Regulatory Roundup: Nov. 19 - Dec. 2

By:
Chris Gaetano
Published Date:
Nov 25, 2019

AICPA 

Press Release
AICPA Presents Distinguished Service Award and Arthur J. Dixon Award During Fall Tax Division Events
November 19, 2019
The AICPA honored two individuals during its 2019 Fall Tax Division Meeting in Washington, D.C. with the Tax Division Distinguished Service Award and the Arthur J. Dixon Memorial Award.

CBO

Cost Estimate
S. 178, Uighur Intervention and Global Humanitarian Unified Response Act of 2019
November 26, 2019
As ordered reported by the House Committee on Foreign Affairs on October 30, 2019

Report
The Cost of Supporting Military Bases
November 26, 2019
In 2016, the military services allocated $25 billion to base operations support (BOS). CBO explores characteristics of bases and the mission of the units they serve, analyzing the relationship between those characteristics and BOS costs.

Cost Estimate
H.R. 4895, CFTC Reauthorization Act of 2019
November 25, 2019
As ordered reported by the House Committee on Agriculture on October 30, 2019

Cost Estimate
S. 1507, PFAS Release Disclosure and Protection Act of 2019
November 25, 2019
As reported by the Senate Committee on Environment and Public Works on June 19, 2019

Presentation
Budgeting for Federal Insurance and Retirement Programs: Cash or Accrual?
November 23, 2019
Presentation by Megan Carroll, chief of the scorekeeping unit in CBO’s Budget Analysis Division, and David Torregrosa, an analyst in CBO’s Financial Analysis Division, at the Southern Economic Association’s Annual Meetings.

Cost Estimate
H.R. 4237, Advancing Cybersecurity Diagnostics and Mitigation Act
November 21, 2019
As ordered reported by the House Committee on Homeland Security on October 23, 2019

Presentation
Reconciling Data on Transition Tax Payments: An Examination of Tax, Economic, and Financial Sources
November 21, 2019
Presentation by Molly Saunders-Scott and Jennifer Shand, analysts in CBO’s Tax Analysis Division, at the National Tax Association’s 112th Annual Conference on Taxation.

Cost Estimate
S. 2618, Bonuses for Cost-Cutters Act of 2019
November 21, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 6, 2019

Cost Estimate
S. 2749, DOTGOV Online Trust in Government Act of 2019
November 21, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 6, 2019

Presentation
The Effects on Employment and Family Income of Increasing the Federal Minimum Wage: A Presentation
November 21, 2019
Presentation by William Carrington, an analyst in CBO’s Microeconomic Studies Division, at the University of Michigan’s 67th Annual Economic Outlook Conference.

Cost Estimate
H.R. 317, Santa Ynez Band of Chumash Indians Land Affirmation Act of 2019
November 20, 2019
As ordered reported by the Senate Committee on Indian Affairs on November 6, 2019

Cost Estimate
H.R. 4329, ESG Disclosure Simplification Act of 2019
November 20, 2019
As ordered reported by the House Committee on Financial Services on September 20, 2019

Cost Estimate
H.R. 4335, 8-K Trading Gap Act of 2019
November 20, 2019
As ordered reported by the House Committee on Financial Services on September 20, 2019

Cost Estimate
H.R. 4405, Women’s Business Centers Improvements Act of 2019
November 20, 2019
As Passed by the House of Representatives on October 21, 2019

Cost Estimate
H.R. 4406, Small Business Development Centers Improvement Act of 2019
November 20, 2019
As Passed by the House of Representatives on October 21, 2019

Cost Estimate
S. 1439, Maritime Administration Authorization and Enhancement Act of 2019
November 20, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on May 15, 2019

Cost Estimate
S. 2472, Neil A. Armstrong Test Facility Act
November 20, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019

Cost Estimate
S. 2513, REPORT Act
November 20, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 6, 2019

Cost Estimate
H.R. 1309, Workplace Violence Prevention for Health Care and Social Service Workers Act
November 19, 2019
As posted on the website of the House Committee on Rules on November 14, 2019 (Rules Committee Print 116-37) with a Manager’s Amendment

Cost Estimate
H.R. 2398, a bill to amend the United States Housing Act of 1937 and title 38, United States Code, to expand eligibility for the HUD-VASH program, to direct the Secretary of Veterans Affairs to submit annual reports to the Committees...
November 19, 2019
As ordered reported by the House Committee on Financial Services on November 14, 2019

