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Regulatory Roundup - June 7-13

By:
Ruth Singleton
Published Date:
Jun 13, 2022

AICPA 

David Lifson Honored with Prestigious AICPA Kess Award 
Jun 08, 2022

IRS Issues Among Top Challenges for CPA Firms, AICPA Survey Finds 
Jun 07, 2022

Twelve CPAs Recognized with Professional Awards at AICPA & CIMA ENGAGE 
 Jun 07, 2022

CBO 

Cost Estimate 
Legislation considered under suspension of the Rules of the House of Representatives during the week of June 13, 2022 
June 13, 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 
H.R. 7158, Long-Term Care Veterans Choice Act 
June 10, 2022
As ordered reported by the House Committee on Veterans’ Affairs on April 6, 2022

Presentation 
The Pell Grant Program 
June 10, 2022
Presentation by Leah Koestner, a principal analyst in CBO’s Budget Analysis Division, to the Postsecondary National Policy Institute.

Cost Estimate 
H.R. 3544, COVS Act 
June 9, 2022
As ordered reported by the House Committee on Oversight and Reform on April 6, 2022

Cost Estimate 
H.R. 5129, Community Services Block Grant Modernization Act of 2022 
June 9, 2022
As passed by the House of Representatives on May 13, 2022

Cost Estimate 
H.R. 6450, SCORE for Small Business Act of 2022 
June 9, 2022
As passed by the House of Representatives on April 26, 2022

Cost Estimate 
H.R. 7777, Industrial Control Systems Cybersecurity Training Act 
June 9, 2022
As ordered reported by the House Committee on Homeland Security on May 19, 2022

Cost Estimate 
S. 2042, Interagency Committee on Women’s Business Enterprise Act of 2022 
June 9, 2022
As reported by the Senate Committee on Small Business and Entrepreneurship on May 3, 2022

Cost Estimate 
S. 2923, Fishery Resource Disasters Improvement Act 
June 9, 2022
As ordered reported by the House Committee on Natural Resources on November 17, 2021

Cost Estimate 
S. 3487, Honoring Civil Servants Killed in the Line of Duty Act 
June 9, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on February 2, 2022

Presentation 
The Budget Outlook for 2022 to 2032 in 8 Slides 
June 9, 2022
This slide deck highlights some key findings about the budget outlook from CBO’s recent report The Budget and Economic Outlook: 2022 to 2032.

Presentation 
The Economic Outlook for 2022 to 2032 in 10 Slides 
June 9, 2022
This slide deck highlights some key findings about the economic outlook from CBO’s recent report The Budget and Economic Outlook: 2022 to 2032.

Report 
Work Requirements and Work Supports for Recipients of Means-Tested Benefits 
June 9, 2022
CBO analyzes the effects of work requirements and work supports on employment and income of participants in Temporary Assistance for Needy Families, the Supplemental Nutrition Assistance Program, and Medicaid.

Cost Estimate 
CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 7776, the Water Resources Development Act of 2022 
June 8, 2022
As Posted on the Website of the House Committee on Rules on June 6, 2022

Cost Estimate 
H.R. 2773, Recovering America’s Wildlife Act of 2022 
June 8, 2022
As Posted on the Website of the House Committee on Rules on June 6, 2022

Report 
How Changes in Economic Conditions Might Affect the Federal Budget: 2022 to 2032 
June 8, 2022
To show how variations in economic conditions might affect its budget projections, CBO analyzed how the budget might change if values of four key economic variables differed from those in the agency’s forecast.

Report 
Monthly Budget Review: May 2022 
June 8, 2022
The federal budget deficit was $423 billion in the first eight months of fiscal year 2022, CBO estimates. That amount is about one-fifth of the $2.1 trillion shortfall recorded during the same period in 2021.

