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Regulatory Roundup: June 4-10

By:
S.J. Steinhardt
Published Date:
Jun 10, 2024

AICPA

AICPA Recognizes Extraordinary 2023 CPA Exam Performers with Elijah Watt Sells Award
June 10, 2024

Eight CPAs Recognized at AICPA & CIMA ENGAGE
June 7, 2024

AICPA Updates Practice Aid for Digital Assets
June 6, 2024

Business Executives Continue Their Seesaw Outlook on the U.S. Economy, AICPA & CIMA Survey Finds
June 6, 2024

AICPA and CPA Practice Advisor Announce 2024 Most Powerful Women in Accounting
June 5, 2024

AICPA Recognizes Six Individuals with 2024 Outstanding Young CPA Award
June 3, 2024

CBO

Cost Estimate
H.R. 5903, a bill to authorize the International Boundary and Water Commission to accept funds for activities relating to wastewater treatment and flood control works, and for other purposes
June 7, 2024
As ordered reported by the House Committee on Transportation and Infrastructure on November 15, 2023

Cost Estimate
S. 4414, State Trade Expansion Program Modernization Act of 2024 
June 7, 2024
As reported by the Senate Committee on Small Business and Entrepreneurship on May 23, 2024

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of June 10, 2024 June 7, 2024 
The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

Presentation
CBO’s Outlook for U.S. Fertility Rates: 2024 to 2054
June 6, 2024
Presentation by Molly Dahl, CBO's Long-Term Analysis Unit Chief, at a conference organized by the National Bureau of Economic Research.

Cost Estimate
H.R. 4486, Hiring Preference for Veterans and Americans With Disabilities Act 
June 6, 2024
As reported by the House Committee on House Administration on April 15, 2024

Cost Estimate 
H.R. 4814, Consumer Safety Technology Act
June 6, 2024
As passed by the House of Representatives on May 14, 2024

Cost Estimate
H.R. 6418, Empower Charter School Educators to Lead Act
June 6, 2024
As reported by the House Committee on Education and the Workforce on June 4, 2024

Cost Estimate
H.R. 7072, Wabeno Economic Development Act of 2024
June 6, 2024
As ordered reported by the House Committee on Natural Resources on March 12, 2024

Cost Estimate
H.R. 7593, Modernizing the Congressional Research Service’s Access to Data Act
June 6, 2024
As ordered reported by the House Committee on House Administration on April 30, 2024

Cost Estimate
H.R. 8291, End Zuckerbucks Act
June 6, 2024
As ordered reported by the House Committee on Ways and Means on May 15, 2024

Cost Estimate
S. 3810, Time to Choose Act of 2024
June 6, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 15, 2024

Cost Estimate
H.R. 6368, Indian Buffalo Management Act
June 5, 2024
As ordered reported by the House Committee on Natural resources on March 12, 2024

Cost Estimate
H.R. 7319, End Zuckerbucks Act of 2024
June 5, 2024
As reported by the House Committee on House Administration on May 14, 2024

Cost Estimate
H.R. 8195, Strengthening Administrative PAYGO Act of 2024
June 5, 2024
As ordered reported by the House Committee on the Budget on May 16, 2024

Cost Estimate
H.R. 7377, Royalty Resiliency Act
June 4, 2024
As ordered reported by the House Committee on Natural Resources on April 16, 2024

Cost Estimate
H.R. 8343, Enhancing Improper Payment Accountability Act
June 4, 2024
As ordered reported by the House Committee on the Budget on May 16, 2024

Blog Post
CBO to Release Updated Budget and Economic Outlook on June 18
June 4, 2024
CBO will publish "An Update to the Budget and Economic Outlook: 2024 to 2034" on June 18 at 2 p.m. EDT. On June 27 at 2 p.m., CBO will publish "An Analysis of the Discretionary Spending Proposals in the President’s 2025 Budget."

Cost Estimate
H.R. 8342, Improper Payments Transparency Act
June 4, 2024
As ordered reported by the House Committee on the Budget on May 16, 2024

Report
Testimony on Social Security’s Finances
June 4, 2024
CBO’s Director, Phillip Swagel, testifies before the House Ways and Means Committee’s Subcommittee on Social Security about the significant financial challenge the program faces in the coming decades.

Cost Estimate
H.R. 7983, Stop Executive Overreach on Trade Agreements
June 3, 2024
As ordered reported by the House Committee on Ways and Means on April 17, 2024

GASB

GASB Publishes Post-Implementation Review Report on Pension Standards
June 3, 2024

GAO

Priority Open Recommendations:
Department of Veterans Affairs

GAO-24-107265
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Veterans Affairs outlines 28 open recommendations that it should prioritize. For example, we recommended that VA compare its software inventories to purchase records to ensure it has the software licenses it needs...

Priority Open Recommendations:
Small Business Administration

GAO-24-107299
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Small Business Administration outlines 13 open recommendations that it should prioritize. For example, we recommended that SBA develop and implement policies and procedures to ensure that veterans are given special consideration in its small...

