Regulatory Roundup: Dec. 4-10

By:
Chris Gaetano
Published Date:
Dec 10, 2018

AICPA 

Press Release
AICPA Employee Benefit Plans Accounting, Auditing and Regulatory Update Conference, Dec. 10-11
DOL’s Deputy Assistant Secretary for Policy of the Employee Benefits Security Administration Is Featured Speaker
December 7, 2018

Press Release
Business Executives Show Concern About U.S. Economy but Confidence in Own Companies, AICPA Survey Finds
Business executives' outlook on the U.S. economy dropped sharply in the past quarter, according to the AICPA Economic Outlook Survey.
December 6, 2018

Press Release
AICPA and NASBA Welcome Renewal of Mutual Recognition Agreement with Australia and New Zealand
The AICPA and the National Association of State Boards of Accountancy (NASBA) have renewed a Mutual Recognition Agreement (MRA) with the Chartered Accountants of Australia and New Zealand (CA ANZ).
December 6, 2018

Press Release
AICPA Awards Scholarships to Community College Transfer Students
The AICPA is pleased to award 24 students the Two-Year Transfer Scholarship for exemplary students transferring from a 2-year college to a 4-year college to finish their accounting degrees.
December 6, 2018

Press Release
12 Year-End Tax and Financial Planning Tips from the AICPA
To help Americans be best positioned come Tax Day 2019, members of the AICPA share 2018 year-end tax and financial planning tips.
December 5, 2018

Press Release
SEC, PCAOB, FASB and IASB Chairs Will Address AICPA Conference on Current SEC and PCAOB Developments
The event features a conversation with the SEC Chairman and Chief Accountant and a discussion with the PCAOB Chairman and other Board members.
December 4, 2018

CBO

Cost Estimate
H.R. 88, Retirement, Savings, and Other Tax Relief Act of 2018 and Taxpayer First Act of 2018
December 7, 2018

Cost Estimate
S. 2160, Protect Collaboration for Healthier Forests Act
December 7, 2018

Cost Estimate
S. 2315, Over-the-Counter Drug Safety, Innovation, and Reform Act
December 7, 2018

Cost Estimate
S. 441, Organ Mountain-Desert Peaks Conservation Act
December 6, 2018

Cost Estimate
H.R. 6378, Pandemic and All-Hazards Preparedness and Advancing Innovation Act of 2018
December 6, 2018

Cost Estimate
H.R. 1272, Civil Rights Cold Case Records Collection Act of 2018
December 6, 2018

Cost Estimate
S. 32, California Desert Protection and Recreation Act of 2018
December 6, 2018

Blog Post
CBO to Release Volume of Budget Options on December 13
December 4, 2018

FASB

Investor Advisory Committee  [12/05/18]
November 29, 2018 Meeting Recap

GAO

Improper Payments:
Additional Guidance Needed to Improve Oversight of Agencies with Noncompliant Programs
GAO-19-14:Published: Dec 7, 2018. Publicly Released: Dec 7, 2018.

Treasury Judgment Fund:
Transparency and Reliability Needed in Reporting Fund Balances and Activities
GAO-19-44:Published: Dec 7, 2018. Publicly Released: Dec 7, 2018.

Central America:
USAID Assists Migrants Returning to their Home Countries, but Effectiveness of Reintegration Efforts Remains to Be Determined
GAO-19-62:Published: Nov 8, 2018. Publicly Released: Dec 7, 2018.

Energy Employees Compensation:
Labor Could Better Assist Claimants through Clearer Communication
GAO-19-90:Published: Nov 7, 2018. Publicly Released: Dec 7, 2018.

Cybersecurity:
Federal Agencies Met Legislative Requirements for Protecting Privacy When Sharing Threat Information
GAO-19-114R:Published: Dec 6, 2018. Publicly Released: Dec 6, 2018.

2017 Disaster Contracting:
Action Needed to Better Ensure More Effective Use and Management of Advance Contracts
GAO-19-93:Published: Dec 6, 2018. Publicly Released: Dec 6, 2018.

Fraud Risk Management:
OMB Should Improve Guidelines and Working-Group Efforts to Support Agencies' Implementation of the Fraud Reduction and Data Analytics Act
GAO-19-34:Published: Dec 4, 2018. Publicly Released: Dec 4, 2018.

Human Trafficking:
State and USAID Should Improve Their Monitoring of International Counter-trafficking Projects
GAO-19-77:Published: Dec 4, 2018. Publicly Released: Dec 4, 2018.

Military Retirement:
Service Contributions Do Not Reflect Service Specific Estimated Costs and Full Effect of Proposed Legislation is Unknown
GAO-19-195R:Published: Dec 4, 2018. Publicly Released: Dec 4, 2018.

