AICPA
AICPA Recognizes Three Tax Experts at 2023 Fall Tax Division Meeting
November 14, 2023
AICPA & CIMA Conference Offers Insight into Rapid Developments in Sustainability and ESG
November 14, 2023
AICPA Tax Executive Committee Approves Revised Tax Standards Following Comment Period
November 12, 2023
Nominations for the 2024 Most Powerful Women in Accounting awards are now open
November 12, 2023
CBO
Presentation
Approaches to Estimating the Noncyclical Rate of Unemployment
November 18, 2023
Presentation by Jeffrey Kling, CBO’s Research Director, at the 67th Economic Conference of the Federal Reserve Bank of Boston.
Cost Estimate
H.R. 1516, DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act
November 17, 2023
As ordered reported by the House Committee on Homeland Security on November 8, 2023
Cost Estimate
H.R. 3843, Action for Dental Health Act of 2023
November 17, 2023
As reported by the House Committee on Energy and Commerce on October 3, 2023
Cost Estimate
H.R. 4374, Energy Opportunities for All Act
November 17, 2023
As ordered reported by the House Committee on Natural Resources on July 19, 2023
Cost Estimate
H.R. 5861, BRIDGE for Workers Act
November 17, 2023
As ordered reported by the House Committee on Ways and Means on November 2, 2023
Cost Estimate
H.R. 6119, State Department Security Notification Act
November 17, 2023
As ordered reported by the House Committee on Foreign Affairs on November 7, 2023
Cost Estimate
S. 654, Delaware River Basin Conservation Reauthorization Act of 2023
November 17, 2023
As reported by the Senate Committee on Environment and Public Works on September 27, 2023
Presentation
CBO’s Analysis of the Long-Term Budgetary Outlook
November 16, 2023
Presentation by Molly Dahl, CBO’s Long-Term Analysis Unit Chief, at the University of Michigan’s 71st Annual Economic Outlook Conference.
Presentation
Projecting the Effects of U.S. Federal Policies on Electric Vehicle Demand and the Supply of Charging Stations
November 16, 2023
Presentation by David H. Austin, an analyst in CBO’s Microeconomic Studies Division, at ICEX España Exportación e Inversiones.
Cost Estimate
S. 961, Salem Maritime National Historical Park Redesignation and Boundary Study Act
November 16, 2023
As ordered reported by the Senate Committee on Energy and Natural Resources on September 21, 2023
Presentation
CBO’s Recent Appeals for New Research to Enhance Its Work for the Congress
November 15, 2023
Presentation by Jeffrey Kling, CBO’s Research Director, at Dartmouth College.
Cost Estimate
H.R. 1568, Moving Americans Privacy Protection Act
November 15, 2023
As ordered reported by the House Committee on Ways and Means on November 2, 2023
Cost Estimate
H.R. 3378, Agricultural Security Risk Review Act
November 15, 2023
As ordered reported by the House Committee on Financial Services on September 20, 2023
Cost Estimate
H.R. 5688, Bipartisan HSA Improvement Act of 2023
November 15, 2023
As ordered reported by the House Committee on Ways and Means on September 28, 2023
Cost Estimate
H.R. 5933, DETERRENT Act
November 15, 2023
As ordered reported by the House Committee on Education and the Workforce on November 8, 2023
Cost Estimate
S. 1271, FEND Off Fentanyl Act
November 15, 2023
As reported by the Senate Committee on Banking, Housing, and Urban Affairs on June 22, 2023
Report
Testimony on CBO’s Demographic Projections
November 15, 2023
Julie Topoleski, CBO’s Director of Labor, Income Security, and Long-Term Analysis, testifies about CBO’s demographic projections before the Joint Economic Committee.
Cost Estimate
H.R. 4639, Fourth Amendment Is Not For Sale Act
November 14, 2023
As ordered reported by the House Committee on the Judiciary on
July 19, 2023
Cost Estimate
S. 2150, Unity Through Service Act of 2023
November 14, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on October 25, 2023
Report
The Distribution of Household Income in 2020
November 14, 2023
In 2020, the coronavirus pandemic and the ensuing federal response had significant effects on the distribution of household income. Income inequality before transfers and taxes increased, but inequality after transfers and taxes decreased.