Priority Open Recommendations:
Department of Housing and Urban Development

GAO-24-107284
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Housing and Urban Development outlines 11 open recommendations that it should prioritize. For example, to help address fraud risks in HUD's disaster funding program, we recommended developing guidance for grantees to help...

Federal Customer Experience:
OMB Has Taken Actions to Implement Cross-Agency Priority Goals

GAO-24-106632
Published:
Publicly Released:  
The 2021 President's Management Agenda identified federal customer experience as a priority area for improvement across the government. To address it, the Office of Management and Budget set 2 long-term cross-agency priority goals: improving customer experience for services and improving key life experiences—e.g., retirement—that require members of the public to navigate multiple federal agencies. We found that OMB has addressed key considerations we previously suggested...

Drones:
Actions Needed to Better Support Remote Identification in the National Airspace
GAO-24-106158
Published:
Publicly Released:  
The Federal Aviation Administration generally requires drones be equipped with Remote ID technology—in essence, a "digital license plate." Law enforcement can use Remote ID to investigate unauthorized drone activity. But we found that FAA has few resources to support tribal, state, and local law enforcement in using the technology. Organizations we contacted representing these law enforcement groups told us that they hadn't received information from...

Priority Open Recommendations:
General Services Administration

GAO-24-107316 
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the General Services Administration outlines 5 open recommendations that it should prioritize. For example, GSA should develop a plan to address its deferred maintenance and repair backlog. The plan should identify the funding and time...

Over-the-Counter Hearing Aids:
Information on the New Medical Device Category

GAO-24-106854
Published:
Publicly Released:  
Millions of Americans with hearing loss could benefit from hearing aids. This Q&A report looks at over-the-counter hearing aids, which have been available for purchase since October 2022. Before then, people had to visit a licensed professional to get a hearing aid, which was a barrier to access for many. Additionally, health insurance often doesn't cover the expensive devices. Early research suggests that OTC hearing...

Priority Open Recommendations:
Department of Labor

GAO-24-107287
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Labor outlines 13 open recommendations that it should prioritize. The recommendations relate to stronger protections for wage earners, enhancing unemployment insurance; and protecting sensitive information. For example, DOL faces challenges protecting the...

Tax Gap:
IRS Should Take Steps to Ensure Continued Improvement in Estimates

GAO-24-106449
Published:
Publicly Released:  
Taxpayers voluntarily paid 85% of taxes owed on time in 2014-2016. The other 15% of taxes owed—$496 billion—is called the tax gap. Most of this tax gap is a result of taxpayers underreporting the amount of taxes they owe. To estimate part of the tax gap, the IRS audits a random sample of tax returns based on certain characteristics—such as whether the taxpayer is self-employed...

Priority Open Recommendations:
Department of Justice

GAO-24-107248
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Justice outlines 15 open recommendations that it should prioritize. The recommendations relate to combating illicit opioid use, managing the federal prison system, countering domestic terrorism, improving information technology and cybersecurity, and addressing...

Cybersecurity:
Efforts Initiated to Harmonize Regulations, but Significant Work Remains

GAO-24-107602
Published:
Publicly Released:  
Cyberattacks are on the rise and pose risks to the nation's critical infrastructure—which relies on computer systems to function. These attacks can compromise sensitive data and disrupt important operations. We testified about our work on cybersecurity challenges and on the Biden Administration's efforts to "harmonize" federal cybersecurity regulations—to ensure they don't burden infrastructure operators with overlapping requirements. Recently, the Administration and Congress have started efforts...

Priority Open Recommendations:
Office of Personnel Management

GAO-24-107323
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Office of Personnel Management outlines 16 open recommendations that it should prioritize. For example, we recommended that OPM monitor enrollment and remove ineligible family members from the federal employees' health benefits program—which could save...

Priority Open Recommendations:
Social Security Administration

GAO-24-107312
Published:
Publicly Released:  
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Social Security Administration outlines 4 open recommendations that it should prioritize. For example, to protect the integrity of its Disability Insurance program, SSA must collect data to ensure it doesn't continue overpaying beneficiaries who...

Priority Open Recommendations:
Department of Health and Human Services
GAO-24-107257
Published:
Publicly Released:
Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List, and significantly improve government operations. This letter to the Department of Health and Human Services outlines 35 open recommendations that it should prioritize. For example, HHS should complete a comprehensive, national risk assessment of the potential for improper payments in the Medicaid program...

Veterans Health Care:
Opportunities Exist to Improve Assessment of Network Adequacy for Mental Health

GAO-24-106410
Published:
Publicly Released:
As the demand for mental health care grows, the Veterans Community Care Program allows eligible veterans to receive care through networks of providers in the community when they can't access timely care at VA facilities. VA aims to limit how long veterans should have to travel to, or wait for, an appointment. It collects data on VA facilities' timeliness in scheduling appointments with community providers...