IASB

07 December 2018
November 2018 IFRIC Update published

07 December 2018
Join the IFRS Foundation—Customer Service Representative and Team Leader wanted

06 December 2018
Proposed general improvements to the IFRS Taxonomy 2018

05 December 2018
Summary of the November CMAC meeting available

05 December 2018
Which book is for you?

IRS 

For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units
IR-2018-246, December 7, 2018 — The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers.

IRS, Security Summit Partners warn tax professionals of high risk of data theft attacks
IR-2018-245, December 7, 2018 — Cybercriminals stepped up their attacks on tax professionals during 2018, prompting the IRS and the Security Summit partners to urge practitioners to take steps to protect client data and their computer networks from these threats.

Interest Rates Increase for the First Quarter of 2019
IR-2018-244, December 6, 2018 — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2019.

Security Summit warns employers: Be alert to identity theft and W-2 scams
IR-2018-243, December 6, 2018 – As the 2019 tax season approaches, the IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft and W-2 scams.

IRS: Taxpayers have extra day to file and pay; Returns and payments due Dec. 5 are now due Dec. 6
IR-2018-242, December 4, 2018 — The Internal Revenue Service today granted taxpayers an extra day, until Thursday, Dec. 6, 2018 to file any return or pay any tax originally due on Wednesday, Dec. 5.

Security Summit Partners highlight new password guidance, urge taxpayers and practitioners to protect all accounts
IR-2018-241, December 4, 2018 — To help protect against cybercriminals stealing identities, the IRS, state tax agencies and the nation’s tax industry urged people to review new, stronger standards to protect the passwords of their online accounts. 

IRS sees surge in email phishing scams; Summit Partners urge taxpayers: ‘Don’t Take the Bait’ 
IR-2018-240, December 4, 2018 — With the approach of the holidays and the 2019 filing season, the IRS, state tax agencies and the nation’s tax industry warned people to be on the lookout following a surge of new, sophisticated email phishing scams. 

IRS reminds those with disabilities of new ABLE account benefits
IR-2018-239, December 4, 2018 — The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts.

NYS Dept. of Taxation and Finance

Protect Your Information During the Holiday Bustle
Friday, December 07, 2018​

How to Respond to a Tax Department Notice or Letter

Cyber Thieves Target Tax Professionals and Businesses
Wednesday, December 05, 2018​

Don’t Fall for These Common Scams
Tuesday, December 04, 2018​

PCAOB

Statement on the Vital Role of Audit Quality and Regulatory Access to Audit and Other Information Internationally—Discussion of Current Information Access Challenges with Respect to U.S.-listed Companies with Significant Operations in China, by Chairman William D. Duhnke (Dec. 7)

SEC

SEC Announces Agenda and Panelists for the 37th Annual Small Business Forum
Washington D.C., Dec. 7, 2018 —The Securities and Exchange Commission today announced the agenda and panelists for the 2018 Government-Business Forum on Small Business Capital Formation. The December 12 event will begin at 9 a.m. ET with opening remarks from the SEC Chairman and Commissioners followed by two morning panel discussions.  The first panel will explore how capital formation options are working for small businesses, such as those in the Midwest.  The second panel will focus on diversity and capital formation.  Panelists will include Midwest-based representatives of small businesses, investors and advisors to the small business community.

SEC Halts Alleged Insider Trading Ring Spanning Three Countries
Washington D.C., Dec. 6, 2018 —The Securities and Exchange Commission has filed insider trading charges against an IT contractor and two others he illegally tipped with confidential client information he stole while working in the Singapore branch of an investment bank.

SEC Investor Advisory Committee to Meet on December 13
Washington D.C., Dec. 6, 2018 —The Securities and Exchange Commission will hold a meeting of its Investor Advisory Committee on Dec. 13, 2018. The meeting will begin at 9 a.m. ET in the Multipurpose Room at SEC Headquarters at 100 F Street NE, Washington, D.C. and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing.   

Shira Pavis Minton, Ethics Counsel, to Retire from the SEC After 20 Years of Federal Service
Washington D.C., Dec. 4, 2018 —The Securities and Exchange Commission today announced that Shira Pavis Minton, Ethics Counsel and Designated Agency Ethics Official, will be retiring from the agency this month after more than 20 years of federal service and nearly 10 years with the SEC.

Aaron Lipson, Associate Regional Director of Atlanta Office, to Leave Agency After 14 Years of Service
Washington D.C., Dec. 3, 2018 —The Securities and Exchange Commission today announced that Aaron Lipson, Associate Regional Director for enforcement matters in the Atlanta Regional Office, is leaving the agency this month after 14 years of service.

 

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