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Regulatory Roundup: April 4–10

By:
S.J. Steinhardt
Published Date:
Apr 10, 2023

CBO

Cost Estimate

S. 206, END FENTANYL Act
April 10, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Report
Answers to Questions for the Record Following a Hearing on CBO’s Appropriation Request for Fiscal Year 2024
April 6, 2023
The Subcommittee on the Legislative Branch of the Senate Committee on Appropriations convened a hearing at which Phillip L. Swagel, CBO's Director, testified. This document provides CBO’s answers to questions submitted for the record.

Cost Estimate
H.R. 1684, Haiti Criminal Collusion Transparency Act of 2023
April 6, 2023
As ordered reported by the House Committee on Foreign Affairs on March 28, 2023

Cost Estimate
H.R. 734, Protection of Women and Girls in Sports Act of 2023
April 6, 2023
As ordered reported by the House Committee on Education and the Workforce on March 9, 2023

Cost Estimate
S. 917, Securing Open Source Software Act of 2023
April 6, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate
H.R. 1360, American Cybersecurity Literacy Act
April 4, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 314, Fighting Oppression until the Reign of Castro Ends Act
April 4, 2023
As ordered reported by the House Committee on Foreign Affairs on March 28, 2023

Cost Estimate
S. 257, Banning Operations and Leases with the Illegitimate Venezuelan Authoritarian Regime Act
April 4, 2023
As reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Blog Post
CBO Named Top Federal Workplace Among Small Agencies
April 5, 2023
CBO has again been recognized by the Partnership for Public Service as one of the Best Places to Work in the Federal Government. CBO placed No. 1 in the small-agency category in the latest Best Places to Work ranking, which is for 2022.

Cost Estimate
S. 264, Lobbying Disclosure Improvement Act
April 5, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate
S. 349, Military Spouse Employment Act
April 5, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate
S. 829, Disclosing Foreign Influence in Lobbying Act
April 5, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Report
The Foreign-Born Population, the U.S. Economy, and the Federal Budget
April 5, 2023
Immigration increases total economic output, although not necessarily output per person. It also affects the federal budget through the taxes that foreign-born people pay and the government programs in which they participate.

Cost Estimate
H.R. 1340, Open RAN Outreach Act
April 4, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 1360, American Cybersecurity Literacy Act
April 4, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate
H.R. 314, Fighting Oppression until the Reign of Castro Ends Act
April 4, 2023
As ordered reported by the House Committee on Foreign Affairs on March 28, 2023

Cost Estimate
S. 257, Banning Operations and Leases with the Illegitimate Venezuelan Authoritarian Regime Act
April 4, 2023
As reported by the Senate Committee on Homeland Security and Governmental Affairs on March 29, 2023

Cost Estimate

H.R. 1345, NTIA Policy and Cybersecurity Coordination Act
April 3, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

Cost Estimate

H.R. 1377, Promoting United States Wireless Leadership Act of 2023
April 3, 2023
As ordered reported by the House Committee on Energy and Commerce on March 24, 2023

FASB

Not-for-Profit Advisory Committee Meeting Recap—March 23, 2023
April 4, 2023

GAO

Capital Investment Grants Program:
Cost Predictions Have Improved, but the Pandemic Complicates Assessing Ridership Predictions
GAO-23-105479
Published:  . Publicly Released:  .
The Federal Transit Administration's Capital Investment Grants program helps cities, states, and localities build transit systems such as commuter rail. Grant applicants must develop capital cost and ridership predictions. FTA uses the predictions to help select projects and to later determine if a project delivered expected results. FTA has developed methods to help applicants make better predictions, such as by assessing how various factors may...

Satellite Control Network:
Updating Sustainment Plan Would Help Space Force Better Manage Future Efforts
GAO-23-105505
Published:  . Publicly Released:  
Space Force—a branch of the U.S. military—runs a network of 19 antennas around the world that communicate with and control U.S. government satellites. This network is aging and difficult to maintain. At the same time, demand on the network is increasing as more satellites are launched. Space Force's long-term plan to sustain this network hasn't been updated since 2017, so it doesn't reflect recent acquisitions...