Presentation
Trends in the Distribution of Household Income From 1979 to 2020
November 14, 2023
CBO regularly analyzes the distribution of income in the United States and how it has changed over time. This slide deck presents the distributions of household income, means-tested transfers, and federal taxes between 1979 and 2020.
Report
Flood Damage and Federally Backed Mortgages in a Changing Climate
November 13, 2023
CBO estimates the flood damage homes with federally backed mortgages are expected to face in multiyear periods centered on 2020 and 2050, reflecting the effects of climate change. The agency also analyzes where that damage is concentrated.
Cost Estimate
H.R. 6363, Further Continuing Appropriations and Other Extensions Act, 2024
As posted on the website of the House Committee on Rules on November 11, 2023
https://rules.house.gov/bill/118/hr-cr
FAF
Financial Accounting Foundation Appoints Hillary H. Salo to the Financial Accounting Standards Board
November 14, 2023
Financial Accounting Foundation Reappoints Susan M. Cosper to the Financial Accounting Standards Board
November 14, 2023
Financial Accounting Foundation Names David Finkelstein to the Private Company Council
November 14, 2023
FASB
Investor Advisory Committee Meeting Recap—November 2, 2023
November 15, 2023
GAO
National Guard Youth Challenge Program:
Actions Needed to Enhance Oversight and Assess Performance
GAO-24-106172
Published:
Publicly Released:
The National Guard Youth Challenge Program helps teens earn their high school diploma or GED by offering military-like training and classes at 39 program sites in the U.S. DOD regularly inspects these sites and recently updated inspectors' checklists to address whether sites have cameras in areas such as classrooms—a required safety measure. However, DOD hasn't addressed systemic problems such as persistent understaffing. DOD also can't...
Federal Workforce:
Data Reveal Minor Demographic Changes 2011-2021
GAO-24-105924
Published:
Publicly Released: The federal government aims to hire and promote a workforce that reflects the diversity of the U.S. population. We looked at a decade of federal employment trends. For example, from 2011-2021 there were minor changes in the representation of historically disadvantaged racial groups—like Black or African American and Asians—in the federal workforce. But several of these groups made gains in senior executive service positions. The...
Financial Audit Guidance:
FY 2024 and FY 2025 Audit Procedures for Government Land
GAO-24-106986
Published:
Publicly Released: Beginning in FY 2026, estimated federal government land acreage—categorized by usage—will be reported in audited federal financial statements. To prepare for the transition to this requirement, agencies have been required to report land acreage as unaudited information in their annual financial reports since FY 2022. We worked with the Council of the Inspectors General on Integrity and Efficiency to develop this guidance for FY 2024...
Dietary Guidelines for Americans:
Strengthening Interagency Collaboration Could Help Inform Nutrition Research and Future Guidelines
GAO-24-106130
Published:
Publicly Released: Every five years the Departments of Agriculture and Health and Human Services produce the Dietary Guidelines for Americans. These guidelines provide advice on what to eat and drink to meet nutrient needs, promote health, and prevent disease. USDA and HHS co-chair a committee that identifies nutrition research priorities—which may inform the 2025-2030 guidelines. The committee's work has supported some research tools, like nutrition research databases...
U.S. Army Corps of Engineers:
Use of Other Transaction Agreements in Water Development Projects
GAO-24-106746
Published:
Publicly Released: The Army Corps of Engineers takes on water infrastructure-related civil works projects such as dams, levees, and more. A 2022 law allowed the Corps to use types of contracts for these projects that aren't procurement contracts, cooperative agreements, or grants. These are known as "other transaction agreements." Corps officials said they have drafted guidance for using these agreements. However, they can't finalize this guidance until...
Federal Grants:
Numerous Programs Provide Cybersecurity Support to State, Local, Tribal, and Territorial Governments
GAO-24-106223
Published:
Publicly Released: State, local, Tribal, and territorial governments increasingly rely on the internet to deliver essential services to the public—making them vulnerable to various cybersecurity risks. Federal funding could be used to help these governments improve their cybersecurity through 27 grant programs managed by eight federal agencies. None of them are specifically intended to fund cybersecurity, but they can be used that way. Four agencies tracked cybersecurity...