Interactive 
Workbook for How Changes in Economic Conditions Might Affect the Federal Budget: 2022 to 2032 
June 8, 2022
This workbook allows users to define and analyze alternative economic scenarios by specifying differences in the values of four economic variables from those underlying CBO's May 2022 projections.

Cost Estimate 
Estimated Budgetary Effects of H.R. 7910, the Protecting Our Kids Act 
June 7, 2022
As posted on the website of the Clerk of the House on June 6, 2022

Cost Estimate 
H.R. 7535, Quantum Computing Cybersecurity Preparedness Act 
June 7, 2022
As ordered reported by the House Committee on Oversight and Reform on May 11, 2022

Cost Estimate 
H.R. 7683, Artificial Intelligence Training for the Acquisition Workforce Act 
June 7, 2022
As ordered reported by the House Committee on Oversight and Reform on May 11, 2022

Interactive 
How Changes in Revenues and Outlays Would Affect Debt Service, Deficits, and Debt 
June 7, 2022
This interactive workbook allows users to see how revenues and outlays that differed from those in CBO’s May 2022 baseline budget projections would increase or decrease net interest costs and thus affect deficits and debt.

Cost Estimate 
S. 3903, a bill to require the Commissioner of U.S. Customs and Border Protection to establish procedures for conducting maintenance projects at ports of entry at which the Office of Field Operations conducts certain enforcement and facilitation activitese 
June 7, 2022
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 30, 2022

GAO 

Priority Open Recommendations 
Internal Revenue Service 
GAO-22-105632 
Published: Jun 06, 2022. 
Publicly Released: Jun 13, 2022. 
What GAO Found In June 2021, GAO identified 25 priority recommendations for the Internal Revenue Service (IRS). 

Priority Open Recommendations 
Nuclear Regulatory Commission 
GAO-22-105602 
Published: Jun 03, 2022. 
Publicly Released: Jun 13, 2022. 
What GAO Found In April 2021, GAO identified six priority recommendations for the Nuclear Regulatory Commission (NRC). Since then, NRC has implemented one of those recommendations by incorporating skill set estimates as part of its strategic workforce planning process. 

Priority Open Recommendations 
Social Security Administration 
GAO-22-105623 
Published: Jun 06, 2022. 
Publicly Released: Jun 13, 2022. 
What GAO Found In June 2021, GAO identified four priority recommendations for the Social Security Administration (SSA).In June 2022, GAO identified two additional priority recommendations for SSA, bringing the total number to six. 

Priority Open Recommendations 
Board of Governors of the Federal Reserve System 
GAO-22-105605 
Published: Jun 03, 2022. 
Publicly Released: Jun 10, 2022. 
What GAO Found In May 2021, GAO identified 3 priority recommendations for the Federal Reserve that involve the following areas: Collaborating with other financial regulators to communicate with banks that have third-party relationships with financial technology lenders about using alternative data in... 

Priority Open Recommendations 
Small Business Administration 
GAO-22-105566 
Published: Jun 03, 2022. 
Publicly Released: Jun 10, 2022. 
What GAO Found In June 2021, GAO identified 15 priority recommendations for the Small Business Administration (SBA). 

Defense Real Property 
Developing Department-Wide Instructions and Adequate Internal Controls Should Help DOD Improve Recording of Transferred Assets 
GAO-22-104652 
Published: Jun 09, 2022. 
Publicly Released: Jun 09, 2022. 
What GAO Found The Department of Defense (DOD) did not issue department-wide instructions with actionable steps for the military services—the Air Force, Army, Navy, and Marine Corps—and other defense organizations (ODO) to follow in identifying and recording the real property reporting responsibility... 

Priority Open Recommendations 
General Services Administration 
GAO-22-105718 
Published: Jun 02, 2022. 
Publicly Released: Jun 09, 2022. 
What GAO Found In May 2021, GAO identified four priority recommendations for the General Services Administration (GSA). 

