Regulatory Roundup - March 31 to April 6

By:
Chris Gaetano
Published Date:
Apr 6, 2020

AICPA

Press Release
AICPA Coalition Recommends PPP Applicants Use Gross Payroll Approach in Calculations
An AICPA-led coalition recommended the use of the gross payroll approach by applicants for the Paycheck Protection Program.
April 4, 2020

Press Release
AICPA Calls on Accounting Profession to Support Rollout of Small Business Relief Program
The AICPA praised the Treasury Department and Small Business Administration for the quick rollout of the Paycheck Protection Program, the $349 billion small business relief program.
April 3, 2020

Press Release
AICPA Says Current Tax Filing and Payment Extensions Are Not Enough, IRS Must Act Quickly
In response to the IRS’ recent actions to safeguard their employees, the AICPA continues to urge both the Treasury Department and the IRS to provide broader tax filing and payment relief.
April 2, 2020

CBO

Report
CBO's Work in Progress as of March 31, 2020

April 3, 2020
Each quarter, CBO provides information about its work in progress. As of March 31, the agency was working on 159 cost estimates for legislation in addition to 25 analytic products.

Report
Estimates of the Cost of Federal Credit Programs in 2021
April 2, 2020
Using FCRA procedures, CBO estimates that new loans and loan guarantees issued in 2021 would result in savings of $41.8 billion. But using fair-value estimates, CBO projects that they would have a lifetime cost of $46.8 billion.

Cost Estimate
H.R. 6201, Families First Coronavirus Response Act
April 2, 2020
Enacted as Public Law 116-127 on March 18, 2020

Blog Post
Updating CBO’s Economic Forecast to Account for the Pandemic
April 2, 2020
As a result of the continued disruption of commerce stemming from the coronavirus pandemic, CBO expects the unemployment rate to exceed 10 percent as gross domestic product declines during the second quarter.

Presentation
How CBO Models Firms' Behavior in HISIM2 in Its Baseline Budget Projections as of March 6, 2020
April 1, 2020
CBO uses HISIM2 to model firms’ decisions to offer health insurance and households’ decisions to enroll in health insurance. This slide deck describes the analytical methods used in HISIM2 to model firms’ decisions in CBO’s most recent baseline budget projections.

Cost Estimate
S. 3207, Cybersecurity State Coordinator Act of 2020
March 31, 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

Report
An Analysis of the President's 2021 Budget
On February 10, the Administration transmitted its annual set of budgetary proposals to the Congress. CBO estimates that in the coming decade deficits under those proposals would be smaller and debt held by the public would be lower than amounts in CBO’s baseline projections—but larger than the Administration projected. CBO’s estimates do not account for changes to the nation’s economic or fiscal outlook arising from the recent public health emergency.

Cost Estimate
H.R. 6018, a bill to authorize the Secretary of Veterans Affairs to collect overpayments of specially adapted housing assistance
As ordered reported by the House Committee on Veterans’ Affairs on March 12, 2020

Cost Estimate
S. 3045, Cybersecurity Vulnerability Identification and Notification Act of 2020
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 11, 2020

FASB

Maintenance Update Scheduled for FASB Taxonomy Online Review and Comment System Site for April 8, 2020 (Temporary Commenting Process starting April 2, 2020)
Additional Information

FASB Plan to Address Standard-Setting Issues During the Coronavirus (COVID-19) Pandemic  [04/01/20]
Media Advisory

GAO

National Science Foundation:
Cost and Schedule Performance of Major Facilities Construction Projects and Progress on Prior GAO Recommendations
GAO-20-268: Published: Apr 3, 2020. Publicly Released: Apr 3, 2020.

Passenger Rail Security:
TSA Engages with Stakeholders but Could Better Identify and Share Standards and Key Practices
GAO-20-404: Published: Apr 3, 2020. Publicly Released: Apr 3, 2020.

Temporary Protected Status:
Steps Taken to Inform and Communicate Secretary of Homeland Security's Decisions
GAO-20-134: Published: Apr 3, 2020. Publicly Released: Apr 3, 2020.

DOD Utilities Privatization:
Improved Data Collection and Lessons Learned Archive Could Help Reduce Time to Award Contracts
GAO-20-104: Published: Apr 2, 2020. Publicly Released: Apr 2, 2020.

H-2B Visas:
Additional Steps Needed to Meet Employers' Hiring Needs and Protect U.S. Workers
GAO-20-230: Published: Apr 1, 2020. Publicly Released: Apr 1, 2020.

Payment Integrity:
Selected Agencies Should Improve Efforts to Evaluate Effectiveness of Corrective Actions to Reduce Improper Payments
GAO-20-336: Published: Apr 1, 2020. Publicly Released: Apr 1, 2020.

