Regulatory Roundup: April 9-15

By:
Chris Gaetano
Published Date:
Apr 15, 2019

AICPA 

Press Release
AICPA Comments on Guidance Regarding Qualified Business Income Deduction
The AICPA made recommendations in five areas, including safe harbor for rental real estate and deemed trade or business for all commonly-owned arrangements.
April 12, 2019

Press Release
AICPA Recognizes Top 2018 CPA Exam Performers with Elijah Watt Sells Award
110 CPA candidates met the criteria for the 2018 Elijah Watt Sells Award and were honored for their performance on the CPA Exam.
April 11, 2019

Press Release
AICPA Statement about House Passage of IRS Modernization Bill
Edward S. Karl, CPA, CGMA, vice president of taxation, expressed appreciation for the House's passage of an IRS modernization bill and stressed the need to create a tax practitioner services division.
April 9, 2019

CBO

Cost Estimate
S. 512, Seniors Fraud Prevention Act of 2019
April 11, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 3, 2019

Cost Estimate
S. 542, the Interstate Transport Act of 2019
April 11, 2019
As ordered reported by the Senate Committee on Commerce, Science, and Transportation on April 3, 2019

Blog Post
CBO Begins Posting Narrated Presentations
April 11, 2019
To make the slides from presentations given by its staff members more informative, CBO is beginning to include narration with some of them. The first examples involve our most recent 10-year economic forecast and our analysis of the Navy’s 2019 shipbuilding plan.

Report
Testimony on CBO’s Appropriation Request for Fiscal Year 2020
April 10, 2019
Director Keith Hall testifies on CBO’s appropriation request for fiscal year 2020 before the Senate Appropriations Committee’s Subcommittee on the Legislative Branch.

Report
Expected Costs of Damage From Hurricane Winds and Storm-Related Flooding
April 10, 2019
Expected annual economic losses from most types of damage caused by hurricane winds and storm-related flooding total $54 billion—$34 billion in losses to households, $9 billion to commercial businesses, and $12 billion to the public sector.

Cost Estimate
H.R. 1496, Presidential Allowance Modernization Act of 2019
April 9, 2019
As ordered reported by the House Committee on Oversight and Reform on March 26, 2019

Presentation
The 2019 Budget and Economic Outlook
April 9, 2019
Presentation by Wendy Edelberg, an Associate Director for Economic Analysis at CBO, at the Fixed Income Forum 2019 Spring Roundtable.

Working Paper
How Do Changes in Medical Malpractice Liability Laws Affect Health Care Spending and the Federal Budget? Working Paper 2019-03
April 9, 2019
Updating its approach to estimating the effects of changes to medical malpractice liability laws on federal spending, CBO explains how and why the modeling is changing and offers a preliminary estimate of the budgetary effects.

​Cost Estimate
H.R. 865, Rebuild America’s Schools Act of 2019
As ordered reported by the House Committee on Education and Labor on February 26, 2019

Cost Estimate
H.R. 1644, Save the Internet Act of 2019
As reported by the House Committee on Energy and Commerce on April 5, 2019

FAF

One Week Remains To Nominate Candidates for FASAC Chair and PCC Positions  [04/12/19]
Media Advisory

Private Company Council  [04/10/19]
April 1-2, 2019 Meeting Recap

FASB

FASB Outlook E-Newsletter  [04/11/19]
Newsletter

GAO

Modernizing the Nuclear Security Enterprise:
NNSA Is Taking Action to Manage Increased Workload at Kansas City National Security Campus
GAO-19-126: Published: Apr 12, 2019. Publicly Released: Apr 12, 2019.

Priority Open Recommendations:
Board of Governors of the Federal Reserve System
GAO-19-355SP: Published: Apr 5, 2019. Publicly Released: Apr 12, 2019.

Priority Open Recommendations:
Department of State
GAO-19-420SP: Published: Apr 5, 2019. Publicly Released: Apr 12, 2019.

Priority Open Recommendations:
Federal Deposit Insurance Corporation
GAO-19-354SP: Published: Apr 5, 2019. Publicly Released: Apr 12, 2019.

Priority Open Recommendations:
Social Security Administration
GAO-19-394SP: Published: Apr 5, 2019. Publicly Released: Apr 12, 2019.

Tax Refund Products:
Product Mix Has Evolved and IRS Should Improve Data Quality
GAO-19-269: Published: Apr 5, 2019. Publicly Released: Apr 12, 2019.