Gas Pipelines:
Oversight of Operators' Plans to Minimize Methane Emissions

GAO-24-106881
Published:
Publicly Released:
Methane, the primary component of natural gas and a potent greenhouse gas, can be emitted from gas pipelines through unintentional leaks or through intentional gas releases associated with maintenance and emergency response activities. In 2020, Congress began requiring pipeline operators to update their plans and procedures for minimizing leaks or releases of methane. The Pipeline and Hazardous Materials Safety Administration or a certified state authority...

DOD Financial Management:
Additional Steps Needed to Guide Future Systems Transitions

GAO-24-106313
Published:
Publicly Released:
In October 2021, the Marine Corps transitioned to a new accounting system. While DOD remains the only large federal agency that hasn't achieved favorable financial audit statement results, small agencies in DOD that use the system have. And the Marine Corps did for FY 2023, signaling significant progress for DOD. But the system's guidance doesn't require agencies to: Include all costs or required work in...

IASB

June 2024 International Accounting Standards Board agenda and meeting papers now available
Meeting
7 June 2024

June 2024 FASB-IASB education meeting agenda and papers now available
Meeting
7 June 2024

May 2024 Management Commentary Consultative Group meeting summary now available
Meeting
6 June 2024

IASB Research Forum 2025—call for papers
Call for Papers
6 June 2024

June 2024 Sustainability Standards Advisory Forum meeting papers and agenda now available
Meeting
4 June 2024

Opening remarks by Erkki Liikanen at the Trustees stakeholder dinner in Singapore
Speech
4 June 2024

IRS

IRS reminder: June 17 estimated tax payment deadline fast approaching
IR-2024-161, June 10, 2024 — The Internal Revenue Service today reminded taxpayers whose income is not subject to withholding that the second quarter estimated tax payment deadline is June 17.

IRS: West Virginia storm victims qualify for tax relief; various deadlines postponed to Nov. 1
IR-2024-160, June 7, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that began on April 2, 2024.

IRS: Kentucky storm victims qualify for tax relief; various deadlines postponed to Nov. 1
IR-2024-159, June 07, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024.

Treasury, IRS update procedures for qualified manufacturers, dealers and sellers of certain qualified clean vehicles under the Inflation Reduction Act
IR-2024-158, June 7, 2024 — The Department of the Treasury and Internal Revenue Service issued Revenue Procedure 2024-26 today for the submission of information by qualified manufacturers of new clean vehicles and dealers and sellers of new clean vehicles and previously-owned clean vehicles.

Treasury, IRS release guidance for the Energy Community Bonus Credit under the Inflation Reduction Act
IR-2024-157, June 7, 2024 — The Department of the Treasury and Internal Revenue Service today issued Notice 2024-48 that publishes information taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category in Notice 2023-29 for purposes of qualifying for the Energy Community Bonus Credit.

IRS: Many payments to individuals affected by East Palestine train disaster are tax-free; new guidance could help those in Ohio, Pennsylvania, West Virginia
IR-2024-156, June 5, 2024 — The Internal Revenue Service announced today that in many cases payments received by individuals affected by last year’s train derailment in East Palestine, Ohio, are not taxable.

Document Upload Tool reaches key milestone; 1 million submissions received
IR-2024-155, June 5, 2024 — The Internal Revenue Service announced today reaching another key milestone in the agency’s transformation work with the Document Upload Tool accepting its one millionth taxpayer submission.

NYS

Orange County DA David M. Hoovler Announces Tax Fraud Arrest of Harvard-Trained Dentist
May 31, 2024

PCAOB

At June 12 Open Meeting, PCAOB To Consider Proposal for New Standard, Adoption of Amendments to Auditing Standards and PCAOB Rule
Jun. 7, 2024

SEC

SEC Charges Three New Yorkers for Raising More Than $184 Million Through Pre-IPO Fraud Schemes
2024-69
Washington D.C., June 7, 2024 — The Securities and Exchange Commission today charged three individuals with fraud for selling unregistered membership interests in LLCs that purported to invest in shares of pre-IPO companies, first on behalf of StraightPath Venture Partners LLC, the subject of the Commission’s emergency action in May 2022, and, later, on behalf of Legend Venture Partners LLC, the subject of the Commission’s emergency action in June 2023. Both StraightPath and Legend are now under court-ordered receiverships.

SEC Invites Regulated Entities to Submit Self-Assessments of Diversity Policies and Practices
2024-68
Washington D.C., June 5, 2024 — The Securities and Exchange Commission has commenced its biennial collection of Diversity Self-Assessment Submissions from Regulated Entities. Engaging in a self-assessment provides an opportunity for organizations to closely review their diversity and inclusion policies and practices for any strengths, opportunities, risks, and vulnerabilities.

SEC to Close Salt Lake Regional Office
2024-67
Washington D.C., June 4, 2024 — The Securities and Exchange Commission today announced that it will close its Salt Lake Regional Office (SLRO) later this year, reducing its regional footprint from 11 regional offices to 10.

TIGTA

The IRS Has Reduced Its Overall Space Footprint; However, a Significant Amount of Unneeded Office Space Still Remains
June 5, 2024

A Comprehensive Strategy Is Needed to Address the Significant Backlog of Adjustment Source Documentation Inventory June 3, 2024

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