Regulatory Roundup - June 9-15

By:
Chris Gaetano
Published Date:
Jun 15, 2020

AICPA

Press Release

More than Half of Business Executives in AICPA Survey Say Their Companies Sought Paycheck Protection Program Funds
More than half of business executives said their companies had sought relief funds under the Paycheck Protection Program, according to the second-quarter AICPA Economic Outlook Survey.
June 12, 2020

CBO

Cost Estimate
S. 2346, Fishery Failures: Urgently Needed Disaster Declarations Act
June 12, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019

Cost Estimate
H.R. 5347, Disadvantaged Community Drinking Water Assistance Act
June 11, 2020
As ordered reported by the House Committee on Natural Resources on February 12, 2020

Cost Estimate
S. 1046, ACCESS BROADBAND Act

June 11, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 11, 2020

Cost Estimate
S. 2429, Restoring Resilient Reefs Act of 2019
June 11, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019

Cost Estimate
S. 3418, STORM Act
June 11, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

Cost Estimate
Direct Spending effects of Senate Amendment 1617 to H.R. 1957, the Taxpayer First Act of 2019

June 10, 2020
As introduced on June 10, 2020

Cost Estimate
H.R. 5824, Federal Law Enforcement Training Research and Reporting Act of 2020
June 10, 2020
As ordered reported by the House Committee on Homeland Security on February 12, 2020

Cost Estimate
H.R. 6021, Northern Mariana Islands Small Business Development Act

June 10, 2020
As ordered reported by the House Committee on Small Business on March 11, 2020

Cost Estimate
H.R. 5828, DHS Illicit Cross-Border Tunnel Defense Act

June 9, 2020
As ordered reported by the House Committee on Homeland Security on February 12, 2020

Cost Estimate
S. 2800, National Aeronautics and Space Administration Authorization Act of 2019
June 9, 2020
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019

Report
The Decline in CBO’s Projections of Gross Domestic Product for 2020 and 2021
June 9, 2020
In this letter, CBO responds to questions about the economic outlook, describing how its projections of U.S. gross domestic product have declined since January and how recent legislation will affect the economy.

Cost Estimate
H.R. 3250, Julius Rosenwald and the Rosenwald Schools Act of 2019
As ordered reported by the House Committee on Natural Resources on March 11, 2020

Report
Monthly Budget Review for May 2020
The federal budget deficit was about $1.9 trillion in the first eight months of fiscal year 2020, CBO estimates, $1.2 trillion more than the deficit recorded during the same period last year.

Cost Estimate
S. 3132, a bill to extend the Undertaking Spam, Spyware, And Fraud Enforcement With Enforcers beyond Borders Act of 2006, and for other purposes
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on March 11, 2020

FASB

FASB Approves New Standards and a Proposed Effective Date Delay at Final Meeting of Chairman Russell G. Golden [06/10/20]
Media Advisory

GAO

Domestic Violence:
Improved Data Needed to Identify the Prevalence of Brain Injuries among Victims

GAO-20-534: Published: Jun 12, 2020. Publicly Released: Jun 12, 2020.

American Samoa:
Economic Trends, Status of the Tuna Canning Industry, and Stakeholders' Views on Minimum Wage Increases
GAO-20-467: Published: Jun 11, 2020. Publicly Released: Jun 11, 2020.

Disability Employment:
Hiring Has Increased but Actions Needed to Assess Retention, Training, and Reasonable Accommodation Efforts
GAO-20-384: Published: Jun 11, 2020. Publicly Released: Jun 11, 2020.

Civil Monetary Penalties:
Review of Federal Agencies' Compliance with the 2019 Annual Inflation Adjustment Requirements

GAO-20-538R: Published: Jun 10, 2020. Publicly Released: Jun 10, 2020.

2020 Census:
COVID-19 Presents Delays and Risks to Census Count
GAO-20-551R: Published: Jun 9, 2020. Publicly Released: Jun 9, 2020.

Nuclear Weapons:
NNSA Needs to Incorporate Additional Management Controls Over Its Microelectronics Activities

GAO-20-357: Published: Jun 9, 2020. Publicly Released: Jun 9, 2020.

Rule of Law Assistance:
Agency Efforts Are Guided by Various Strategies, and Overseas Missions Should Ensure that Programming Is Fully Coordinated
GAO-20-393: Published: Jun 9, 2020. Publicly Released: Jun 9, 2020.

VA Acquisition Management:
Supply Chain Management and COVID-19 Response
GAO-20-638T: Published: Jun 9, 2020. Publicly Released: Jun 9, 2020.

2019 Lobbying Disclosure:
Observations on Lobbyists' Compliance with Disclosure Requirements [Reissued with revisions on Jun. 9, 2020.]
GAO-20-449: Published: Mar 31, 2020. Publicly Released: Mar 31, 2020.