Student Loans:
Education Should Proactively Manage Fraud Risks in Any Future Debt Relief Efforts
GAO-24-107142
Published:
Publicly Released: In October 2022, the Department of Education launched a student loan debt relief program that would provide up to $20,000 in relief to borrowers who had incomes below certain thresholds. Court orders caused Education to cease work on the program before discharging any debt, and in June 2023 the Supreme Court struck down the program. We found that Education quickly approved borrowers for debt relief...
Employee Benefits Security Administration:
Systematic Process Needed to Better Manage Priorities and Increased Responsibilities
GAO-24-105667
Published:
Publicly Released: The Employee Benefits Security Administration helps ensure that employer-sponsored retirement and group health plans comply with applicable federal requirements, and that benefits are there for participants as promised. While EBSA's responsibilities have increased over the last decade, its budget has generally remained flat. EBSA officials said the agency has several strategies to manage this, like focusing resources on high-impact investigations or dedicating supplemental funds toward...
Federal Spending Transparency:
Opportunities Exist to Improve COVID-19 and Other Grant Subaward Data on USAspending.gov
GAO-24-106237
Published: Publicly Released: States and other federal grant recipients can "subaward" some of the money to another recipient to do some of the work. Guidance directs most award recipients to report their subawards for display on USAspending.gov. Having access to quality federal spending data is critical during national emergencies when relief funds are distributed quickly—as during the COVID-19 pandemic . But some grant subaward data on USAspending.gov was...
Small Business Research Programs:
Agencies Are Implementing Programs to Manage Foreign Risks and Plan Further Refinement
GAO-24-106400
Published: Publicly Released: Federal agencies award research and development funds to small businesses through small business research programs. However, foreign governments sometimes try to steal such U.S.-funded research and technology. The Small Business Administration issued best practices in 2023 to guide agencies' efforts to manage foreign risks—e.g., ensuring that agencies conduct due diligence regarding foreign affiliations when awarding funds. We found that the 11 agencies participating in these...
Federal Real Property:
Agencies Should Provide More Information About Increases in Deferred Maintenance and Repair
GAO-24-105485
Published:
Publicly Released: We've reported that federal agencies have deferred the maintenance and repairs on their buildings, creating a backlog of these needs. The estimated cost of 4 agencies' backlogs increased more than 80% over FY 2017-2022. Officials at the agencies attributed this to factors including funding constraints, cost increases, and the age and quantity of agencies' physical assets. Agencies' budget documents include information on maintenance needs. But...
National Nuclear Security Administration:
Update on Actions to Manage Production Challenges at the Kansas City Site
GAO-24-105858
Published:
Publicly Released:
U.S. nuclear weapons contain over 80% non-nuclear parts. These parts are purchased by or produced at the National Nuclear Security Administration's site in Kansas City, Missouri. This Q&A report updates information on management challenges at the site that we first reported on in 2019. Workload demands for the site may continue to increase over the next two decades, exceeding its capacity. NNSA has begun efforts...
Performance and Accountability Report, Fiscal Year 2023
GAO-24-900483
Published:
Publicly Released: GAO's work yielded $70.4 billion in financial benefits for the federal government in FY 2023—a return of $84 for every dollar invested in us. We did it by recommending ways to improve efficiency and effectiveness in federal programs, and more. We also identified 1,220 other benefits—things that improve programs and operations but can't be measured in dollars. For example, our work led to: Actions preventing...
Financial Audit:
Federal Housing Finance Agency's FY 2023 and FY 2022 Financial Statements
GAO-24-106668
Published:
Publicly Released: The Federal Housing Finance Agency's goal is to keep the housing finance system healthy by supervising and regulating Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. The agency spent $386 million in FY 2023 to do its work. We audit and issue opinions annually on the agency's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...
Financial Audit:
Securities and Exchange Commission's FY 2023 and FY 2022 Financial Statements
GAO-24-106578
Published:
Publicly Released: The Securities and Exchange Commission enforces securities laws that protect investors. The SEC collected $3.5 billion in penalties for securities law violations in FY23. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education. We audit and issue opinions annually on SEC and Fund financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...
