Regulatory Roundup: April 4-10

By:
Chris Gaetano
Published Date:
Apr 10, 2018

AICPA

April 4
AICPA Requests Additional Guidance from IRS Related to Reporting of Income from Certain Specified Foreign Corporations

CBO 

Blog Post
CBO Director’s Statement About the Budget and Economic Outlook for 2018 to 2028
April 9, 2018

Presentation
An Overview of The Budget and Economic Outlook: 2018 to 2028
April 9, 2018

Report
The Budget and Economic Outlook: 2018 to 2028
April 9, 2018

Report
Monthly Budget Review for March 2018
April 6, 2018

Cost Estimate
H.R. 5133, Federal Land Transaction Facilitation Act Reauthorization of 2018
April 5, 2018

Cost Estimate
S. 2413, Bridge Contract Transparency and Accountability Act of 2018
April 5, 2018

Cost Estimate
S. 1059, Responsible Disposal Reauthorization Act of 2017
April 5, 2018

Cost Estimate
H.R. 2152, Citizens’ Right to Know Act of 2018
April 5, 2018

Cost Estimate
H.R. 5086, Innovators to Entrepreneurs Act of 2018
April 5, 2018

Cost Estimate
H.R. 4895, Medgar Evers Home National Monument Act
April 5, 2018

Cost Estimate
H.R. 5076, Small Bank Exam Cycle Improvement Act of 2018
April 5, 2018

Cost Estimate
H.R. 4790, Volcker Rule Regulatory Harmonization Act
April 4, 2018

FAF

Financial Accounting Foundation Names Elizabeth Ann Garti as Vice President, Human Resources [04/09/18]
News Release

GAO

Rail Transit:
Federal Transit Administration Can Strengthen Safety Oversight by Improving Guidance to States
GAO-18-310:Published: Mar 20, 2018. Publicly Released: Apr 9, 2018.

Federal Health Insurance Exchange:
CMS Needs to Ensure Complete Accurate Data on Terminations of Coverage for Nonpayment of Premiums
GAO-18-269:Published: Mar 9, 2018. Publicly Released: Apr 9, 2018.

NASA Contractor Whistleblowers:
Steps Taken to Implement Program but Improvements to Timeliness and Guidance Needed
GAO-18-262:Published: Mar 8, 2018. Publicly Released: Apr 9, 2018.

Management Report:
Areas for Improvement in the Federal Reserve Banks' Information System Controls
GAO-18-334R:Published: Apr 5, 2018. Publicly Released: Apr 5, 2018.

Coal Mine Reclamation:
Federal and State Agencies Face Challenges in Managing Billions in Financial Assurances
GAO-18-305:Published: Mar 6, 2018. Publicly Released: Apr 5, 2018.

Electronic Health Information:
CMS Oversight of Medicare Beneficiary Data Security Needs Improvement
GAO-18-210:Published: Mar 6, 2018. Publicly Released: Apr 5, 2018.

K-12 Education:
Discipline Disparities for Black Students, Boys, and Students with Disabilities
GAO-18-258:Published: Mar 22, 2018. Publicly Released: Apr 4, 2018. 

IASB

10 April 2018
March 2018 IFRS for SMEs Update published

10 April 2018
Investor Perspectives: Insurance Contracts—Accounting to reflect economics

IRS 

IRS, Summit Partners warn on tax deadline scams, ‘IRS Refunds’ email
IR-2018-88 April 9, 2018 — With the April 17 tax deadline approaching, the IRS and Security Summit partners urge taxpayers and tax professionals to be alert to identity theft scams, especially a new email version currently pretending to be from “IRS Refunds.”

IRS reminds those with foreign assets about U.S. tax obligations
IR-2018-87, April 9, 2018 — The IRS today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement.

Rushing to file taxes can result in errors; e-file decreases errors, extensions available
IR-2018-86, April 6, 2018 — As the April 17 tax-filing deadline nears, many taxpayers may rush to finish their tax returns or find that extra time is needed to get them done.

Free tax preparation services available nationwide for those who qualify
IR-2018-85, April 5, 2018 –– The IRS reminded taxpayers today that they may qualify for free tax help at over 11,000 VITA sites nationwide.

NYS Dept. of Taxation and Finance

Can’t Meet the April 17 Tax Filing Deadline? Request a Filing Extension

PCAOB

Duane M. DesParte is Sworn in as PCAOB Board Member

SEC

SEC Obtains Emergency Freeze of $27 Million in Stock Sales of Purported Cryptocurrency Company Longfin
Washington D.C., April 6, 2018 — The Securities and Exchange Commission has obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin Corp. stock involving the company, its CEO, and three other affiliated individuals.

SEC Charges Medical Device Company The Eye Machine and Founder Pocklington With Fraud
Washington D.C., April 5, 2018 — The Securities and Exchange Commission today charged convicted felon and former NHL team owner Peter H. Pocklington, his medical device company, and others with defrauding investors by hiding Pocklington’s recidivist history and by misappropriating investor funds.

SEC Awards More Than $2.2 Million to Whistleblower Who First Reported Information to Another Federal Agency Before SEC
Washington D.C., April 5, 2018 — The Securities and Exchange Commission today announced a whistleblower award of more than $2.2 million to a former company insider whose tips helped the agency open an investigation that led to an enforcement action.  The whistleblower first reported the information to another federal agency and later provided the same information to the SEC. 

SEC Warns of Government Impersonators
Washington D.C., April 4, 2018 —The Securities and Exchange Commission today issued an Investor Alert warning investors of fraudsters claiming to be SEC employees in an attempt to trick investors into sending money or revealing sensitive account information. The alert makes clear that the SEC does not contact investors to confirm trades, set up trading accounts, or record the details of trades.  The alert also notes that federal government agencies, including the SEC, do not endorse or sponsor any particular securities, issuers, products, services, professional credentials, firms, or individuals.

TIGTA

April 4, 2018
The Internal Revenue Service Should Consider Modifying the Form 1040 to Increase Earned Income Tax Credit Participation by Eligible Tax Filers [PDF]

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