Military Housing:
DOD Can Further Strengthen Oversight of Its Privatized Housing Program

GAO-23-105377
Published:
Publicly Released:
Private-sector companies own and operate about 99% of homes at U.S. military installations. Laws put in place since 2019 increased DOD's responsibilities to oversee this housing. DOD has taken steps to address requirements but could do more. For example, DOD: Provided residents with a formal dispute resolution process and access to a tenant advocate, but should improve advocates' training, provide residents better information, and solicit...

Software Acquisition:
Additional Actions Needed to Help DOD Implement Future Modernization Efforts

GAO-23-105611
Published:
Publicly Released:
To respond to evolving threats, DOD has to develop and deliver software-based weapon and IT systems quickly. DOD has started modernizing its software technologies, policies, and workforce to achieve this. A few years ago, DOD's advisory committees on science and innovation recommended ways to improve its software development and acquisitions. DOD has at least partially implemented all of those recommendations. For example, DOD improved training...

Coast Guard Health Care:
Additional Actions Could Help Ensure Beneficiaries' Access

GAO-23-105574
Published:
Publicly Released:
The Coast Guard must ensure its active duty personnel and their families have timely access to health care. Personnel can access some outpatient care at Coast Guard clinics. Specialty care is available via military medical facilities or civilian providers in DOD's TRICARE plan. But we found: Many Coast Guard units aren't near military medical facilities About 40% of Coast Guard clinics are in areas with...

Government Performance Management:
Actions Needed to Improve Transparency of Cross-Agency Priority Goals

GAO-23-106354
Published:
Publicly Released:
The Office of Management and Budget must develop cross-agency priority goals to guide agency collaboration on the government's big challenges, like financial management. These 4-year goals are part of the President's Management Agenda. We found that the current goals could be more: Complete—OMB set goals for 3 of 5 required management areas, with no goals for managing IT or federal real property Timely—OMB publicly set...

Department of Education:
Employment Information for Key Grant Programs that Foster Expertise in World Languages and Cultures

GAO-23-105971
Published:
Publicly Released:
Many career fields—such as diplomacy, national security, and business—need individuals with knowledge of languages and the world. The Department of Education provides funding to universities to develop experts with such credentials and grant fellowships to students. The 27 grantee universities we looked at encouraged students to pursue employment in certain fields by developing students' language skills and knowledge about other cultures and offering career services...

Overseas Real Property:
State Should Improve Strategic Workforce Planning for Facilities Maintenance Staff

GAO-23-105401
Published:
Publicly Released:
The State Department maintains properties at over 275 posts worldwide. As of FY 2020, the properties had a maintenance backlog of $3 billion. State's efforts to address this backlog are complicated by challenges with hiring and retaining maintenance staff. For its maintenance workforce, State has adopted most leading practices in strategic workforce planning. Adopting the remaining practices would help the agency better understand this workforce...

IASB

April 2023 supplementary IASB meeting: International Tax Reform—Pillar Two Model Rules agenda and meeting papers now available
Meeting
6 Apr 2023

April 2023 supplementary ISSB Update now available
Update
5 Apr 2023

February 2023 IFRS Advisory Council meeting summary now available
Meeting
5 Apr 2023

Join the Staff—Events Manager (Maternity Cover)
Careers
5 Apr 2023

Join the Staff—Communications Manager: Stakeholder Engagement (Fixed term contract)
Careers
5 Apr 2023

ISSB decides to prioritise climate-related disclosures to support initial application
Meeting
4 Apr 2023

IFRS Foundation publishes 2022 Annual Report
Announcement
4 Apr 2023

IRS

IRS: Tennessee storm victims qualify for tax relief; April 18 deadline, other dates extended to July 31
IR-2023-75, April 10, 2023 — Tennessee storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Treasury and IRS propose regulations identifying micro-captive transactions as abusive tax transactions
IR-2023-74, April 10, 2023 — The Treasury Department and Internal Revenue Service today issued proposed regulations identifying certain micro-captive transactions as “listed transactions” and certain other micro-captive transactions as “transactions of interest.”

Treasury, IRS issue safe harbor deed language for extinguishment and boundary line adjustment clauses
IR-2023-73, April 10, 2023 — The Treasury Department and Internal Revenue Service today issued Notice 2023-30 providing safe harbor deed language for extinguishment and boundary line adjustment clauses as required by the SECURE 2.0 Act of 2022. Notice 2023-30 will be published in the Internal Revenue Bulletin on April 24.

