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Regulatory Roundup: March 26-April 1

By:
S.J. Steinhardt
Published Date:
Apr 1, 2024

AICPA

IRS Ends Voluntary Disclosure Program, AICPA Highlights ERC Resources
Mar 25, 2024

CBO

Cost Estimate

H.R. 6365, Stopping Illicit Oil Shipments Act of 2023
April 1, 2024
As reported by the House Committee on Financial Services on December 19, 2023

Cost Estimate
H.R. 661, Sarah’s Law
April 1, 2024
As ordered reported by the House Committee on the Judiciary on March 21, 2024

Cost Estimate
H.R. 6248, Think Differently Transportation Act
March 29, 2024
As ordered reported by the House Committee on Transportation and Infrastructure on January 31, 2024

Cost Estimate
H.R. 2595, Forfeiture Funds Expenditure Transparency Act of 2024
March 29, 2024
As ordered reported by the House Committee on the Judiciary on February 29, 2024

Cost Estimate
H.R. 4316, Citizen Ballot Protection Act
March 29, 2024
As reported by the House Committee on House Administration on February 13, 2024

Cost Estimate
H.R. 4396, American Confidence in Elections: District of Columbia Citizen Voter Act
March 29, 2024
As reported by the House Committee on House Administration on February 23, 2024

Cost Estimate
H.R. 6609, Foreign Military Sales Technical, Industrial, and Governmental Engagement for Readiness Act
March 29, 2024
As ordered reported by the House Committee on Foreign Affairs on February 6, 2024

Cost Estimate
H.R. 7527, Mail Traffic Deaths Reporting Act of 2024
March 29, 2024
As ordered reported by the House Committee on Oversight and Accountability on March 7, 2024

Cost Estimate
S. 1421, COOL Online Act
March 29, 2024
As reported by the Senate Committee on Commerce, Science, and Transportation on December 13, 2023

Cost Estimate
H.R. 2468, Mountain View Corridor Completion Act
March 28, 2024
As ordered reported by the House Committee on Natural Resources on March 12, 2024

Cost Estimate
H.R. 3209, I-27 Numbering Act of 2023
March 28, 2024
As reported by the House Committee on Transportation and Infrastructure on November 29, 2023

Cost Estimate
H.R. 3209, I-27 Numbering Act of 2023
March 28, 2024
As reported by the House Committee on Transportation and Infrastructure on November 29, 2023

Cost Estimate
H.R. 7184, Congressional Budget Office Data Access Act of 2024
March 28, 2024
As ordered reported by the House Committee on Oversight and Accountability on February 6, 2024

Cost Estimate
H.R. 7335, Transparency in National Security Threats Act
March 28, 2024
As ordered reported by the House Committee on the Judiciary on February 29, 2024

Cost Estimate
H.R. 4045, Hydropower Clean Energy Future Act
March 27, 2024
As ordered reported by the House Committee on Energy and Commerce on December 5, 2023

Report
Legislation Enacted in the First Session of the 118th Congress That Affects Mandatory Spending or Revenues
March 27, 2024
CBO estimates that the effects on mandatory spending and revenues of laws enacted in 2023 will reduce the deficit by $10 billion from 2023 to 2033—the net result of a $12 billion decrease in outlays and a $2 billion decrease in revenues.

Cost Estimate
H.R. 3229, Stop Foreign Funds in Elections Act
March 26, 2024
As reported by the House Committee on House Administration on December 14, 2023

Cost Estimate
H.R. 7156, Combating Money Laundering in Cyber Crime Act of 2024
March 26, 2024
As ordered reported by the House Committee on Financial Services on February 29, 2024

Cost Estimate
H.R. 7219, Information Quality Assurance Act
March 26, 2024
As ordered reported by the House Committee on Oversight and Accountability on February 6, 2024

Cost Estimate
H.R. 3162, Protecting American Voters Act
March 25, 2024
As reported by the House Committee on House Administration on February 14, 2024

Cost Estimate

H.R. 7462, Wildfire Insurance Coverage Study Act of 2024
March 25, 2024
As ordered reported by the House Committee on Financial Services on February 29, 2024

Cost Estimate

H.R. 7532, Federal A.I. Governance and Transparency Act of 2024
March 25, 2024
As ordered reported by the House Committee on Oversight and Accountability on March 7, 2024

FASB

FASB Issues Accounting Standards Update 2024-02—Codification Improvements—Amendments to Remove References to the Concepts Statements
March 29, 2024

GAO

2020 Census:
The Bureau Adapted Approaches for Addressing Unexpected Results and Developing Annual Population Estimates
GAO-24-106594
Published: 
Publicly Released: 
.
The 2020 Census was conducted during the COVID-19 pandemic, so the Census Bureau had to revise some of its data collection activities. This may have led to some unexpected census results. State, local, and tribal governments can challenge some of those results. For example, the Bureau received 74 cases challenging population counts of group quarters—e.g., university housing. The Bureau also received 123 cases challenging housing...