2018 Lobbying Disclosure:
Observations on Lobbyists' Compliance with Disclosure Requirements [Reissued with revisions on Jun. 9, 2020.]
GAO-19-357: Published: Mar 29, 2019. Publicly Released: Mar 9, 2019.

2017 Lobbying Disclosure:
Observations on Lobbyists' Compliance with Disclosure Requirements [Reissued with revisions on Jun. 9, 2020.]
GAO-18-388: Published: Mar 30, 2018. Publicly Released: Mar 30, 2018.

Inspectors General:
Independence Principles and Considerations for Reform
GAO-20-639R: Published: Jun. 8, 2020 Publicly Released: Jun. 8, 2020

GASB

GASB Proposes Application Guidance on Cares Act and Coronavirus Diseases Issues [06/11/20]
Media Advisory
Proposed Technical Bulletin No. 2020-a

IASB

09 June 2020
May 2020 monthly news summary

IRS

Treasury, IRS provide tax relief to investors and businesses affected by COVID-19 in new markets tax credit transactions
IR-2020-120, June 12, 2020 — The Treasury Department and the Internal Revenue Service today provided tax relief for certain taxpayers affected by the COVID-19 pandemic involved in new markets tax credit transactions.

IRS provides guidance on employer leave-based donation programs that aid victims of the COVID-19 pandemic
IR-2020-119, June 11, 2020 — The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.

IRS reminder: File now, choose direct deposit or schedule tax payments electronically before the July 15 deadline
IR-2020-118, June 11, 2020 — As the July 15 tax-filing deadline − postponed from April 15 − draws near, the IRS is reminding all taxpayers who have yet to file their 2019 federal tax return to file electronically now, choose direct deposit for their refund, or pay any tax owed electronically.

IRS reminder: Deadline postponed to July 15 for those who pay estimated taxes
IR-2020-117, June 9, 2020 — The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15.

Proposed regulations address direct primary care arrangements and health care sharing ministry memberships
IR-2020-116, June 8, 2020 — The Internal Revenue Service today released proposed regulations addressing the treatment of certain medical care arrangements under section 213 of the Internal Revenue Code.

IRS warns against COVID-19 fraud; other financial schemes
IR-2020-115, June 8, 2020 — The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19.

NYC

June 10, 2020
Testimony of Deputy Commissioner Jeffrey Shear before the City Council Finance Committee.

PCAOB

PCAOB Announces Webinar for Audit Committee Members
(June 10)

SEC

SEC Charges Broker Who Defrauded Seniors Out of Almost $1 Million
2020-132, June 12, 2020 — The U.S. Securities and Exchange Commission today announced charges against a Nashville, Tennessee-based securities broker for defrauding two seniors, including a World War II-era veteran, of nearly $1 million.

SEC Charges Microcap Fraud Scheme Participants Attempting to Capitalize on the COVID-19 Pandemic
2020-131, June 11, 2020 — The Securities and Exchange Commission has filed an emergency action and obtained an asset freeze against five individuals and six offshore entities for an alleged fraudulent scheme that generated more than $25 million from illegal sales of multiple microcap companies’ stock, including four that were the subject of recent SEC trading suspension orders: Sandy Steele Unlimited Inc., WOD Retail Solutions Inc., Bioscience Neutraceuticals, Inc., and Rivex Technology Corp.

FinHub to Host Virtual Meet-Ups
2020-130, June 11, 2020 — The U.S. Securities and Exchange Commission’s Strategic Hub for Innovation and Financial Technology (FinHub) today announced the launch of virtual peer-to-peer meet-ups (P2Ps).

New York Regional Office to Host Educational Call for Investors on Avoiding COVID-Related Fraud
2020-129, June 11, 2020 — The Securities and Exchange Commission’s New York Regional Office will host an educational telephone town hall about avoiding scams related to COVID-19 on June 23, 2020, from 5 to 6 p.m. ET. The call is free and open to all investors and those planning for their financial future. Joining the high-ranking SEC officials to share their insights will be the U.S. Attorney for the District of New Jersey and the President of the Financial Industry Regulatory Authority Foundation. Please see the event invitation for more information about the speakers.

SEC Charges California Trader Engaged in Manipulative Trading Scheme Involving COVID-19 Claims
2020-128, June 9, 2020 — The Securities and Exchange Commission today charged a penny stock trader in Santa Cruz, California, with conducting a fraudulent pump-and-dump scheme in the stock of a biotechnology company by making hundreds of misleading statements in an online investment forum, including a false assertion that the company had developed an “approved” COVID-19 blood test.

TIGTA

June 12, 2020
Tax Return Preparers With Delinquent Tax Returns, Tax Liabilities, and Preparer Penalties Should Be More Effectively Prioritized [PDF]
Highlights

June 10, 2020
Improvements Are Needed to Ensure That Employer Shared Responsibility Payments Are Properly Assessed [PDF]
Highlights

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