IRS unveils Strategic Operating Plan; ambitious effort details a decade of change
IR-2023-72, April 6, 2023 — Following months of work, the Internal Revenue Service today unveiled its Strategic Operating Plan, an ambitious effort to transform the tax agency and dramatically improve service to taxpayers and the nation during the next decade.

IRS wraps up 2023 Dirty Dozen list; reminds taxpayers and tax pros to be wary of scams and schemes, even after tax season
IR-2023-71, April 5, 2023 — The Internal Revenue Service wrapped up the annual Dirty Dozen list of tax scams for 2023 with a reminder for taxpayers, businesses and tax professionals to watch out for these schemes throughout the year, not just during tax season.

IRS revises Form 8940, Request for Miscellaneous Determination, as part of ongoing efforts to improve service, allow electronic filing
IR-2023-70, April 4, 2023 — As part of ongoing efforts to improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 8940, Request for Miscellaneous Determination, and its instructions to allow electronic filing.

IRS issues guidance on eligibility requirement for energy communities for the bonus credit program under the Inflation Reduction Act
IR-2023-69, April 4, 2023 — The Internal Revenue Service today issued Notice 2023-29 that describes certain rules that the IRS intends to include in forthcoming proposed regulations for determining what constitutes an energy community for the production and investment tax credits.

NYS

Tax Time! Protect Your Personal Information and Refund When Filing Taxes
April 6, 2023

Claim the Tax Credits You Deserve – and File for Free!
April 4, 2023

SEC

Registration Opens for the SEC’s 42nd Annual Small Business Forum to Impact Capital Raising Policy
2023-76
Washington D.C., April 6, 2023 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation has opened registration for the SEC’s 42nd Annual Government-Business Forum on Small Business Capital Formation, which will take place April 24-27. The virtual forum will run each day from 1-2:30 p.m. ET and will feature speakers, including SEC Commissioners, with in-depth knowledge of the issues facing small businesses and their investors. Sessions will focus on the following topics:

SEC’s OMWI FY 2022 Annual Report Highlights the Agency’s Diversity, Equity, and Inclusion Initiatives and Progress
2023-75
Washington D.C., April 4, 2023 — The Securities and Exchange Commission’s Office of Minority and Women Inclusion (OMWI) today released its Fiscal Year (FY) 2022 Annual Report to Congress. The report summarizes the SEC’s actions and achievements towards promoting diversity, equity, inclusion, and accessibility (DEIA) in the SEC’s workforce, increasing opportunities for minority-owned and women-owned businesses, and leveraging DEIA for mission effectiveness.

SEC Charges Founder of Frank with Fraud in Connection with $175 million Sale of Student Loan Assistance Company
2023-74
Washington D.C., April 4, 2023 — The Securities and Exchange Commission today charged Charlie Javice, the founder of the now shuttered student loan assistance company previously known as Frank, with fraud in connection with the $175 million sale of the company to JPMorgan Chase Bank, N.A., (JPMC) in 2021. The SEC’s complaint alleges that Javice orchestrated a scheme to deceive JPMC into believing that Frank had access to valuable data on 4.25 million students who used Frank’s service when in reality the number was less than 300,000.

SEC Charges Merrill Lynch for Failing to Disclose Foreign Exchange Fees to Clients
2023-73
Washington D.C., April 3, 2023 — The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith Incorporated for charging advisory clients more than $4 million in undisclosed foreign exchange fees for transfers to or from their accounts. To settle the charges, Merrill Lynch has agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling more than $9.5 million and has agreed to distribute funds to harmed clients.

SEC Charges Chatham Asset Management and Founder Anthony Melchiorre for Improper Fixed Income Securities Trading
2023-72
Washington D.C., April 3, 2023 — The Securities and Exchange Commission today charged New Jersey-based Chatham Asset Management LLC and its founder, Anthony Melchiorre, in connection with improper trading of certain fixed income securities. Chatham and Melchiorre agreed to pay more than $19.3 million in combined disgorgement, prejudgment interest, and civil penalties to settle the charges.

TIGTA

Results of the 2022 Filing Season
Report Number 2023-40-021
March 30, 2023

Significant Progress Has Been Made Implementing the Taxpayer First Act
Report Number 2023-15-022
March 29, 2023

Click here to see more of the latest news from the NYSSCPA.