2023 Lobbying Disclosure:
Observations on Compliance with Requirements
GAO-24-106799
Published: Publicly Released: 
To make government lobbying more transparent, paid lobbyists and firms must: Register with Congress File reports on who lobbied and what they did each quarter File semiannual reports on political contributions We assess compliance with these requirements in a sample of reports. As in past years, most lobbyists filed but some omitted information. For example, 23% of quarterly reports listed lobbyists who didn't disclose their...

Small Business Research Programs:
Increased Performance Standards Likely Affect Few Businesses Receiving Multiple Awards

GAO-24-106398
Published: Mar 29, 2024
Publicly Released: Mar 29, 2024
Small businesses are important drivers of economic growth, but they can face challenges accessing capital to fund research and development. To help, federal agencies award funding to small businesses. These awards are competitive, yet some businesses have received multiple awards. This has raised concerns about crowding out new businesses. In 2022, Congress increased standards for small businesses that receive the highest numbers of awards—like requiring...

Driver Assistance Technologies:
NHTSA Should Take Action to Enhance Consumer Understanding of Capabilities and Limitations

GAO-24-106255
Published: Mar 28, 2024
Publicly Released: Mar 28, 2024  
Driver assistance technologies are increasingly included in new vehicles. But drivers who don't understand these technologies may increase their risk of accidents by turning off safety features or over-relying on convenience features. The New Car Assessment Program is one way the National Highway Traffic Safety Administration educates drivers on vehicle technology. NHTSA's proposed updates to the program could help people better understand these technologies, but...

International Mail:
Effects of Rate Increases and Other Factors on USPS and Domestic Stakeholders

GAO-24-107383
Published: Mar 28, 2024
Publicly Released: Mar 28, 2024
The United States Postal Service delivers mail to and from countries around the world. In 2017, we reported that USPS lost money delivering international mail to U.S. customers. USPS has been able to cover its costs by increasing certain international mailing rates. But USPS has handled significantly less international mail since 2017. Stakeholders said that higher mailing rates, COVID-19 restrictions, and new customs laws contributed...

Patient-Centered Outcomes Research Institute: Review of the Audit of the FY 2023 Financial Statements
GAO-24-107260
Published: Mar 28, 2024
Publicly Released: Mar 28, 2024  
The Patient-Centered Outcomes Research Institute is a federally funded, nonprofit corporation that was established to fund and evaluate research aimed at helping patients, doctors, and policymakers make better health care decisions. PCORI is required to have its financial statements audited annually, and we're required to review those audits. PCORI's auditor issued an unmodified (clean) opinion on its fiscal year 2023 financial statements, concluding that these...

Veterans Community Care Program: Additional Information on VA Statutory Appointment Timeliness Measurements is Needed
GAO-24-105308
Published: Mar 28, 2024
Publicly Released: Mar 28, 2024
VA's community care program refers eligible veterans to a health care provider in their community if they can't access care at a VA facility. VA has had challenges scheduling community care appointments in a timely way. So, Congress required VA to measure elapsed time between and across points in the care process, specifically when: Care is requested A referral is sent to a community care...

Ukraine:
Status of Foreign Assistance

GAO-24-106884
Published: Mar 28, 2024
Publicly Released: Mar 28, 2024  
In response to the 2022 Russian invasion of Ukraine, four U.S. agencies have allocated $44.1 billion from supplemental funding and other funds to address the economic and humanitarian needs of people affected by the crisis. This Q&A report examines the status of these funds and State's role in coordinating it. State doesn't have a systematic, comprehensive approach to specifically track this funding. For example, State...

