Regulatory Roundup: Oct. 31 - Nov. 6

By:
Chris Gaetano
Published Date:
Nov 6, 2018

AICPA 

Press Release
New IRS Commissioner Charles P. Rettig Headlines AICPA National Tax Conference on November 12 and 13
Speakers will discuss timely topics related to the Tax Cuts and Jobs Act, including QBI, meal and entertainment deductions and real estate, as well as IRS challenges and priorities.November 6, 2018

Press Release
Two CPAs Recognized for Volunteer Service in Forensics and Valuation
AICPA is pleased to announce that Bethany Hearn has been named Business Valuation Volunteer of the Year, and David Duffus has been awarded the Forensic and Litigation Services Volunteer of the Year.
November 6, 2018

Press Release
AICPA Honors 26 Young CPAs with FVS ‘Standing Ovation'
AICPA is pleased to announce the 26 young CPAs who received the Forensic and Valuation Services (FVS) Standing Ovation for contributions in their accounting specialty areas and in their communities.
November 6, 2018

Press Release
AICPA Sends IRS Extensive Set of Recommendations Regarding Section 965 Transition Tax
The AICPA listed 15 recommendations that would provide clarification and guidance for U.S. owners of certain foreign corporations subject to the tax.
November 5, 2018

Press Release
AICPA Awards 25 Fellowships Minority Scholars
To help create a workforce better reflecting the communities it serves, the AICPA has award 25 minority scholars doctoral fellowships to help them earn their PhD.s.
October 31, 2018

CBO

Cost Estimate
H.R. 2630, La Paz County Land Conveyance Act
November 1, 2018

Cost Estimate
H.R. 6434, a bill to amend section 7 of Public Law 100-515 (16 U.S.C. 1244 note) to promote continued use of the James J. Howard Marine Sciences Laboratory at Gateway National Recreation Area by the National Oceanic and Atmospheric Administration
November 1, 2018

Cost Estimate
S. 90, Red River Gradient Boundary Survey Act
November 1, 2018

Cost Estimate
S. 2297, Custer County Airport Conveyance Act
November 1, 2018

Cost Estimate
H.R. 6682, Protection and Transparency for Adjacent Landowners Act
November 1, 2018

Cost Estimate
S. 3245, Lake Fannin Conveyance Act
November 1, 2018

Cost Estimate
H.R. 5859, Education and Energy Act of 2018
October 31, 2018

Cost Estimate
S. 941, Yellowstone Gateway Protection Act
October 31, 2018

Cost Estimate
S. 3554, a bill to extend the effective date for the sunset for collateral requirements for Small Business Administration disaster loans
October 31, 2018

Cost Estimate
H.R. 6754, CIRCUIT Act of 2018
October 31, 2018

FASB

FASB Improves Accounting for Collaborative Arrangements  [11/05/18]
Media Advisory
ASU 2018-18

FASB Staff Paper Provides Educational Examples of Revenue Recognition Implementation for Private Company Franchisors [11/05/18]
Media Advisory
Staff Paper

FASB Improves Consolidation Accounting  [10/31/18]
News Release
ASU 2018-17
FASB In Focus

GAO

Defense Logistics:
Actions Needed to Enhance the Security of High-Risk Ammunition at Storage Locations
GAO-19-118:Published: Nov 5, 2018. Publicly Released: Nov 5, 2018.

Federal Real Property Asset Management:
Agencies Could Benefit from Additional Information on Leading Practices
GAO-19-57:Published: Nov 5, 2018. Publicly Released: Nov 5, 2018.

Dam Safety:
FERC Should Analyze Portfolio-Wide Risks
GAO-19-19:Published: Oct 5, 2018. Publicly Released: Nov 5, 2018.

Nuclear Weapons Sustainment:
Fiscal Year 2018 Nuclear Forces Budget Estimates
GAO-19-127R:Published: Nov 2, 2018. Publicly Released: Nov 2, 2018.

Defense Nuclear Enterprise:
DOD Continues to Address Challenges but Needs to Better Define Roles and Responsibilities and Approaches to Collaboration
GAO-19-29:Published: Nov 1, 2018. Publicly Released: Nov 1, 2018.

Supplemental Nutrition Assistance Program:
Disseminating Information on Successful Use of Data Analytics Could Help States Manage Fraud Risks
GAO-19-115:Published: Oct 2, 2018. Publicly Released: Nov 1, 2018.

IASB

05 November 2018
The IFRS Foundation Technology Initiative

02 November 2018
November IASB meeting agenda papers now available

01 November 2018
IFRS Taxonomy 2018 now available in Spanish

01 November 2018
IFRS 17 implementation—the next TRG meeting will be held on 4 April 2019

31 October 2018
Share-based Payment Project Summary now available

31 October 2018
IASB clarifies its definition of 'material'

IRS 

IRS announces 2019 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program grants
IR-2018-215, Nov. 6, 2018 — The IRS recently awarded over $24 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation.

Get Ready for Taxes: Renew expiring ITINs now to file a return next year
IR-2018-214, November 5, 2018 — The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible.

IRS, Free File Alliance announce changes to improve program; Improved taxpayer options available for 2019 Free File program
IR-2018-213, November 2, 2018 — The Internal Revenue Service announced today an agreement with the Free File Alliance that will strengthen and expand taxpayer options for people choosing to use the free online software program during the 2019 filing season.

IRSAC expands to cover more areas of the IRS; IRPAC and ACT to join centralized advisory committee in 2019
IR-2018-212, Nov. 1, 2018 — The IRS announced today that the Internal Revenue Service Advisory Committee’s role will expand in 2019 to have a wider portfolio and incorporate two other advisory groups.

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000
IR-2018-211, Nov. 1, 2018 — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.

IRS issues proposed regulations reducing potential income inclusions for certain domestic corporations that own stock in foreign corporations
IR-2018-210, Oct. 31, 2018 — The Internal Revenue Service today issued proposed regulations  reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs). 

NYC Dept. of Finance 

November 1, 2018
FY18 Annual Report on Department of Finance Collection of ECB Judgment Debt

PCAOB

George Botic Named PCAOB Director of Registration and Inspections (Nov. 1, 2018)

Liza McAndrew Moberg named PCAOB Director of International Affairs (Nov. 1, 2018)

PCAOB  Sanctions Deloitte Mexico Partners for Deficiencies and Misrepresentations in Audit of Mexican Subsidiary (Oct. 31, 2018)

SEC

SEC Adopts Rules That Increase Information Brokers Must Provide to Investors on Order Handling
Nov. 2, 2018

SEC Enforcement Division Issues Report on FY 2018 Results
Nov. 2, 2018

SEC Issues Statement on Certain Provisions of Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
Oct. 31, 2018

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