Regulatory Roundup: March 29-April 4

By:
Chris Gaetano
Published Date:
Apr 4, 2017

AICPA

Tax Practitioner Groups Unite to Recommend IRS Taxpayer Service Improvements 
Washington, D.C. (April 3, 2017) – Nine organizations representing diverse segments of the tax practitioner community today presented to federal lawmakers a comprehensive set of recommendations designed to improve services provided by the Internal Revenue Service (IRS) to taxpayers and tax practitioners. The groups called for an improved governance and oversight structure for the IRS and proposed a new unit within the IRS that would centralize the agency’s services to tax practitioners.

CBO

Cost Estimate
H.R. 479, North Korea State Sponsor of Terrorism Designation Act of 2017
March 31, 2017

Report
Legislation Enacted in the 114th Congress That Affects Mandatory Spending or Revenues
March 31, 2017 

Cost Estimate
H.R. 1695, Register of Copyrights Selection and Accountability Act of 2017
March 30, 2017

Presentation
The 2017 Budget and Economic Outlook
March 30, 2017

Cost Estimate
S. 327, Fair Access to Investment Research Act of 2017
March 30, 2017

Cost Estimate
H.R. 910, Fair Access to Investment Research Act of 2017
March 30, 2017

Cost Estimate
H.R. 1667, Financial Institution Bankruptcy Act of 2017
March 30, 2017

Report
The 2017 Long-Term Budget Outlook
March 30, 2017

Cost Estimate
H.R. 1430, Honest and Open New EPA Science Treatment (HONEST) Act of 2017
March 29, 2017

Report
Testimony on Federal Support for Developing, Producing, and Using Fuels and Energy Technologies
March 29, 2017

FASB

FASB Issues Accounting Standards Update 2017-08—Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities  [03/30/17]

GAO

Private Deposit Insurance:
Credit Unions Largely Complied with Disclosure Rules, but Rules Should Be Clarified
GAO-17-259:Published: Mar 29, 2017. Publicly Released: Mar 29, 2017.

Troubled Asset Relief Program:
Few Participants Remain as Treasury Continues to Wind Down Capital Purchase Program
GAO-17-422:Published: Mar 29, 2017. Publicly Released: Mar 29, 2017.

Washington Metropolitan Area Transit Authority:
Improved Planning of Future Rehabilitation Projects Could Prevent Limitations Identified with SafeTrack
GAO-17-519T:Published: Mar 29, 2017. Publicly Released: Mar 29, 2017.

Defense Acquisitions:
Assessments of Selected Weapon Programs
GAO-17-333SP:Published: Mar 30, 2017. Publicly Released: Mar 30, 2017.

DOD Major Automated Information Systems:
Improvements Can Be Made in Applying Leading Practices for Managing Risk and Testing
GAO-17-322:Published: Mar 30, 2017. Publicly Released: Mar 30, 2017.

Identity Theft Services:
Services Offer Some Benefits but Are Limited in Preventing Fraud
GAO-17-254:Published: Mar 30, 2017. Publicly Released: Mar 30, 2017.

Drug Compounding:
Survey of State Pharmacy Regulatory Bodies (GAO-17-363SP, March 2017), an E-supplement to GAO-17-64
GAO-17-363SP:Published: Mar 31, 2017. Publicly Released: Mar 31, 2017.

Highlights of a Forum:
Data Analytics to Address Fraud and Improper Payments
GAO-17-339SP:Published: Mar 31, 2017. Publicly Released: Mar 31, 2017.

2016 Lobbying Disclosure:
Observations on Lobbyists' Compliance with Disclosure Requirements
GAO-17-385:Published: Mar 31, 2017. Publicly Released: Mar 31, 2017.

Patient-Centered Outcomes Research Institute:
Review of the Audit of the Financial Statements for Fiscal Year 2016
GAO-17-441R:Published: Mar 31, 2017. Publicly Released: Mar 31, 2017.

Border Security:
DHS Could Strengthen Efforts to Establish Collaborative Mechanisms and Assess Use of Resources
GAO-17-495T:Published: Apr 4, 2017. Publicly Released: Apr 4, 2017.