Electricity Grid 
DOE Should Address Lessons Learned from Previous Disasters to Enhance Resilience 
GAO-22-105093 
Published: Jun 09, 2022. 
Publicly Released: Jun 09, 2022. 
What GAO Found In responding to selected disasters occurring between 2017 and 2021, federal, state, and other stakeholders identified lessons learned in the areas of planning and coordination, workforce and training, tools and technology, and local capacity. 

Economic and Commercial Diplomacy 
State and Commerce Could Build on Efforts to Improve Coordination and Effectiveness 
GAO-22-105860 
Published: Jun 09, 2022. 
Publicly Released: Jun 09, 2022. 
What GAO Found The Departments of State and Commerce coordinate on economic and commercial diplomacy efforts to support the work of U.S. businesses to enter or expand in foreign markets through various programs. Through these programs, State provides Commerce services to U.S. 

Priority Open Recommendations 
Department of Justice 
GAO-22-105703 
Published: Jun 02, 2022. 
Publicly Released: Jun 09, 2022. 
What GAO Found In June 2021, GAO identified 12 priority recommendations for the Department of Justice (DOJ). Since then, DOJ has implemented four of those recommendations. 

Priority Open Recommendations 
Department of the Interior 
GAO-22-105603 
Published: Jun 02, 2022. 
Publicly Released: Jun 09, 2022. 
What GAO Found In June 2021, GAO identified 13 priority recommendations for the Department of the Interior. 

Priority Open Recommendations 
Federal Deposit Insurance Corporation 
GAO-22-105606 
Published: Jun 01, 2022. 
Publicly Released: Jun 08, 2022. 
What GAO Found In May 2021, GAO identified one priority recommendation for the Federal Deposit Insurance Corporation (FDIC). As of March 2022, FDIC has not implemented that priority recommendation. 

Pandemic Learning 
Less Academic Progress Overall, Student and Teacher Strain, and Implications for the Future 
GAO-22-105816 
Published: Jun 08, 2022. 
Publicly Released: Jun 08, 2022. 
What GAO Found Compared to a typical school year, teachers reported that more of their students started the 2020-21 school year behind and made less academic progress, according to GAO's generalizable survey of K-12 public school teachers. 

Weapon Systems Annual Assessment 
Challenges to Fielding Capabilities Faster Persist 
GAO-22-105230 
Published: Jun 08, 2022. 
Publicly Released: Jun 08, 2022. 
What GAO Found For over 20 years, GAO has assessed the Department of Defense's (DOD) weapon programs and noted significant changes in its acquisition policies and practices. 

Electronic Health Records 
Additional DOD Actions Could Improve Cost and Schedule Estimating for New System 
GAO-22-104521 
Published: Jun 08, 2022. 
Publicly Released: Jun 08, 2022. 
What GAO Found The Department of Defense (DOD) began deploying Military Health System (MHS) GENESIS—a commercial electronic health record system intended to integrate inpatient and outpatient medical and dental information in 2017. MHS GENESIS's contract award totals $5.5 billion. 

Federal Contracting 
Opportunities Exist to Reduce Use of Time-And-Materials Contracts 
GAO-22-104806 
Published: Jun 07, 2022. 
Publicly Released: Jun 07, 2022. 
What GAO Found When the government buys services, such as engineering or consulting services, contracting officers try to use a contract type that provides the right balance of risk and flexibility. 

Unemployment Insurance 
Transformation Needed to Address Program Design, Infrastructure, and Integrity Risks 
GAO-22-105162 
Published: Jun 07, 2022. 
Publicly Released: Jun 07, 2022. 
What GAO Found GAO and others have reported that challenges with Unemployment Insurance (UI) administration have affected states' ability to effectively meet the needs of unemployed workers, both historically and during times of economic downturn—such as the COVID-19 pandemic. 

