Regulatory Roundup - June 4-10

By:
Chris Gaetano
Published Date:
Jun 10, 2019

AICPA 

Press Release
AICPA to Oversee New Internet Domain for CPAs
The AICPA is in the process of being awarded the .cpa domain, which will provide a defined global domain for CPAs to connect with their clients with increased trust, security, and verification.
June 10, 2019

Press Release
AICPA Recognizes Seven Young CPAs with Personal Financial Planning ‘Standing Ovation’ Honors
The AICPA honored seven CPAs under the age of 40 with the Personal Financial Planning Standing Ovation for their contributions to personal financial planning.
June 9, 2019

Press Release
AICPA Urges U.S. Senate to Confirm Bilateral Income Tax Treaties and Protocols
The AICPA urged the U.S. Senate to approve the eight bilateral income tax treaties and protocols pending before it, noting that it has not approved any income tax treaty or protocol since 2010.
June 6, 2019

Press Release
Business Executives See a Downshift in Key Performance Indicators Over the Next Year, AICPA Survey Finds
The second-quarter AICPA Economic Outlook Survey shows a gloomier view of key performance indicators over the coming year.
June 6, 2019

Press Release
AICPA Advanced Personal Financial Planning Conference Provides Essential Tools for Navigating Tax Reform
The 2019 PFP Conference showcases TCJA best practices and strategies. The 32nd annual conference will take place at the MGM Grand Las Vegas from June 9-13, 2019.
June 5, 2019

Press Release
AICPA’s Auditing Standards Board Proposes Amendments to the Description of Materiality
The AICPA Auditing Standards Board has issued an exposure draft of a proposed Statement on Auditing Standards, and a proposed Statement on Standards for Attestation engagements.
June 5, 2019

CBO

Report
Monthly Budget Review for May 2019
June 7, 2019
The federal budget deficit was $738 billion for the first eight months of fiscal year 2019, the CBO estimates, $206 billion more than the deficit recorded during the same period last year. Revenues were $49 billion higher and outlays were $255 billion higher than during first eight months of 2018.

Cost Estimate
S. 1228, PIRATE Act
June 7, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 15, 2019

Cost Estimate
H.R. 1648, Small Business Advanced Cybersecurity Enhancements Act of 2019
June 7, 2019
As ordered reported by the House Committee on Small Business on May 1, 2019

Cost Estimate
H.R. 2539, Strengthening Local Transportation Security Capabilities Act of 2019
June 7, 2019
As reported by the House Committee on Homeland Security on May 30, 2019

Cost Estimate
H.R. 2615, United States-Northern Triangle Enhanced Engagement Act
June 7, 2019
As ordered reported by the House Committee on Foreign Affairs on May 22, 2019

Cost Estimate
H.R. 31, Caesar Syria Civilian Protection Act of 2019
June 6, 2019
As reported by the Senate Committee on Foreign Relations on June 3, 2019

Cost Estimate
H.R. 1988, Protecting Affordable Mortgages for Veterans Act of 2019
June 5, 2019
As ordered reported by the House Committee on Veterans’ Affairs on May 8, 2019

Cost Estimate
S. 249, a bill to direct the Secretary of State to develop a strategy to regain observer status for Taiwan in the World Health Organization, and for other purposes
June 5, 2019
As reported by the Senate Committee on Foreign Relations on June 3, 2019

Cost Estimate
S. 1328, DETER Act
June 5, 2019
As passed by the Senate on June 3, 2019

Cost Estimate
S. 178, Uyghur Human Rights Policy Act of 2019
June 5, 2019
As reported by the Senate Committee on Foreign Relations on June 3, 2019

Cost Estimate
H.R. 1988, Protecting Affordable Mortgages for Veterans Act of 2019
June 5, 2019
As ordered reported by the House Committee on Financial Services on May 8, 2019

Cost Estimate
Rules Committee Print 116-17, Discretionary Appropriations, Fiscal Year 2020
June 5, 2019
As posted on the House Rules Committee website on June 3, 2019

Report
CBO’s Work in Progress
June 5, 2019
CBO provides information about its work in progress and its plans to provide new quarterly updates about that work.

Cost Estimate
H.R. 2639, Strength in Diversity Act of 2019
June 4, 2019
As ordered reported by the House Committee on Education and Labor on May 16, 2019

Cost Estimate
H.R. 2409, Expanding Access to Capital for Rural Job Creators Act
June 4, 2019
As ordered reported by the House Committee on Financial Services on May 8, 2019

Cost Estimate
H.R. 2142, A bill to amend the Small Business Act to require the Small Business and Agriculture Regulatory Enforcement Ombudsman to create a centralized website for compliance guides, and for other purposes
June 4, 2019
As ordered reported by the House Committee on Small Business on May 1, 2019

Cost Estimate
S. 1275, Federal Agency Customer Experience Act of 2019
June 4, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2019

Blog Post
CBO’s Panel of Economic Advisers, 2019
June 4, 2019
CBO learns from many outside experts, including our Panel of Economic Advisers, about important analytical issues in the advisers’ areas of expertise and to obtain feedback about our economic forecast.