Veterans Crisis Line:
Further Efforts Needed to Improve Service
GAO-17-545T:Published: Apr 4, 2017. Publicly Released: Apr 4, 2017.

Coast Guard Cutters:
Depot Maintenance Is Affecting Operational Availability and Cost Estimates Should Reflect Actual Expenditures
GAO-17-218:Published: Mar 2, 2017. Publicly Released: Apr 3, 2017.

IASB

04 Apr 2017
Webinar held for IFRS Taxonomy 2017

31 Mar 2017
Jurisdiction profile posted on use of IFRS Standards in Montenegro

30 Mar 2017
March 2017 podcast with IASB Chair and Vice-Chair

30 Mar 2017
IASB outlines steps to improve disclosures in financial statements

30 Mar 2017
March 2017 IFRS for SMEs Update published

29 Mar 2017
IFRS Advisory Council April 2017 meeting—Agenda papers available

29 Mar 2017
IASB consults on proposed improvements to IFRS 8 Operating Segments

29 Mar 2017
Issue 12 of the IASB Investor Update published

IRS 

Avoid Common Tax-Filing Errors; IRS Encourages e-filing, Careful Review
IR-2017-73, April 3, 2017 — As the April 18 income tax filing deadline approaches, millions of taxpayers may be rushing to complete their taxes and many may realize they're going to need more time.

IRS Reminder to Taxpayers Who Haven’t Filed 2013 Returns: Time is Running Out; Agency has $1 Billion in Refunds
IR-2017-72, April 3, 2017 — The IRS reminded taxpayers today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return.

Tax Professionals Warned of e-Services Scam; Urged to be Wary of Schemes as Filing Season Deadline Approaches
IR-2017-71, March 31, 2017 — The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing email scams claiming to be from IRS e-Services and of schemes in general as the April 18 deadline nears.

For Small Business Startups, IRS Explains New Option for Claiming Research Credit; Option Still Available for Those That Already Filed
IR-2017-70, March 30, 2017 — The IRS today issued interim guidance explaining how eligible small businesses can take advantage of a new option enabling them to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability.

IRS Releases FY 2016 Data Book Showing Range of Tax Data, Including Service and Enforcement Changes
IR-2017-69, March 30, 2017 — The IRS today released the 2016 IRS Data Book, a snapshot of agency activities for the fiscal year.

NYS Dept. of Taxation and Finance

Free Tax Filing Assistance Available in the North Country
NYS Tax Department to host two free filing events in Ogdensburg and Plattsburgh

Free Tax Filing Assistance Available in Brooklyn
NYS Tax Department to host free filing event at Brooklyn Public Library—Dekalb Branch 

Unregistered Tax Preparer Pleads Guilty to Filing Fraudulent Returns for Employees and Friends
Buffalo-area woman, who also operated day care facility, agrees to pay $19,000

183 Cartons of Contraband Cigarettes Seized in Queens
Coordinated effort by multiple law enforcement partners also nets $18K in cash

Free Tax Filing Assistance Available in Western New York
NYS Tax Department to host free filing event in Olean

PCAOB

PCAOB Sanctions Former Deloitte Brazil Chairman and CEO for Violations Related to Failures to Cooperate with a Board Investigation
The Public Company Accounting Oversight Board today announced sanctions against the former Chairman and the former Chief Executive Officer of Brazil-based Deloitte Touche Tohmatsu Auditores Independentes for violations related to failures to cooperate with a Board investigation.

SEC

SEC Announces Agenda for April 5 Meeting of the Equity Market Structure Advisory Committee March 30, 2017
Washington D.C., March 30, 2017—The Securities and Exchange Commission today announced its Equity Market Structure Advisory Committee will meet on April 5 beginning at 9:30 a.m. ET.  The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on equity market structure issues.

SEC Charges Pastor With Defrauding Retirees March 30, 2017
Washington D.C., March 30, 2017—The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze obtained against a Michigan-based pastor accused of exploiting church members, retirees, and laid-off auto workers who were misled to believe they were investing in a successful real estate business.

TIGTA

April 4, 2016
Criminal Investigation Enforced Structuring Laws Primarily Against Legal Source Funds and Compromised the Rights of Some Individuals and Businesses [PDF]

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