Unemployment Insurance 
Pandemic Programs Posed Challenges, and DOL Could Better Address Customer Service and Emergency Planning 
GAO-22-104251 
Published: Jun 07, 2022. 
Publicly Released: Jun 07, 2022.
What GAO Found State officials GAO interviewed in six selected states that varied across characteristics, such as IT modernization, described facing shortages of experienced staff and IT challenges in processing the surge in claims while implementing the CARES Act Unemployment Insurance (UI) programs.... 

Pandemic Unemployment Assistance 
Federal Program Supported Contingent Workers Amid Historic Demand, but DOL Should Examine Racial Disparities in Benefit Receipt 
GAO-22-104438 
Published: Jun 07, 2022. 
Publicly Released: Jun 07, 2022. 
What GAO Found When the pandemic began, states faced historic demand and urgency to pay unemployment insurance (UI) benefits, and their experiences implementing the new Pandemic Unemployment Assistance (PUA) program varied. 

International Space Station 
Opportunities Exist to Improve Communication with National Laboratory Users 
GAO-22-105147 
Published: Jun 07, 2022. 
Publicly Released: Jun 07, 2022. 
What GAO Found The Center for the Advancement of Science in Space (CASIS) manages the International Space Station National Laboratory through a cooperative agreement with the National Aeronautics and Space Administration (NASA). NASA is responsible for providing performance feedback to CASIS.

IASB 

Join the staff—Office Director, Frankfurt 
Careers
10 Jun 2022

June 2022 International Accounting Standards Board agenda and meeting papers now available 
Meeting
10 Jun 2022 

Join the staff—Editor 
Careers
10 Jun 2022 

June 2022 joint Capital Markets Advisory Committee and Global Preparers Forum agenda and meeting papers now available 
Meeting
9 Jun 2022

IFRS Foundation Trustees appoint four further members to the International Sustainability Standards Board 

Appointment 
8 Jun 2022

May 2022 IASB podcast now available 
Podcast
7 Jun 2022

IRS 

IRS wraps up 2022 "Dirty Dozen" scams list; agency urges taxpayers to watch out for tax avoidance strategies 
IR-2022-125, June 10, 2022 — The Internal Revenue Service today wrapped up its annual "Dirty Dozen" scams list for the 2022 filing season, with a warning to taxpayers to avoid being misled into using bogus tax avoidance strategies. 

IRS increases mileage rate for remainder of 2022 
IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. 

Missed the April tax deadline? File and pay by June 14 to avoid a larger penalty and interest 
IR-2022-123, June 9, 2022 — The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14. 

Dirty Dozen: IRS, Security Summit reiterate recent warning to tax professionals and other businesses of dangerous spear phishing attacks 
IR-2022-122, June 9, 2022 — The Internal Revenue Service today announced that spear phishing is the 8th item on the 2022 "Dirty Dozen" scams warning list and a serious problem because it can be tailored to attack and steal the computer system credentials of any small business with a client data base, such as tax professionals' firms. 

Dirty Dozen: Scammers use every trick in their communication arsenal to steal your identity, personal financial information, money and more 
IR-2022-121, June 8, 2022 — Suspicious communications in all its forms designed to either trick, surprise or scare someone into responding before thinking is No. 7 on the 2022 "Dirty Dozen" scams warning list, the Internal Revenue Service announced today, warning everyone to be on the lookout for bogus calls, texts, emails and posts online to gain trust or steal. 

For those who pay estimated taxes, second quarter June 15 deadline approaches 
IR-2022-120, June 8, 2022 — The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their second quarter tax liability is June 15. 

Dirty Dozen: IRS urges anyone having trouble paying their taxes to avoid anyone claiming they can settle tax debt for pennies on the dollar, known as OIC mills 
IR-2022-119, June 7, 2022 — As the 6th item on the 2022 "Dirty Dozen" scams warning list, the Internal Revenue Service today cautioned taxpayers with pending tax bills to contact the IRS directly and not go to unscrupulous tax companies that use local advertising and falsely claiming they can resolve unpaid taxes for pennies on the dollar. 