Coast Guard:
Issues and Policies Related to Sexual Orientation and Gender Identity of Service Members
GAO-24-106436
Published:
Publicly Released: This Q&A report looks at how policies regarding the sexual orientation and gender identity of military service members have changed over time. LGBTQ+ individuals may now serve openly in the Coast Guard, and it is trying to provide an inclusive environment for these members. For example, Coast Guard started a voluntary diversity and inclusion education program. It also has a gender transition request policy which...
COVID-19 Relief Funds:
State Experiences Could Inform Future Federal Relief Funding
GAO-24-106152
Published:
Publicly Released: States received hundreds of billions in federal COVID-19 relief funds. Selected state budget office staff we spoke with said they experienced some challenges with planning for and using the funds, such as delays and changes to federal guidance. They also noted that: Using pre-existing federal programs to distribute the funds was more efficient for states and the flexibility of new programs allowed them to address...
Financial Audit:
Consumer Financial Protection Bureau's FY 2023 and FY 2022 Financial Statements
GAO-24-106737
Published:
Publicly Released: The Consumer Financial Protection Bureau works to enhance citizens' financial education and ensure that banks, lenders, and other financial companies treat people fairly. The agency spent $2.75 billion in FY 2023 to do its work. We audit and issue an opinion annually on CFPB's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). In FY...
Sole Proprietor Compliance:
Treasury and IRS Have Opportunities to Reduce the Tax Gap
GAO-24-105281
Published:
Publicly Released: Each year, sole proprietors—like gig workers, social media influencers, and trade workers in business for themselves—underreport income that leads to about $80 billion in unpaid taxes. These taxpayers may have difficulty paying their taxes accurately, in part, because they have no tax withholding. Experts we surveyed also said that sole proprietors may find current tax guidance too technical and could be confused about income from...
Tax Enforcement:
IRS Can Improve Use of Information Returns to Enhance Compliance
GAO-24-107095
Published:
Publicly Released: Employers, banks, and other third-parties file "information returns" with the IRS detailing your income and other factors that can affect your tax bill. Mismatches between this information and what you report on your taxes can indicate errors or fraud. This Snapshot report covers our work on tax information reporting and how IRS could, for example: Improve its use of information returns Lay the groundwork to...
COVID-19:
Insights and Actions for Fraud Prevention
GAO-24-107157
Published:
Publicly Released: Federal relief programs distributed funds quickly during the COVID-19 pandemic. While this was critical to assuring public health and economic stability, it also created unprecedented opportunities for fraud. In this testimony, we discussed insights from our work on fraud in pandemic programs. When program managers understand the fraud schemes that emerged during the pandemic, they can figure out what went wrong and mitigate related risks...
Coast Guard:
Asset, Workforce, and Technology Challenges Continue to Affect Law Enforcement Missions
GAO-24-107144
Published:
Publicly Released: We testified about our prior work on the Coast Guard's struggle to manage its assets, workforce, and technology, including Acquisition programs for the Offshore Patrol Cutter and the Polar Security Cutter—new ships to support critical missions—that are years behind schedule and billions of dollars over initial cost estimates Staffing shortfalls that affect its ability to meet daily mission needs A data system that doesn't capture...
COVID-19:
Insights from Fraud Schemes and Federal Response Efforts
GAO-24-106353
Published:
Publicly Released: As of June 2023, the Department of Justice has brought federal fraud-related charges against at least 2,191 individuals or entities in cases involving federal COVID-19 relief programs, consumer scams, and more. Of the cases we reviewed, at least 1,525 individuals or entities facing fraud-related charges were found guilty or liable. Courts have ordered prison terms up to 10 years or more and restitution up to...
GASB
FAF Reappoints Carolyn Smith to the Governmental Accounting Standards Board and Appoints Robert W. Hamilton as Chair of the Governmental Accounting Standards Advisory Council
November 14, 2023
IASB
November 2023 ISSB Update and podcast now available
Update
20 Nov 2023
November 2023 IASB Update now available and work plan updated
Update
20 Nov 2023
ISSB meets at its new Beijing office
Meeting
17 Nov 2023
December 2023 Accounting Standards Advisory Forum agenda and meeting papers now available
Meeting
16 Nov 2023
November 2023 Islamic Finance Consultative Group agenda and meeting papers now available
Meeting
16 Nov 2023
October 2023 Consultative Group for Rate Regulation meeting summary now available
Meeting
14 Nov 2023
IRS
Treasury and IRS issue proposed regulations defining energy property
IR-2023-220, Nov. 17, 2023 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating rules for the investment tax credit under section 48 (ITC) that have been unchanged since 1987.