Army Corps of Engineers:
Actions Needed to Better Align Management of Real Estate Administrative Fees with Key Practices

GAO-24-107446
Published: Mar 28, 2024
Publicly Released: Mar 28, 2024
The Army Corps of Engineers manages the real estate at its infrastructure projects nationwide that businesses, state governments, and others can work with the Corps to use. For example, a business can lease land on a lake to run a marina. Users pay fees to the Corps to cover the costs of reviewing applications and overseeing uses. We testified about concerns with the fees' consistency...

Veterans Health Care:
Improvements Needed in Patient Tracking for Non-Biological Implantable Medical Devices
GAO-24-106621
Published: Mar 27, 2024
Publicly Released: Mar 27, 2024  
What happens when there's a recall of a pacemaker, hip implant, or other implantable medical device—after it's already in a patient? If the patient is a veteran, the Veterans Health Administration needs to ensure that health care providers can contact them for follow-up care. But VHA's policies don't ensure that all such devices are effectively trackable. For example, if VHA needed to identify all patients...

Maternal and Infant Health:
HHS Should Strengthen Processes for Measuring Program Performance

GAO-24-106605
Published: Mar 27, 2024
Publicly Released: Mar 27, 2024
The U.S. has the highest rates of maternal and infant death of developed countries. The Healthy Start program tries to address this with 3 goals: Reduce infant death rates Improve maternal health Reduce racial and ethnic disparities in health outcomes The Department of Health and Human Services collects data to measure the program's progress on reducing infant deaths and improving maternal health. HHS said it...

Bureau of Indian Education:
Improved Oversight of Schools' COVID-19 Spending is Needed

GAO-24-105451
Published: Mar 27, 2024
Publicly Released: Mar 27, 2024
The Bureau of Indian Education and its schools used $1.5 billion in federal COVID-19 relief funds to Give students laptops and resources for distance learning Buy COVID tests and supplies The bureau monitors schools' COVID spending in several ways, such as reviewing financial reports and collecting financial information from school visits. The bureau's policy calls for additional oversight of schools at high risk for financial...

Improper Payments:
Information on Agencies' Fiscal Year 2023 Estimates

GAO-24-106927
Published: Mar 26, 2024
Publicly Released: Mar 26, 2024 
Improper payments—those that should not have been made or were made in the incorrect amount—have consistently been a government-wide issue. Since fiscal year 2003, federal agencies reported about $2.7 trillion in total improper payments. In FY 2023 alone, federal agencies made $236 billion in improper payments, a decrease of about $11 billion from the prior fiscal year. This Q&A report shows that this estimate doesn't...

Space Acquisitions:
Analysis of Two DOD Reports to Congress

GAO-24-106984
Published: Mar 26, 2024
Publicly Released: Mar 26, 2024
The Department of Defense plans to spend billions on space technology, such as satellites, that could help the U.S. Space Force contribute to national security and more. But in its space acquisitions, DOD has historically struggled with ballooning costs, schedule overruns, and fragmented leadership. This Q&A report discusses two reports that DOD and the Air Force, which oversees the Space Force, released in 2020 and...

Military Readiness:
Comprehensive Approach Needed to Address Service Member Fatigue and Manage Related Efforts GAO-24-105917
Published: Mar 26, 2024
Publicly Released: Mar 26, 2024
When service members don't get enough sleep, it can affect their performance. Fatigue has led to fatal accidents and hundreds of millions of dollars in damage to ships, vehicles, and aircraft. For over a decade, Department of Defense surveys have found that the majority of service members report sleeping less than 6 hours a night—despite DOD recommending 7 or more. DOD has developed guidance on...

IASB

IFRS Foundation calls for Trustees to join in 2025
Appointment
28 March 2024

IFRS Foundation Trustees call for new members from Asia-Oceania to join the IASB
Appointment
28 March 2024

IASB to issue IFRS 18 Presentation and Disclosure in Financial Statements
Forthcoming Presentation

Consultation
28 March 2024

IASB consults on supplementary proposals to update the IFRS for SMEs Accounting Standard
Consultation
28 Mar 2024

Investor Perspectives: IASB Member Zach Gast discusses proposed improvements to acquisitions reporting
Feature
27 March 2024

IFRS Foundation publishes IFRS Accounting Taxonomy 2024
IFRS Taxonomy Update
27 Mar 2024

March 2024 IASB podcast now available
Podcast
26 March 2024

ISSB Chair meets with leaders in Kenya, Nigeria and South Africa
Announcement
26 March 2024

March 2024 IASB Update now available
Update
26 March 2024

IRS

Dirty Dozen: IRS warns taxpayers to stay away from ‘helpful’ scammers offering to set up an Online Account
IR-2024-87, April 1, 2024 — The IRS today continues its Dirty Dozen scam series warning taxpayers to watch out for scammers attempting to sell or offer help setting up an Online Account on IRS.gov.