Cost Estimate
S. 2299, PIPES Act of 2019
November 19, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on July 31, 2019

Cost Estimate
S. 2779, Luke and Alex School Safety Act of 2019
November 19, 2019
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on November 6, 2019

Cost Estimate
S. 860, Jackson Gulch Rehabilitation Project Modification Act
November 19, 2019
As ordered reported by the Senate Committee on Energy and Natural Resources on September 25, 2019

FASB

FASB Issues Proposed Accounting Standards Update—Codification Improvements [11/26/19]
Exposure Document

FASB Issues Narrow-Scope Improvements to Credit Losses Standard  [11/26/19]
Media Advisory 
ASU 2019-11

FASB Names New Members to Its Not-for-Profit Advisory Committee  [11/25/19]
Media Advisory

Investor Advisory Committee  [11/20/19] 
November 12, 2019 Meeting Recap

GAO

Water Scarcity:
DOD Has Not Always Followed Leading Practices to Identify At-Risk Installations
GAO-20-98:Published: Nov 27, 2019. Publicly Released: Nov 27, 2019.

Securities and Exchange Commission:
Division of Enforcement Should Document Its Procedures for Generating Public Reports
GAO-20-47:Published: Oct 28, 2019. Publicly Released: Nov 27, 2019. 

Airports:
Information on Prices for Aviation Services and FAA's Oversight of Grant Requirements
GAO-20-16:Published: Nov 26, 2019. Publicly Released: Nov 26, 2019.

Army Corps of Engineers:
Evaluations of Flood Risk Management Projects Could Benefit from Increased Transparency
GAO-20-43:Published: Nov 26, 2019. Publicly Released: Nov 26, 2019. 

Defense Procurement:
Ongoing DOD Fraud Risk Assessment Efforts Should Include Contractor Ownership
GAO-20-106:Published: Nov 25, 2019. Publicly Released: Nov 25, 2019.

Naval Shipyards:
Key Actions Remain to Improve Infrastructure to Better Support Navy Operations
GAO-20-64:Published: Nov 25, 2019. Publicly Released: Nov 25, 2019.

Child Welfare:
Various HHS Offices Provided Input on Decision to Grant Exception from Religious Nondiscrimination Requirement
GAO-20-69R:Published: Oct 25, 2019. Publicly Released: Nov 25, 2019.  

Defense Procurement:
Ongoing DOD Fraud Risk Assessment Efforts Should Include Contractor Ownership
GAO-20-106:Published: Nov 25, 2019. Publicly Released: Nov 25, 2019.

Defense Acquisitions:
DOD's Use of Other Transactions for Prototype Projects Has Increased
GAO-20-84:Published: Nov 22, 2019. Publicly Released: Nov 22, 2019.

Climate Resilience:
A Strategic Investment Approach for High-Priority Projects Could Help Target Federal Resources
GAO-20-127:Published: Oct 23, 2019. Publicly Released: Nov 22, 2019.

Coast Guard:
Assessing Deployable Specialized Forces' Workforce Needs Could Improve Efficiency and Reduce Potential Overlap or Gaps in Capabilities
GAO-20-33:Published: Nov 21, 2019. Publicly Released: Nov 21, 2019.

Defense Health Care:
Opportunities to Improve Future TRICARE Managed Care Support Contract Transitions
GAO-20-39:Published: Nov 21, 2019. Publicly Released: Nov 21, 2019.

Federal Research:
Additional Actions Needed to Improve Public Access to Research Results
GAO-20-81:Published: Nov 21, 2019. Publicly Released: Nov 21, 2019.

Iraq:
Characteristics of the Office of Security Cooperation-Iraq and How It Compares to Other DOD Security Cooperation Organizations
GAO-20-196R:Published: Nov 21, 2019. Publicly Released: Nov 21, 2019.

Aviation Security:
TSA Coordinates with Stakeholders on Changes to Screening Rules but Could Clarify Its Review Processes and Better Measure Effectiveness
GAO-20-72:Published: Nov 20, 2019. Publicly Released: Nov 20, 2019.

Environmental Justice:
Federal Agencies Could Benefit from a Strategic Approach to Assess Progress
GAO-20-290T:Published: Nov 20, 2019. Publicly Released: Nov 20, 2019.

Rental Housing Assistance:
HUD Should Strengthen Physical Inspection of Properties and Oversight of Lead Paint Hazards
GAO-20-277T:Published: Nov 20, 2019. Publicly Released: Nov 20, 2019.