Cost Estimate
S. 580, Presidential Allowance Modernization Act of 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2019

Cost Estimate
S. 1321, Defending the Integrity of Voting Systems Act
As reported by the Senate Committee on the Judiciary on May 22, 2019

FASB

Now Available: FASB Staff Q&A on Implementing the New Not-for-Profit Grants and Contracts Standard (ASU 2018-08)  [06/06/19]
FASB Staff Q&A

Remarks of FASB Chairman Russell G. Golden at the 38th Annual SEC and Financial Reporting Institute Conference, University of Southern California Leventhal School of Accounting, Los Angeles, CA  [06/06/19]
Speech

GAO

Elder Justice:
Goals and Outcome Measures Would Provide DOJ with Clear Direction and a Means to Assess Its Efforts
GAO-19-365: Published: Jun 7, 2019. Publicly Released: Jun 7, 2019.

Insurance Markets:
Benefits and Challenges Presented by Innovative Uses of Technology
GAO-19-423: Published: Jun 7, 2019. Publicly Released: Jun 7, 2019.

Child Care and Early Education:
Most States Offer Preschool Programs and Rely on Multiple Funding Sources
GAO-19-375: Published: May 8, 2019. Publicly Released: Jun 7, 2019.

Immigration Enforcement:
Actions Needed to Better Handle, Identify, and Track Cases Involving Veterans
GAO-19-416: Published: Jun 6, 2019. Publicly Released: Jun 6, 2019.

Missile Defense:
Delivery Delays Provide Opportunity for Increased Testing to Better Understand Capability
GAO-19-387: Published: Jun 6, 2019. Publicly Released: Jun 6, 2019.

Critical Infrastructure Protection:
Key Pipeline Security Documents Need to Reflect Current Operating Environment
GAO-19-426: Published: Jun 5, 2019. Publicly Released: Jun 5, 2019.

DOD Acquisition Reform:
Leadership Attention Needed to Effectively Implement Changes to Acquisition Oversight
GAO-19-439: Published: Jun 5, 2019. Publicly Released: Jun 5, 2019.

Disaster Assistance:
FEMA Action Needed to Better Support Individuals Who Are Older or Have Disabilities
GAO-19-318: Published: May 14, 2019. Publicly Released: Jun 5, 2019.

Aviation Security:
TSA Has Policies That Prohibit Unlawful Profiling But Should Improve Its Oversight of Behavior Detection Activities
GAO-19-490T: Published: Jun 4, 2019. Publicly Released: Jun 4, 2019.

Face Recognition Technology:
DOJ and FBI Have Taken Some Actions in Response to GAO Recommendations to Ensure Privacy and Accuracy, But Additional Work Remains
GAO-19-579T: Published: Jun 4, 2019. Publicly Released: Jun 4, 2019.

State and USAID:
Status of GAO Recommendations Made in 2017
GAO-19-524R: Published: Jun 4, 2019. Publicly Released: Jun 4, 2019.

West Bank and Gaza:
State Has Taken Actions to Address Potentially Problematic Textbook Content but Should Improve Its Reporting to Congress
GAO-19-448: Published: Jun 4, 2019. Publicly Released: Jun 4, 2019.

School Meals Programs:
USDA Has Reported Taking Some Steps to Reduce Improper Payments but Should Comprehensively Assess Fraud Risks
GAO-19-389: Published: May 21, 2019. Publicly Released: Jun 4, 2019.

Federal Real Property:
GSA Needs to Strengthen Oversight of Its Delegated Leasing Program
GAO-19-405:Published: Jun. 3, 2019 Publicly Released: Jun. 3, 2019

Renewable Fuel Standard:
Information on Likely Program Effects on Gasoline Prices and Greenhouse Gas Emissions
GAO-19-47: Published: May. 3, 2019 Publicly Released: Jun. 3, 2019

IASB

10 June 2019
Join the IFRS Foundation—Research Officer

IRS 

IRS warns of higher penalty for some tax returns filed after June 14
IR-2019-106, June 7, 2019 — The Internal Revenue Service urges taxpayers who owe tax and have not filed their 2018 return to act before Friday, June 14, before a larger penalty kicks in.

IRS reminder: June 17 is next deadline for those who pay estimated taxes
IR-2019-105, June 6, 2019 – The Internal Revenue Service today reminded taxpayers who pay estimated taxes that Monday, June 17, is the deadline for the second estimated tax payment for 2019.

IRS reminder: Tax scams continue year-round
IR-2019-104, June 5, 2019 – Although the April filing deadline has passed, scam artists remain hard at work, and the IRS today urged taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams.

Interest rates decrease for the third quarter of 2019
IR-2019-103, June 5, 2019 —The IRS today announced that interest rates will decrease for the calendar quarter beginning July 1, 2019.

For taxpayers living, working outside the U.S., file a return by June 17
IR-2019-102, June 5, 2019 — The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2018 federal income tax return by Monday, June 17.