IRS and Treasury issue guidance for solar and wind powered energy facilities in low-income communities under the Inflation Reduction Act
IR-2024-86, March 29, 2024 — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-19 to provide guidance for owners of certain solar or wind facilities built in connection with low-income communities.

Dirty Dozen: Beware of aggressive promoters who dupe taxpayers into making questionable Employee Retention Credit claims; risks continue for small businesses, special withdrawal program remains available
IR-2024-85, March 29, 2024 — As part of this year’s Dirty Dozen, the Internal Revenue Service continues to warn businesses and others to stay clear of unscrupulous and aggressive promoters of questionable claims for the Employee Retention Credit.

IRS kicks off annual Dirty Dozen with warning about phishing and smishing scams
IR-2024-84, March 28, 2024 — The Internal Revenue Service today kicked off the annual Dirty Dozen list with a warning for taxpayers to be aware of evolving phishing and smishing scams designed to steal sensitive taxpayer information.

IRS Criminal Investigation releases updated COVID fraud statistics on 4th anniversary of CARES Act; nearly $9 billion investigated
IR-2024-83, March 28, 2024 — Four years after the enactment of a key pandemic-era law, the Internal Revenue Service released updated numbers showing Criminal Investigation (CI) has investigated 1,644 tax and money laundering cases related to COVID fraud potentially totaling $8.9 billion, with well over half that amount coming from cases opened in the last year.

IRS further extends tax relief for Hawaii wildfire victims; 2023 returns, payments, other deadlines postponed to Aug. 7 IR-2024-82, March 27, 2024 — The Internal Revenue Service today further postponed until Aug. 7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. 8, 2023, wildfires in Hawaii. Previously, the deadline was Feb. 15, 2024.

IRS announces tax relief for taxpayers impacted by severe storms, landslides and mudslides in Alaska; various deadlines postponed to July 15
IR-2024-81, March 25, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides and mudslides that began on Nov. 20, 2023.

NYC

DOF Launches New Application Status Lookup for Property Tax Benefit Applications
March 27, 2024

NYS

Receive Your Tax Refund Faster and Check Your Refund Status Online
March 26, 2024

Rochester woman pleads guilty to defrauding the IRS and NYS Tax Department during COVID
March 25, 2024

PCAOB

Following Sweeps, PCAOB Sanctions Five Firms for Violations Related to Audit Documentation and Disclosure of Who Worked on Audits
Mar. 28, 2024

PCAOB Fines PwC $2.75 Million for Quality Control Violations Relating to Independence
Mar. 28, 2024

PCAOB Sanctions PwC Australia for Violations Related to Reporting and Quality Control Monitoring Requirements
Mar. 28, 2024

SEC

SEC Adopts Reforms Relating to Investment Advisers Operating Exclusively Through the Internet
2024-42
Washington D.C., March 27, 2024 — The Securities and Exchange Commission today adopted amendments to the rule permitting certain internet investment advisers to register with the Commission (the “internet adviser exemption”). The amendments will require an investment adviser relying on the internet adviser exemption to have at all times an operational interactive website through which the adviser provides digital investment advisory services on an ongoing basis to more than one client. The amendments will also eliminate the current rule’s de minimis exception by requiring an internet investment adviser to provide advice to all of its clients exclusively through an operational interactive website and to make certain corresponding changes to Form ADV.

SEC Seeks Candidates for Investor Advisory Committee
2024-41
Washington D.C., March 26, 2024 — The Securities and Exchange Commission is seeking five candidates for appointment to the Investor Advisory Committee to help protect investors and improve securities regulations.

SEC Charges Former Arista Networks Chairman Andy Bechtolsheim with Insider Trading
2024-40
Washington D.C., March 26, 2024 — The Securities and Exchange Commission today announced insider trading charges against Andreas “Andy” Bechtolsheim, the founder and Chief Architect of Silicon Valley-based technology company Arista Networks, Inc. To settle the SEC’s charges, Bechtolsheim agreed to pay a civil penalty of nearly $1 million.

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