June 25, 2020

Cost Estimate
H.R. 2748, SAFE Act
June 25, 2020
As ordered reported by the House Committee on Natural Resources on January 29, 2020

Cost Estimate
H.R. 3723, Desalination Development Act
June 25, 2020
As ordered reported by the House Committee on Natural Resources on March 11, 2020

Cost Estimate
H.R. 5126, DESCEND Act of 2020
June 25, 2020
As ordered reported by the House Committee on Natural Resources on March 11, 2020

Cost Estimate
H.R. 5139, Stop Sexual Assault and Harassment in Transportation Act
June 25, 2020
As ordered reported by the House Committee on Transportation and Infrastructure on November 20, 2019

Cost Estimate
H.R. 5804, DHS Blue Campaign Enhancement Act
June 25, 2020
As ordered reported by the House Committee on Homeland Security on February 12, 2020

Cost Estimate
S. 3717, Spectrum IT Modernization Act of 2020
June 25, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 20, 2020

Cost Estimate
H.R. 5736, Transnational White Supremacist Extremism Review Act
June 24, 2020
As ordered reported by the House Committee on Homeland Security on February 12, 2020

Cost Estimate
H.R. 7120, George Floyd Justice in Policing Act of 2020
June 24, 2020
As reported by the House Committee on the Judiciary on June 19, 2020

Cost Estimate
Rules Committee Print 116-56, Patient Protection and Affordable Care Enhancement
Act

June 24, 2020
As posted on the House Rules Committee website on June 22, 2020

Cost Estimate
S. 2418, Conservation of America’s Shoreline Terrain and Aquatic Life Act

June 24, 2020
As reported by the Senate Committee on Energy and Natural Resources on February 25, 2020

Cost Estimate
S. 4049, National Defense Authorization Act for Fiscal Year 2021
June 24, 2020Letter to the Honorable James M. Inhofe

Cost Estimate
H.R. 4230, CIT Act of 2019
June 23, 2020
As ordered reported by the House Committee on Science, Space, and Technology on February 12, 2020

Cost Estimate
H.R. 5912, Expedited Delivery of Airport Infrastructure Act of 2020
June 23, 2020
As ordered reported by the House Committee on Transportation and Infrastructure on February 26, 2020

Cost Estimate
S. 2904, Identifying Outputs of Generative Adversarial Networks Act
June 23, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 20, 2020

Cost Estimate
H.R. 2986, BEST Act
As ordered reported by the House Committee on Science, Space, and Technology on February 12, 2020

Cost Estimate
H.R. 3068, Offshore Wind Jobs and Opportunity Act
As ordered reported by the House Committee on Natural Resources on January 15, 2020

Cost Estimate
H.R. 3675, Trusted Traveler Reconsideration and Restoration Act of 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

Cost Estimate
H.R. 5316, Move Water Now Act
As ordered reported by the House Committee on Natural Resources on February 12, 2020

Cost Estimate
H.R. 5374, Advanced Geothermal Research and Development Act of 2019
As ordered reported by the House Committee on Science, Space, and Technology on February 12, 2020

Cost Estimate
H.R. 5822, Homeland Security Acquisition Professional Career Program Act
As ordered reported by the House Committee on Homeland Security on February 12, 2020

FAF

Financial Accounting Foundation Appoints Dianne Ray to Governmental Accounting Standards Board  [06/23/20]
Media Advisory

GAO

COVID-19:
Opportunities to Improve Federal Response and Recovery Efforts
GAO-20-659T:Published: Jun 26, 2020. Publicly Released: Jun 26, 2020.

Rental Housing:
As More Households Rent, the Poorest Face Affordability and Housing Quality Challenges
GAO-20-427:Published: May 27, 2020. Publicly Released: Jun 26, 2020

Broadband:
Observations on Past and Ongoing Efforts to Expand Access and Improve Mapping Data
GAO-20-535:Published: Jun 25, 2020. Publicly Released: Jun 25, 2020.

Covid-19:
Opportunities to Improve Federal Response and Recovery Efforts
GAO-20-625:Published: Jun 25, 2020. Publicly Released: Jun 25, 2020.

Federal Workforce:
Key Considerations for Agencies Returning Employees to Workplaces during Pandemics
GAO-20-650T:Published: Jun 25, 2020. Publicly Released: Jun 25, 2020.