U.S. Court of Appeals ruling affirms IRS position that abusive microcaptive insurance transactions are shams 
IR-2022-118, June 7, 2022 — The Internal Revenue Service today said that a recent court decision upholds its long-standing position regarding abusive microcaptive insurance transactions. Taxpayers should be alert to these schemes, normally peddled by promoters, as they will ultimately cost them. 

IRS continues with Dirty Dozen this week, urging taxpayers to continue watching out for pandemic-related scams including theft of benefits and bogus social media posts 
IR-2022-117, June 6, 2022 — The Internal Revenue Service today kicked off the week with the 5th item on its 2022 annual Dirty Dozen scams warning list, with a sad reminder that criminals still use the COVID-19 pandemic to steal people's money and identity with bogus emails, social media posts and unexpected phone calls, among other things.

NYS 

Queens Restaurant and Nightclub to Pay More Than $1 Million in Restitution After Guilty Plea to Multiple Felonies 
June 06, 2022 

Superintendent Adrienne A. Harris Announces New DFS Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins 
2022-06-08

PCAOB 

PCAOB Announces Agenda for June 15 Meeting of Its Standards and Emerging Issues Advisory Group 
Jun. 10, 2022 

Saba Qamar Named Investor Advocate at the PCAOB 
Jun. 7, 2022

SEC 

Schwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees 
2022-104., June 13, 2022 — The Securities and Exchange Commission today charged three Charles Schwab investment adviser subsidiaries for not disclosing that they were allocating client funds in a manner that their own internal analyses showed would be less profitable for their clients under most market conditions. The subsidiaries agreed to pay $187 million to harmed clients to settle the charges.

SEC Reopens Comment Period for Proposed Rule on Recovery of Erroneously Awarded Compensation                 
2022-103., June 8, 2022 — The Securities and Exchange Commission today reopened the comment period on proposed rules for listing standards for recovery of erroneously awarded compensation, and the staff of the Commission released a memo that contains additional analyses and data that has the potential to be informative for evaluating the proposals.  

SEC Charges CohnReznick LLP and Three Partners with Improper Professional Conduct                                         
2022-102, June 8, 2022 — The Securities and Exchange Commission today charged audit firm CohnReznick LLP with improper professional conduct on engagements for two clients in 2017. The two clients, Sequential Brands Group, Inc. and Longfin Corp., previously were charged by the SEC for filing fraudulent financial statements prior to their bankruptcies and Nasdaq delisting. The Commission also charged firm partners Stephen M. Wyss, Stephen H. Jackson, and Robert G. Hilbert with improper professional conduct for violating numerous professional standards in their third quarter 2017 interim review and 2017 annual audit of Sequential’s financial statements. All respondents have agreed to settle charges and pay penalties. CohnReznick’s $1.9 million penalty will be returned to investors.

SEC Charges New Jersey Software Company and Senior Employees with Accounting-Related Misconduct             
2022-101, June 7, 2022 — The Securities and Exchange Commission today charged Bridgewater, NJ-based Synchronoss Technologies, Inc. and seven senior employees, including the former CFO, in connection with their roles related to long-running accounting improprieties that ran from 2013 to 2017. In addition, the company’s founder and former CEO, Stephen Waldis, while not charged with misconduct, agreed to reimburse the company for more than $1.3 million in stock sale profits and bonuses as well as to return previously granted shares of company stock pursuant to Section 304 of the Sarbanes-Oxley Act (SOX).

SEC Investor Advisory Committee to Discuss Non-Traditional Accounting and Climate Disclosure on June 9       
2022-100., June 6, 2022 — The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 9 at 10 a.m. ET. The meeting will be webcast on the SEC website.

TIGTA 

TIGTA Releases Public Service Announcements Warning Taxpayers of the Ongoing Threat of IRS Impersonation Scams
June 10, 2022 

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