Regulatory Roundup - May 7-13

By:
Chris Gaetano
Published Date:
May 13, 2019

AICPA 

Press Release
AICPA’s Auditing Standards Board Issues Suite of Standards on Auditor Reporting
The AICPA Auditing Standards Board (ASB) has issued SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements.
May 8, 2019

CBO

Report
The Cost of Replacing Today’s Army Aviation Fleet
May 10, 2019
The annual costs of replacing the Army’s aviation fleet would decline during the 2020s, from about $4 billion in 2018 to about $1.5 billion in 2027, and then rise to a peak of about $4.7 billion in 2032 before drifting downward again.

Data and Technical Information
Proposals Affecting Health Programs in Budget Function 550—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Temporary Assistance for Needy Families—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Fannie Mae and Freddie Mac's Mortgage Guarantees—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Child Support Enforcement and Collections—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Supplemental Security Income—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Highway Trust Fund Accounts—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Unemployment Compensation and Trade Adjustment Assistance for Workers—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Pension Benefit Guaranty Corporation—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Federal Education Programs—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals Affecting Health Programs in Budget Function 550—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Temporary Assistance for Needy Families—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Fannie Mae and Freddie Mac's Mortgage Guarantees—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Child Support Enforcement and Collections—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Data and Technical Information
Proposals for Supplemental Security Income—CBO’s Estimate of the President’s Fiscal Year 2020 Budget
May 9, 2019

Report
An Analysis of the President’s 2020 Budget
May 9, 2019
Under the President’s proposals, deficits would total $9.9 trillion over the 2020–2029 period, $1.5 trillion less than the deficits in CBO’s current-law baseline. Federal debt held by the public would increase from 78 percent of GDP in 2019 to 87 percent in 2029.

Cost Estimate
S. 151, TRACED Act
May 9, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 3, 2019

Cost Estimate
H.R. 1261, National Landslide Preparedness Act
May 9, 2019
As ordered reported by the House Committee on Natural Resources on May 1, 2019

Cost Estimate
H.R. 2375, Preserve Access to Affordable Generics and Biosimilars Act
May 8, 2019
As ordered reported by the House Committee on the Judiciary on April 30, 2019

Cost Estimate
H.R. 965, CREATES Act of 2019
May 8, 2019
As ordered reported by the House Committee on the Judiciary on April 30, 2019

Cost Estimate
H.R. 1500, Consumers First Act
May 8, 2019
As ordered reported by the House Committee on Financial Services on March 28, 2019

Report
The Personnel Requirements and Costs of New Military Space Organizations
May 8, 2019
CBO estimates the added personnel requirements and costs of five kinds of military space organizations. DoD wants to create three, which could increase annual costs by $1 billion to $2 billion and require onetime startup costs of $2 billion to $5 billion.

Cost Estimate
S. 914, Coordinated Ocean Observations and Research Act of 2019
May 8, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 3, 2019

Cost Estimate
H.R. 255, Big Bear Land Exchange Act
May 8, 2019
As ordered reported by the House Committee on Natural Resources on May 1, 2019

Cost Estimate
S. 908, Fluke Fairness Act of 2019
May 7, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 3, 2019

Report
Monthly Budget Review for April 2019
May 7, 2019
The federal budget deficit was $531 billion for the first seven months of fiscal year 2019, CBO estimates, $145 billion more than the deficit recorded during the same period last year.

Report
The Post-9/11 GI Bill: Beneficiaries, Choices, and Cost
May 7, 2019
From 2010 through 2016, the Veterans Benefits Administration spent $65 billion on educational benefits for 1.6 million veterans, spouses and children, mostly for veterans’ tuition, fees, and housing. In 2016, VBA spent an average of $17,400 per beneficiary.

Cost Estimate
S. 383, USE IT Act
As reported by the Senate Committee on Environment and Public Works on April 10, 2019

FAF

Financial Accounting Foundation Board of Trustees  [05/08/19]
Meeting Notice

FASB

Remarks of FASB Member Hal Schroeder at Bloomberg Tax/Deloitte "Financial Instruments: The Way Forward" conference, Washington, DC
[05/07/19]
Speech

GAO

Disaster Contracting:
FEMA Continues to Face Challenges with Its Use of Contracts to Support Response and Recovery
GAO-19-518T:Published: May 9, 2019. Publicly Released: May 9, 2019.

Drug Policy:
Assessing Treatment Expansion Efforts and Drug Control Strategies and Programs
GAO-19-535T:Published: May 9, 2019. Publicly Released: May 9, 2019.