Federal Leasing:
Quality Information and Metrics Would Allow GSA to Better Assess the Value of Its Broker Program
GAO-20-361: Published: Mar 31, 2020. Publicly Released: Mar 31, 2020.

2019 Lobbying Disclosure:
Observations on Lobbyists' Compliance with Disclosure Requirements
GAO-20-449: Published: Mar 31, 2020. Publicly Released: Mar 31, 2020.

Management Report:
Improvements Needed in the Bureau of the Fiscal Service's Information System Controls Related to the Schedule of Federal Debt
GAO-20-376R: Published: Mar 31, 2020. Publicly Released: Mar 31, 2020.

Management Report:
Improvements Needed in the Bureau of the Fiscal Service’s Information System Controls Related to the Schedules of the General Fund
GAO-20-399R: Published: Mar 31, 2020. Publicly Released: Mar 31, 2020.

Mixed-Use Fisheries:
South Atlantic and Gulf of Mexico Councils Would Benefit from Documented Processes for Allocation Reviews
GAO-20-216: Published: Mar 31, 2020. Publicly Released: Mar 31, 2020.

Information Management:
Selected Agencies Need to Fully Address Federal Electronic Recordkeeping Requirements
GAO-20-59: Published: Feb. 27, 2020 Publicly Released: Mar. 30, 2020

GASB

GASB Issues Guidance for Transition from Interbank Offered Rates [04/02/20]
Media Advisory
Statement No. 93

IASB

02 April 2020
Save the date—joint investor outreach webinars: 19 and 26 May 2020

01 April 2020
New ITCG members appointed

31 March 2020
March 2020 IFRS for SMEs Update published

31 March 2020
IFRS Taxonomy 2019 now available in Turkish and Korean

IRS

Follow IRS on social media, sign up for e-news subscriptions for urgent updates on COVID-19, scams and economic impact payment information
IR-2020-65, April 3, 2020 — The Internal Revenue Service reminded taxpayers, businesses, tax professionals and others to follow the agency’s official social media accounts and email subscription lists to get urgent information on COVID-19 and economic impact payments.

IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
IR-2020-64, April 2, 2020 — The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.

IRS extends deadline for 2021 Taxpayer Advocacy Panel applications, adds new members for the 2020 panel
IR-2020-63, April 1, 2020 — The IRS has extended the deadline for members of the public to apply for membership on the Taxpayer Advocacy Panel for 2021. Individuals may submit a TAP application online at www.improveirs.org through April 20, 2020.

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
IR-2020-62, March 31, 2020 — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.

Economic impact payments: What you need to know
IR-2020-61, March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Updated with new information for seniors, retirees on April 1, 2020.

NYC

March 31, 2020
The NYC Department of Finance Postpones Annual Tax Lien Sale Until Late Summer.

NYS

New York State Encourages All New Yorkers to Complete the Census on National Census Day
April 1, 2020

SEC

SEC Awards Approximately $2 Million to Whistleblower
2020-80, April 3, 2020 —The Securities and Exchange Commission today announced an award of approximately $2 million to a whistleblower who provided vital information and assistance that substantially contributed to an ongoing investigation.  The whistleblower’s information would have been difficult for the agency to obtain absent the tip

Agencies Will Consider Comments on Volcker Rule Modifications Following Expiration of Comment Period
2020-79, April 2, 2020 — Five federal financial regulatory agencies today announced that they will consider comments submitted before May 1, 2020, on their proposal to modify the Volcker rule’s general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as “covered funds.”

SEC Obtains Judgment Against Promoter Who Fraudulently Raised $3 Million for Christian Concerts
2020-78, April 1, 2020 — The Securities and Exchange Commission has obtained a final judgment against Christian concert promoter Jeffrey E. Wall, of Freeport, Maine, and his business, The Lighthouse Events LLC.

SEC Small Business Advocate to Host Virtual Coffee Breaks Discussing Small Business Capital Raising
2020-77, March 31, 2020 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation is hosting a series of virtual coffee breaks to engage with the public to discuss updates, trends, and perspectives on how COVID-19 is impacting raising capital.

SEC Announces Ad Hoc Meeting of Small Business Capital Formation Advisory Committee in Response to COVID-19 Challenges Faced By Small Businesses
2020-76., March 31, 2020 — The Securities and Exchange Commission today announced that its Small Business Capital Formation Advisory Committee will host a meeting via video conference on April 2, 2020, in response to the challenges small businesses are facing in coping with COVID-19. 

PCAOB

PCAOB Staff Provides Reminders for Audits Nearing Completion in Light of COVID-19 (April 2)

PCAOB Posts COVID-19: Reminders for Audits Nearing Completion Spotlight

PCAOB Publishes 2019 Annual Report (March 31)

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