Tax Administration:
Opportunities Exist to Improve IRS's Management of International Tax Dispute Resolution
GAO-19-81: Published: Mar 13, 2019. Publicly Released: Apr 12, 2019.

Data Center Optimization:
Additional Agency Actions Needed to Meet OMB Goals
GAO-19-241: Published: Apr 11, 2019. Publicly Released: Apr 11, 2019.

Presidential Helicopter:
Program Continues to Make Development Progress While Addressing Challenges
GAO-19-329: Published: Apr 11, 2019. Publicly Released: Apr 11, 2019.

Priority Open Recommendations:
Internal Revenue Service
GAO-19-324SP: Published: Apr 4, 2019. Publicly Released: Apr 11, 2019.

Priority Open Recommendations:
Nuclear Regulatory Commission
GAO-19-310SP: Published: Apr 4, 2019. Publicly Released: Apr 11, 2019.

Priority Open Recommendations:
Small Business Administration
GAO-19-371SP: Published: Apr 4, 2019. Publicly Released: Apr 11, 2019.

Priority Open Recommendations:
U.S. Agency for International Development
GAO-19-421SP: Published: Apr 4, 2019. Publicly Released: Apr 11, 2019.

Priority Open Recommendations:
U.S. Department of Agriculture
GAO-19-312SP: Published: Apr 4, 2019. Publicly Released: Apr 11, 2019

Child Nutrition:
Observations on USDA Actions to Improve Program Integrity and Address Improper Payments
GAO-19-506T: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.

Fiscal Year 2020 Budget Request:
U.S. Government Accountability Office
GAO-19-451T: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.

The Nation's Fiscal Health:
Action Is Needed to Address the Federal Government's Fiscal Future
GAO-19-314SP: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.

VA Management Challenges:
Actions Needed to Improve Management and Oversight of VA Operations
GAO-19-422R: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.

Veterans Health Care:
VA Needs to Address Challenges as It Implements the Veterans Community Care Program
GAO-19-507T: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.

Priority Open Recommendations:
Department of Education
GAO-19-396SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.

Priority Open Recommendations:
Department of Housing and Urban Development
GAO-19-380SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.

Priority Open Recommendations:
Department of Labor
GAO-19-395SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.

Priority Open Recommendations:
Department of the Treasury
GAO-19-325SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.

Priority Open Recommendations:
Office of Personnel Management
GAO-19-322SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.

Priority Open Recommendations:
Securities and Exchange Commission
GAO-19-379SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.

FEMA Grants Modernization:
Improvements Needed to Strengthen Program Management and Cybersecurity
GAO-19-164:Published: Apr 9, 2019. Publicly Released: Apr 9, 2019.

Military Spouse Employment:
Participation in and Efforts to Promote the My Career Advancement Account Program
GAO-19-320R:Published: Apr 9, 2019. Publicly Released: Apr 9, 2019.

Columbia Class Submarine:
Overly Optimistic Cost Estimate Will Likely Lead to Budget Increases
GAO-19-497: Published: Apr. 8, 2019 Publicly Released: Apr. 8, 2019

Ground Combat Forces:
The Marine Corps Should Take Actions to Track Training Funds and Link Them to Readiness
GAO-19-233: Published: Apr. 8, 2019 Publicly Released: Apr. 8, 2019

Priority Open Recommendations:
Department of Defense
GAO-19-366SP: Published: Mar. 28, 2019 Publicly Released: Apr. 8, 2019

Priority Open Recommendations:
Department of Health and Human Services
GAO-19-364SP: Published: Mar. 28, 2019 Publicly Released: Apr. 8, 2019

Priority Open Recommendations:
Department of Veterans Affairs
GAO-19-358SP: Published: Mar. 28, 2019 Publicly Released: Apr. 8, 2019

Small Business Administration:
Key Entrepreneurship Programs and Activities Do Not Specifically Target Historically Black Colleges and Universities, but Collaboration Exists with Some Schools
GAO-19-328R: Published: Mar. 7, 2019 Publicly Released: Apr. 8, 2019

Streamlining Government:
OMB and GSA Could Strengthen Their Approach to Implementing a New Shared Services Plan
GAO-19-94: Published: Mar. 7, 2019 Publicly Released: Apr. 8, 2019

Workforce Automation:
Better Data Needed to Assess and Plan for Effects of Advanced Technologies on Jobs
GAO-19-257: Published: Mar. 7, 2019 Publicly Released: Apr. 8, 2019

IASB

12 April 2019
April IASB Update published

12 April 2019
April 2019 TRG for IFRS 17 meeting summary and podcast available

10 April 2019
Issue 18 of the Investor Update published

10 April 2019
Join the IFRS Foundation—new vacancy in the Technical Team

IRS 

Some people get more time to file without asking; Anyone else can request an automatic extension
IR-2019-73, April 12, 2019 — Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the IRS.