Indian Issues:
Agricultural Credit Needs and Barriers to Lending on Tribal Lands
GAO-19-464:Published: May 9, 2019. Publicly Released: May 9, 2019.

Management Report:
Improvements Are Needed to Enhance the Internal Revenue Service's Internal Control over Financial Reporting
GAO-19-412R:Published: May 9, 2019. Publicly Released: May 9, 2019.

Tax Gap:
Multiple Strategies Are Needed to Reduce Noncompliance
GAO-19-558T:Published: May 9, 2019. Publicly Released: May 9, 2019.

Taxpayer Information:
IRS Needs to Improve Oversight of Third-Party Cybersecurity Practices
GAO-19-340:Published: May 9, 2019. Publicly Released: May 9, 2019.

Weapon Systems Annual Assessment:
Limited Use of Knowledge-Based Practices Continues to Undercut DOD's Investments
GAO-19-336SP:Published: May 7, 2019. Publicly Released: May 7, 2019.

Whistleblowers:
Key Practices for Congress to Consider When Receiving and Referring Information
GAO-19-432:Published: May 7, 2019. Publicly Released: May 7, 2019.

Cloud Computing:
Agencies Have Increased Usage and Realized Benefits, but Cost and Savings Data Need to Be Better Tracked
GAO-19-58: Published: Apr. 4, 2019 Publicly Released: May. 6, 2019

Priority Open Recommendations:
U.S. Department of Transportation

GAO-19-550SP: Published: Apr. 29, 2019 Publicly Released: May. 6, 2019

IASB

13 May 2019
Fraud alert message from the IFRS Foundation

13 May 2019
Accounting Standards Advisory Forum meeting summary available

07 May 2019
IFRS Foundation publishes 2018 Annual Report

07 May 2019
May IASB meeting papers and agenda available

IRS 

IRS highlights credits and deductions for businesses during Small Business Week
IR-2019-93, May 10, 2019 — During Small Business Week, the IRS reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line.

During Small Business Week, IRS spotlights expanded tax benefits for depreciation and expensing
IR-2019-92, May 9, 2019 — During Small Business Week, the Internal Revenue Service is highlighting tax reform changes that impact depreciation and expensing for nearly every business.

During Small Business Week, IRS urges businesses to make estimated tax payments so they don’t owe
IR-2019-91, May 8, 2019 — As part of Small Business Week, the Internal Revenue Service today reminds small business owners and self-employed people that they can avoid a surprise tax bill and possibly a penalty by making estimated tax payments during the year.

Many tax-exempt organizations have until May 15 to file information returns; IRS warns against including personal data
IR-2019-90, May 7, 2019 — The Internal Revenue Service reminded certain tax-exempt organizations that Wednesday, May 15, 2019, is the filing deadline for Form 990-series information returns.

New requirement applies to any business seeking a tax ID number; IRS offers data security tips during National Small Business Week
IR-2019-89, May 7, 2019 — During National Small Business Week, the Internal Revenue Service wants small business taxpayers and the self-employed to know that, starting May 13, an important change will affect the way it issues employer identification numbers, or EINs.

NYS Dept. of Taxation and Finance

Governor Cuomo Announces FY 2020 Enacted Budget Includes Nation's First Recovery Tax Credit Program
May 8, 2019

Buffalo Business Owner to Pay More than $210,000 in Sales Tax Case
May 7, 2019

SEC

SEC Proposes Actions to Improve Cross-Border Application of Security-Based Swap Requirements
Washington D.C., May 10, 2019 —The Securities and Exchange Commission today proposed a package of rule amendments and interpretive guidance to improve the framework for regulating cross-border security-based swaps transactions and market participants

SEC Proposes Amendments to More Appropriately Tailor the Accelerated and Large Accelerated Filer Definitions
Washington D.C., May 9, 2019 —The Securities and Exchange Commission today voted to propose amendments to the accelerated filer and large accelerated filer definitions.  The proposed amendments would reduce costs for certain lower-revenue companies by more appropriately tailoring the types of companies that are categorized as accelerated and large accelerated filers while maintaining effective investor protections.

SEC Charges Nevada Man Who Traded on Confidential Information Taken From Lifelong Friend
Washington D.C., May 7, 2019 —The Securities and Exchange Commission today announced settled insider trading charges against a Nevada man who obtained confidential information about a pending corporate merger from a lifelong friend and used it to generate more than $250,000 in illicit trading profits.

TIGTA

May 8, 2019
The Internal Revenue Service Did Not Follow Congressional Directives Before Closing Taxpayer Assistance Centers; a Data-Driven Model Should Be Used to Optimize Locations [PDF]
»Highlights

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