IRS takes additional steps to protect taxpayer data; plans to end faxing and third-party mailings of certain tax transcripts
IR-2019-101, June 4, 2019 — As part of its ongoing efforts to protect taxpayers from identity thieves, the IRS today announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July.

IRS Tax Forum ‘early bird’ registration ends June 15; enroll early, save
IR-2019-100, June 3, 2019 — The IRS is reminding tax professionals that reduced cost “early bird” registration for all five 2019 IRS Nationwide Tax Forums ends June 15 at 5 p.m. Eastern time.

​IRS now billing those who filed for 2018 but didn’t pay; many payment options available
IR-2019-99, June 3, 2019 ― The Internal Revenue Service today advised those now receiving tax bills because they filed on time but didn’t pay in full that there are many easy options for paying what they owe.

NYC Dept. of Finance 

June 5, 2019
Operation Meltdown: De Blasio Administration Seizing 46 Ice Cream Trucks Involved in Shell Company Scam to Dodge $4.5 Million in Traffic Violations

NYS Dept. of Taxation and Finance 

500 Cartons of Untaxed Cigarettes Seized After Traffic Stop in Erie County
Wednesday, June 05, 2019​

SEC

SEC Adds Fraud Charges Against Purported Cryptocurrency Company Longfin, CEO, and Consultant
Washington D.C., June 5, 2019 —The Securities and Exchange Commission today filed a new fraud action against Longfin Corp. and its CEO for falsifying the company’s revenue and, together with a former Longfin consultant, for fraudulently securing the company’s listing on Nasdaq. The SEC’s prior charges against these defendants and two others resulted in a preliminary injunction freezing more than $27 million in allegedly illegal trading proceeds from unregistered distributions of Longfin stock.

SEC Adopts Rules and Interpretations to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships With Financial Professionals
Washington D.C., June 5, 2019 —The Securities and Exchange Commission today voted to adopt a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while preserving access (in terms of choice and cost) to a variety of investment services and products.  Specifically, these actions include new Regulation Best Interest, the new Form CRS Relationship Summary, and two separate interpretations under the Investment Advisers Act of 1940.

SEC Charges Issuer With Conducting $100 Million Unregistered ICO
Washington D.C., June 4, 2019 —The Securities and Exchange Commission today sued Kik Interactive Inc. for conducting an illegal $100 million securities offering of digital tokens.  The SEC charges that Kik sold the tokens to U.S. investors without registering their offer and sale as required by the U.S. securities laws.

Hedge Fund Adviser to Pay $5 Million for Compliance Failures Related to Valuation of Fund Assets
Washington D.C., June 4, 2019 —The Securities and Exchange Commission today announced that a private fund manager in the mortgage-backed securities space has agreed to pay a $5 million penalty to settle charges stemming from compliance deficiencies that contributed to the firm’s failure to ensure that certain securities in its flagship fund were valued properly.

SEC Announces Enforcement and Investor Education Initiatives to Protect Teachers and Military Service Members
Washington D.C., June 3, 2019 —The Securities and Exchange Commission today announced two new initiatives that will build on its ongoing efforts to protect retail investors. The Teachers’ Initiative and the Military Service Members’ Initiative will build on the Commission’s past efforts and focus additional enforcement and investor education resources on behalf of teachers, veterans, and active duty military personnel stationed domestically and abroad.

SEC Seeks Emergency Relief to Halt Ponzi Scheme Run From College Fraternity House
Washington D.C., June 3, 2019 —The Securities and Exchange Commission today announced an emergency action charging a recent college graduate with orchestrating a Ponzi scheme that targeted college students and young investors. The SEC is seeking an asset freeze and other emergency relief.

Ahmed Abonamah Named Deputy Director of the Office of Municipal Securities
Washington D.C., June 3, 2019 —The Securities and Exchange Commission today announced that Ahmed Abonamah has been named Deputy Director of the agency’s Office of Municipal Securities (OMS).

SEC Announces Kevin Zerrusen as Senior Advisor to the Chairman for Cybersecurity Policy
Washington D.C., June 3, 2019 —The Securities and Exchange Commission today announced that Kevin A. Zerrusen will serve as Chairman Jay Clayton's Senior Advisor for Cybersecurity Policy. In this role, Mr. Zerrusen will coordinate efforts across the agency to address cybersecurity policy, engage with external stakeholders, and help enhance the SEC’s mechanisms for assessing cyber-related risks.

SEC Awards $3 Million to Joint Whistleblowers
Washington D.C., June 3, 2019 —The Securities and Exchange Commission today announced an award of $3 million to whistleblowers whose tip launched the SEC's investigation and subsequent successful enforcement action involving an alleged securities law violation that impacted retail investors. The whistleblowers submitted their tip jointly to the Commission and will share the award.  In this case, the whistleblowers also undertook significant and timely steps to have their employer remediate the harm caused by the alleged violations.

TIGTA

Tax Cuts and Jobs Act: Assessment of Implementation Planning Efforts for the Excise Tax on Excess Compensation Paid by Tax-Exempt Organizations [PDF]
Highlights

Click here to see more of the latest news from the NYSSCPA.