National Flood Insurance Program:
Fiscal Exposure Persists Despite Property Acquisitions
GAO-20-508:Published: Jun 25, 2020. Publicly Released: Jun 25, 2020.

Unmanned Aerial Systems:
Air Force Should Take Additional Steps to Improve Aircrew Staffing and Support
GAO-20-320:Published: Jun 25, 2020. Publicly Released: Jun 25, 2020.

Independence Day Celebrations:
Estimated Costs for Fourth of July Events on the National Mall for 2016 through 2019
GAO-20-470:Published: Jun 17, 2020. Publicly Released: Jun 25, 2020.

Mining on Federal Lands:
More Than 800 Operations Authorized to Mine and Total Mineral Production Is Unknown
GAO-20-461R:Published: May 28, 2020. Publicly Released: Jun 25, 2020.

Supplemental Material for GAO-20-461R:
Data on Solid Mineral Operations on Federal Lands
GAO-20-520SP:Published: May 28, 2020. Publicly Released: Jun 25, 2020.

National Nuclear Security Administration:
Analyzing Cost Savings Program Could Result in Wider Use and Additional Contractor Efficiencies
GAO-20-451:Published: Jun 24, 2020. Publicly Released: Jun 24, 2020.

Air Travel and Communicable Diseases:
Status of Research Efforts and Action Still Needed to Develop Federal Preparedness Plan
GAO-20-655T:Published: Jun 23, 2020. Publicly Released: Jun 23, 2020.

Military Depots:
The Navy Needs Improved Planning to Address Persistent Aircraft Maintenance Delays While Air Force Maintenance Has Generally Been Timely
GAO-20-390:Published: Jun 23, 2020. Publicly Released: Jun 23, 2020.

USAID:
Mixed Progress in Increasing Diversity, and Actions Needed to Consistently Meet EEO Requirements
GAO-20-477:Published: Jun 23, 2020. Publicly Released: Jun 23, 2020.

Federal Prisons:
Additional Analysis Needed to Determine Whether to Issue Pepper Spray to Minimum Security Prisons
GAO-20-342: Published: Jun. 22, 2020 Publicly Released: Jun. 22, 2020

Small Business Development Centers:
Reevaluation of How SBA Sets Initial Funding Estimate Needed to Help Reduce Burden
GAO-20-457: Published: May. 22, 2020 Publicly Released: Jun. 22, 2020

Workforce Innovation and Opportunity Act:
Additional DOL Actions Needed to Help States and Employers Address Substance Use Disorder
GAO-20-337: Published: May. 21, 2020 Publicly Released: Jun. 22, 2020

GASB

Financial Accounting Foundation Appoints Dianne Ray to Governmental Accounting Standards Board  [06/23/20]
Media Advisory

GASB Issues Guidance on Certain Component Unit Criteria and Section 457 Deferred Compensation Plans [06/23/20]
Media Advisory
Statement No. 97

IASB

29 June 2020
Grants awarded for academic research to inform the IASB's work

29 June 2020
Combinations of businesses under common control—one size does not fit all


26 June 2020
June 2020 IASB Update available and work plan updated


26 June 2020
June 2020 IFRS Interpretations Committee Update available


25 June 2020
IASB issues amendments to IFRS 17 Insurance Contracts to help companies with implementation


23 June 2020
Forthcoming webinar in Spanish on Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment


23 June 2020
Forthcoming webinar in Portuguese on Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment

IRS

IRS: July 15 tax payment deadline approaching; plan on scheduling multiple payments now
IR-2020-131, June 26, 2020 ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020.

IRS offers settlement for syndicated conservation easements; letters being mailed to certain taxpayers with pending litigation
IR-2020-130, June 25, 2020 — The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions.

Electronic Tax Administration Advisory Committee releases annual report to Congress

IR-2020-129, June 24, 2020 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring recommendations that focus on the prevention of identity theft and refund fraud.

IRS finalizes guidance for the section 199A deduction for shareholders of Regulated Investment Companies
IR-2020-128, June 24, 2020 — The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends.

IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
IR-2020-127, June 23, 2020 — The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

IRS extends July 15, other upcoming deadlines for tornado victims in parts of the South; provides other relief
IR-2020-126, June 23, 2020 — Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until October 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

NYS

More Than 93,000 Tax Returns Remain to be Filed in the Capital Region
June 26, 2020​

More Than 57,000 Tax Returns Remain to be Filed in Central New York
June 26, 2020​

More Than 94,000 Tax Returns Remain to be Filed in the Finger Lakes
June 26, 2020​

More Than 252,000 Tax Returns Remain to be Filed in the Hudson Valley
June 26, 2020​

More Than 328,000 Tax Returns Remain to be Filed on Long Island
June 26, 2020​

More Than 32,000 Tax Returns Remain to be Filed in the Mohawk Valley
June 26, 2020​​

More Than 25,000 Tax Returns Remain to be Filed in the North Country
June 26, 2020​​​

More Than 965,000 Tax Returns Remain to be Filed in New York City
June 26, 2020​​​ ​

More Than 45,000 Tax Returns Remain to be Filed in the Southern Tier
June 26, 2020​​​ ​

More Than 103,000 Tax Returns Remain to be Filed in Western New York
June 26, 2020​​​ ​

SEC

Telegram to Return $1.2 Billion to Investors and Pay $18.5 Million Penalty to Settle SEC Charges
2020-146, June 26, 2020 —The Securities and Exchange Commission announced today that it obtained court approval of settlements with Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. to resolve charges that Telegram's unregistered offering of digital tokens called "Grams" violated the federal securities laws. The defendants agreed to return more than $1.2 billion to investors and to pay an $18.5 million civil penalty.

SEC Charges Issuer, CEO, and Lobbyist With Defrauding Investors in AML BitCoin
2020-145., June 25, 2020 —The Securities and Exchange Commission today charged NAC Foundation, its Chief Executive Officer Marcus Andrade, and political lobbyist Jack Abramoff with conducting a fraudulent, unregistered offering of AML BitCoin, a digital asset security the defendants claimed was a new and improved version of bitcoin.

SEC Charges Novartis AG with FCPA Violations
2020-144, June 25, 2020 — The Securities and Exchange Commission today announced that Novartis AG, a global pharmaceutical and healthcare company headquartered in Basel, Switzerland, has agreed to pay over $112 million to settle charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).

Financial Regulators Modify Volcker Rule
2020-143, June 25, 2020 — Five federal regulatory agencies today finalized a rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds.  The final rule is broadly similar to the proposed rule from January.

SG Americas to Pay $3.1 Million to Settle Charges of Providing Deficient Blue Sheet Data
2020-142, June 24, 2020 — The Securities and Exchange Commission today announced settled charges against broker-dealer SG Americas Securities LLC for failing to provide complete and accurate securities trading information known as "blue sheet data."  SG Americas agreed to pay a $1.55 million civil penalty to resolve the SEC's charges and separately agreed to pay $1.55 million to the Financial Industry Regulatory Authority (FINRA) to resolve parallel charges.

SEC Awards $125,000 to Whistleblower
2020-141, June 23, 2020 — The Securities and Exchange Commission today announced an award of about $125,000 to a whistleblower whose information and assistance helped both the SEC and another agency bring successful actions against the perpetrator of a fraudulent securities offering.

Securities and Exchange Commission and Justice Department’s Antitrust Division Sign Historic Memorandum of Understanding
2020-140, June 22, 2020 —The Securities and Exchange Commission and the Department of Justice’s Antitrust Division have signed an interagency Memorandum of Understanding (MOU) to foster cooperation and communication between the agencies with the aim of enhancing competition in the securities industry. Assistant Attorney General Makan Delrahim of the Antitrust Division announced the first-ever MOU between the Antitrust Division and the SEC, which was executed with SEC Chairman Jay Clayton, before a discussion on equity market structure hosted by MIT’s Golub Center for Finance and Policy this afternoon.

PCAOB

Jackie Cottrell Named PCAOB Director of Office of External Affairs
(June 29)

TIGTA

June 25, 2020
Access to Facilities and Sensitive Taxpayer Information Was Not Always Revoked for Separated Employees [PDF]
»Highlights

June 24, 2020
Performance Measures Are Needed to Evaluate the Results of Direct Pay Bond Processing Changes [PDF]
»Highlights

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