With tax-filing deadline nearing, IRS says about 50 million still need to file
IR-2019-72, April 12, 2019 — With the April tax-filing deadline just days away, the Internal Revenue Service reminds the 50 million taxpayers who have yet to file their tax returns that there are a variety of options to help them in the final days of tax-filing season.

IRS Commissioner Chuck Rettig’s Message to taxpayers: Thank you for filing
IRS Commissioner's message to taxpayers

RS highlights importance of payroll tax compliance in two-week campaign focused on legal actions, education visits
IR-2019-71, April 11, 2019 — The Internal Revenue Service today announced the results of a national two-week education and enforcement campaign to combat employment tax crimes featuring visits to nearly 100 businesses showing signs of potential serious noncompliance and taking several dozen legal actions against suspected criminals.

IRS issues guidance providing safe harbor for trades of player and staff-member contracts and draft picks
IR-2019-70, April 11, 2019 –The Internal Revenue Service issued guidance today that provides a safe harbor allowing professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value for determining gain or loss to be recognizevd on the trade of a player or staff-member contract or a draft pick.

Taxpayers can get faster tax refunds with Direct Deposit
IR-2019-69, April 10, 2019 — With the tax deadline nearly here, the Internal Revenue Service encourages all taxpayers to join the 80 percent of filers who choose Direct Deposit to get their tax refund faster.

IRS now seeking volunteers for Taxpayer Advocacy Panel
IR-2019-68, April 9, 2019 - The Internal Revenue Service today announced it seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). The TAP is a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS service and customer satisfaction.

IRS.gov: Best place to get last-minute tax tips and resources
IR-2019-67, April 9, 2019 – With just days remaining before the federal tax-filing deadline, the Internal Revenue Service reminds taxpayers they have a variety of options to get help preparing and filing their tax returns on IRS.gov.

IRS: Rushing to file taxes can result in errors, use e-file, file extension if needed
IR-2019-65, April 8, 2019— As the April tax-filing deadline nears, many taxpayers may rush to finish their tax returns or find they need extra time to get them done.

NYC Dept. of Finance 

April 10, 2019
The Department of Finance is proposing an amendment to rules concerning the Monetary Penalties for failing to file the income and expense statement.

NYS Dept. of Taxation and Finance 

Hotline hours extended on Tax Day, April 15 
Thursday, April 11, 2019

Ulster County Tax Preparer Pleads Guilty to Criminal Tax Fraud 
Wednesday, April 10, 2019

Can’t Meet the April 15 Tax Filing Deadline? 
Wednesday, April 10, 2019

PCAOB

Marc B. Dorfman Sworn in as the PCAOB’s Chief Hearing Officer (April 8, 2019) 

SEC

SEC Charges Former Woodbridge Directors of Investment With Fraud
Washington D.C., April 11, 2019 —The Securities and Exchange Commission today charged two former directors of investments at Woodbridge Group of Companies LLC for their roles in its massive Ponzi scheme. The defendants, California-based Ivan Acevedo and Dane R. Roseman, were separately arrested and charged by criminal authorities, along with Woodbridge owner Robert H. Shapiro.

SEC Issues Agenda for April 15 Meeting of the Fixed Income Market Structure Advisory Committee
Washington D.C., April 11, 2019 —The Securities and Exchange Commission today released the agenda for the April 15 meeting of the Fixed Income Market Structure Advisory Committee.  The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on fixed income market structure issues.

SEC Charges Former SeaWorld Associate General Counsel With Insider Trading
Washington D.C., April 9, 2019 —The Securities and Exchange Commission today charged a former senior lawyer at SeaWorld Entertainment Inc. with insider trading based on nonpublic information that the company’s revenue would be better than anticipated for the second quarter of 2018.

 

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