Surface Transportation:
TSA Should Improve Coordination Procedures for Its Security Training Program
GAO-20-185:Published: Nov 20, 2019. Publicly Released: Nov 20, 2019.

Financial Audit:
Federal Housing Finance Agency's FY 2019 and FY 2018 Financial Statements
GAO-20-198R:Published: Nov 19, 2019. Publicly Released: Nov 19, 2019.

Performance and Accountability Report Fiscal Year 2019
GAO-20-1SP:Published: Nov 19, 2019. Publicly Released: Nov 19, 2019.

SBA Microloan Program:
Opportunities Exist to Strengthen Program Performance Measurement, Collaboration, and Reporting
GAO-20-49:Published: Nov 19, 2019. Publicly Released: Nov 19, 2019.

Transportation Security:
DHS Should Communicate the National Strategy's Alignment with Related Strategies to Guide Federal Efforts
GAO-20-88:Published: Nov 19, 2019. Publicly Released: Nov 19, 2019.

Tribal Programs:
Resource Constraints and Management Weaknesses Can Limit Federal Program Delivery to Tribes
GAO-20-270T:Published: Nov 19, 2019. Publicly Released: Nov 19, 2019.

U.S. Virgin Islands Recovery:
Additional Actions Could Strengthen FEMA's Key Disaster Recovery Efforts
GAO-20-54:Published: Nov 19, 2019. Publicly Released: Nov 19, 2019.

IASB

02 December 2019
Join the Foundation—Communications Manager

Guide—How to select and apply accounting policies?

21 November 2019
IFRS 17 podcast on November IASB meeting now available

19 November 2019
October 2019 Global Preparers Forum meeting summary available

IRS 

Get ready for taxes: Important things to know about refunds
IR-2019-191, November 26, 2019 — As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer.

IRS updates per diem guidance for business travelers and their employers
IR-2019-190, November 26, 2019 — The Internal Revenue Service today issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA).

Final regulations confirm: Making large gifts now won’t harm estates after 2025
IR-2019-189, November 22, 2019 — The Treasury Department and the IRS today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

IRS announces 2020 Tax Counseling for the Elderly Grants
IR-2019-188, November 22, 2019 — The IRS recently awarded more than $9.8 million in TCE grants to organizations that provide free federal tax return preparation.

IRS Advisory Council issues 2019 Annual Report
IR-2019-187, November 20, 2019 — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2019, including recommendations to the IRS on new and continuing issues in tax administration.

IRS reminds tax professionals of tasks to get ready for 2020
IR-2019-186, November 19, 2019 — The IRS today reminded tax professionals to review their e-Services account to ensure all contact information is accurate and to add or remove users. Reviewing e-Services information is just one of the tasks tax pros should complete now to get ready for 2020.

NYC Dept. of Finance 

November 19, 2019
Testimony of Deputy Commissioner Jeffrey Shear before the City Council Finance and Government Operations Committee.

NYS Dept. of Taxation and Finance

State Encourages New Yorkers to Shop Locally on “Small Business Saturday”

Cartons of Contraband Cigarettes Found Behind Sliding Door in Refrigerator

Holiday Shoppers Ring Up Savings with NYS Sales Tax Exemptions

Start, Grow, or Expand Your Business by Taking Advantage of Valuable Incentives in New York State

PCAOB

PCAOB Approves 2020 Budget, Reaffirms Strategic Direction
Nov. 19, 2019

SEC

SEC Halts Penny Stock Scheme Targeting Seniors
Nov. 27, 2019

SEC Revokes Registration of Adviser Engaged in $60 Million Fraud
Nov. 26, 2019

SEC Charges Biotech Company and Executives With Accounting Fraud
Nov. 26, 2019

SEC Proposes to Modernize Regulation of the Use of Derivatives by Registered Funds and Business Development Companies
Nov. 25, 2019

SEC Charges Former Top Executives of Healthcare Advertising Company With $487 Million Fraud
Nov. 25, 2019

SEC Announces Conference on Macroeconomic and Structural Trends and Dynamics Affecting the Capital Markets
Nov. 20, 2019

SEC Halts Ponzi scheme Targeting Seniors and Small Business Owners
Nov. 19, 2019

TIGTA

November 21, 2019
Improvements Are Needed to Ensure That Consistent Suitability Checks Are Performed for Participation in Internal Revenue Service Programs [PDF]
Highlights

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