Interest rates remain the same for the first quarter of 2024
IR-2023-219, Nov. 17, 2023 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2024.
IRS, Security Summit partners announce 8th annual National Tax Security Awareness Week begins Nov. 27; focus on raising awareness among taxpayers, tax pros on security tips to protect against identity theft, scams
IR-2023-218, Nov. 17, 2023 — The IRS, along with its Security Summit partners in state tax agencies and the nation's tax industry, today announced a special week focusing taxpayer and tax professional awareness on protecting sensitive financial information against identity thieves as the holidays and the 2024 tax season approach.
IRS reminds eligible 2020 and 2021 non-filers to claim Recovery Rebate Credit before time runs out
IR-2023-217, Nov. 17, 2023 — The Internal Revenue Service is reminding those who may be entitled to the Recovery Rebate Credit to file a tax return and claim their money before it’s too late.
Treasury, IRS propose regulations implementing disallowance of deductions for certain conservation easement contributions by partnerships, S corporations
IR-2023-216, Nov. 17, 2023 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that provide guidance under a new section of the law that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities. Syndicated conservation easements have been included in the IRS’ annual list of Dirty Dozen tax schemes for many years.
Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity
IR-2023-215, Nov. 16, 2023 — The Internal Revenue Service today reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.
IRS selects Rajiv Uppal as new Chief Information Officer; veteran technology executive will assist with ongoing transformation work
IR-2023-214, Nov. 15, 2023 — The Internal Revenue Service announced today that Rajiv Uppal has been selected to be the next chief information officer and assist with the tax agency’s transformation work.
IRS offers free Nov. 16 webinar on new information return e-file threshold change taking effect next year
IR-2023-213, Nov. 14, 2023 — The Internal Revenue Service will hold a free webinar at 1 p.m. ET on Thursday, Nov. 16, to update employers, tax professionals and others on the most recent developments of the e-file requirements for information returns that take effect Jan. 1, 2024.
IRS highlights International Fraud Awareness Week; taxpayers urged to protect against scams, schemes
IR-2023-212, Nov. 13, 2023 — As part of ongoing efforts to protect taxpayers, the Internal Revenue Service reminds people that International Fraud Awareness Week serves as an important time to protect personal and financial information from scam artists and tax schemes.
NYS
DFS Superintendent Adrienne A. Harris Adopts New Regulatory Guidance Regarding the Listing of Virtual Currencies
November 15, 2023
PCAOB
PCAOB Sanctions Six Audit Firms for Violating PCAOB Rules and Standards Related to Audit Committee Communications
Nov. 15, 2023
PCAOB Sanctions Somerset CPAs, P.C. and Three of Its Partners for Violations of PCAOB Rules and Audit Standards
Nov. 15, 2023
PCAOB Sanctions KPMG AZSA LLC for Quality Control Violations
Nov. 15, 2023
PCAOB Fines PwC Greece $3 Million and Bars and Fines Engagement Partner for Audit Violations
Nov. 14, 2023
SEC
SEC Adopts Rules to Improve Clearing Agency Governance and Mitigate Conflicts of Interest
2023-236
Washington D.C., Nov. 16, 2023 — The Securities and Exchange Commission has adopted new rules to improve the governance of all registered clearing agencies by reducing the likelihood that conflicts of interest may influence their boards of directors or equivalent governing bodies.
Charter Communications to Pay $25 Million Penalty for Stock Buyback Controls Violations
2023-235
Washington D.C., Nov. 14, 2023 — The Securities and Exchange Commission today announced settled charges against Charter Communications Inc. for violating internal accounting controls requirements relating to its stock buybacks.
SEC Announces Enforcement Results for Fiscal Year 2023
2023-234
Washington D.C., Nov. 14, 2023 — The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 "follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders and 121 actions against issuers who were allegedly delinquent in making required filings with the SEC.