Regulatory Roundup: Sept. 6-11

By:
Chris Gaetano
Published Date:
Sep 11, 2018

AICPA 

Trade Conflicts and Rising Interest Rates Weigh on Business Executives’ View of U.S. Economy, AICPA Survey Finds
Business executives are reining in their optimism about the U.S. economy, in part because of the potential impact of trade policies and rising interest rates, the AICPA Economic Outlook Survey found.
September 6, 2018

CBO 

Report
Monthly Budget Review for August 2018
September 10, 2018

Cost Estimate
Opioid Crisis Response Act of 2018
September 10, 2018

Cost Estimate
H.R. 5503, National Aeronautics and Space Administration Authorization Act of 2018
September 7, 2018

Cost Estimate
H.R. 559, MERIT Act of 2018
September 6, 2018

Cost Estimate
H.R. 5036, Financial Technology Protection Act
September 6, 2018

Blog Post
CBO’s Technical Review Panel for Its Health Insurance Simulation Model
September 6, 2018

Report
CBO’s 2018 Long-Term Projections for Social Security: Additional Information
September 6, 2018

FASB

FASB and GASB to Cohost IN FOCUS: Not-for-Profit and Governmental Accounting Webcast for Academics  [09/10/18]
News Release
Course Description and Registration

GAO

Medicare Advantage:
Benefits and Challenges of Payment Adjustments Based on Beneficiaries' Ability to Perform Daily Tasks
GAO-18-588:Published: Sep 10, 2018. Publicly Released: Sep 10, 2018.

2018 Tax Filing:
IRS Managed Processing Challenges and Enhanced Its Management of Tax Law Changes
GAO-18-471:Published: Sep 10, 2018. Publicly Released: Sep 10, 2018.

Washington Metropolitan Area Transit Authority:
Assessing Fiscal Risks and Improving Workforce Management Would Help Achieve Strategic GoalsGAO-18-643:Published: Sep 10, 2018.
Publicly Released: Sep 10, 2018.

Weapon System Sustainment:
Selected Air Force and Navy Aircraft Generally Have Not Met Availability Goals, and DOD and Navy Guidance Need to Be Clarified
GAO-18-678:Published: Sep 10, 2018. Publicly Released: Sep 10, 2018.

Rental Housing Assistance:
Actions Needed to Improve Oversight of Criminal History Policies and Implementation of the Fugitive Felon Initiative
GAO-18-429:Published: Aug 9, 2018. Publicly Released: Sep 10, 2018.

Broadband Internet:
FCC's Data Overstate Access on Tribal Lands
GAO-18-630:Published: Sep 7, 2018. Publicly Released: Sep 7, 2018.

Data Protection:
Actions Taken by Equifax and Federal Agencies in Response to the 2017 Breach
GAO-18-559:Published: Aug 30, 2018. Publicly Released: Sep 7, 2018.

Defense Management:
DOD Needs to Address Inefficiencies and Implement Reform across Its Defense Agencies and DOD Field Activities
GAO-18-592:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018.

District of Columbia:
Improved Reporting Could Enhance Management of the Tuition Assistance Grant Program
GAO-18-527:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018.

Energy Infrastructure Permitting:
Factors Affecting Timeliness and Efficiency
GAO-18-693T:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018.

High-Risk Series:
Urgent Actions Are Needed to Address Cybersecurity Challenges Facing the Nation
GAO-18-622:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018.

Homeland Security Grant Program:
Additional Actions Could Further Enhance FEMA's Risk-Based Grant Assessment Model
GAO-18-354:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018.

Nursing Home Quality:
Continued Improvements Needed in CMS's Data and Oversight
GAO-18-694T:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018. 

REPORTED INJURIES TO U.S. PERSONNEL IN CUBA:
Preliminary Observations on State's Response and Management Challenges
GAO-18-695T:Published: Sep 6, 2018. Publicly Released: Sep 6, 2018.

IASB

11 September 2018
Webcast: Presentation of financial liabilities—FICE Discussion Paper

10 September 2018
September 2018 IFRS Advisory Council podcast available

07 September 2018
September 2018 IASB agenda papers and agenda available

IRS 

IRS reminder: Third estimated tax payment due Sept. 17; Tools are available to help people pay right amount following law changes
IR-2018-184, Sept. 11, 2018 – With tax reform bringing major changes for the current tax year, the Internal Revenue Service today reminded small businesses, self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the third estimated tax payment for 2018 is due on Monday, Sept. 17, 2018.

IRS urges taxpayers to prepare for natural disasters
IR-2018-183, Sept. 10, 2018 —  Because a natural disaster can strike any time, the IRS is reminding individuals and businesses to take time now and create or update their emergency preparedness plan.

Tax reform changes affecting small business and self-employed taxpayers; third quarter estimated tax payment deadline is Sept. 17
IR-2018-182, Sept 10, 2018 – With the last third of the year now in full view, the IRS today reminded small business and self-employed taxpayers of the importance of meeting their tax obligations. Part of those obligations normally include making quarterly estimated tax payments.

Interest rates remain the same for the fourth quarter of 2018
IR-2018-181, Sept. 7, 2018 ― The IRS today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2018.

Retirees: Avoid a surprise tax bill; get enough tax taken out of pension payments; IRS Withholding Calculator can help
IR-2018-180, Sept. 7, 2018 – With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.

Avoid penalty for underpayment of taxes; IRS says check withholding, make estimated payments
IR-2018-179, Sept. 6, 2018  ― With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, the Internal Revenue Service urges taxpayers to plan ahead, understand their options and avoid the penalty when they file in early 2019.

SEC

SEC Charges Digital Asset Hedge Fund Manager With Misrepresentations and Registration Failures
Washington D.C., Sept. 11, 2018 — The Securities and Exchange Commission today announced its first-ever enforcement action finding an investment company registration violation by a hedge fund manager based on its investments in digital assets.

SEC Charges ICO Superstore and Owners With Operating As Unregistered Broker-Dealers
Washington D.C., Sept. 11, 2018 — The Securities and Exchange Commission today announced that TokenLot LLC, a self-described “ICO Superstore,” and its owners will settle charges that they acted as unregistered broker-dealers.  This is the SEC’s first case charging unregistered broker-dealers for selling digital tokens after the SEC issued The DAO Report in 2017 cautioning that those who offer and sell digital securities must comply with the federal securities laws.

SEC Obtains Relief to Fully Reimburse Retail Investors Sold Unsuitable Product
Washington D.C., Sept. 11, 2018 — The Securities and Exchange Commission today announced it has obtained monetary relief that will fully reimburse retail investors for losses on a leveraged oil-linked exchange-traded note (ETN) that registered representatives of Syracuse, New York-based broker-dealer and investment adviser Cadaret, Grant & Co. Inc. recommended without a reasonable basis.

SEC Charges Two Brokers With Defrauding Customers
Washington D.C., Sept. 10, 2018 — The Securities and Exchange Commission charged two brokers for recommending excessive levels of trading that were costly for retail customers but lucrative for the brokers.

Statement on the Expiration of the Tick Size Pilot
Sept. 10, 2018 — On May 6, 2015, the Commission approved the National Market System Plan to Implement a Tick Size Pilot Program (Tick Size Pilot) as a two-year pilot program that would widen the minimum quoting and trading increments–or tick sizes–for stocks of certain smaller companies. The Tick Size Pilot commenced operation on Oct. 3, 2016, and therefore will expire, pursuant to its terms, at the end of trading on Tuesday, Oct. 2, 2018. 

SEC Charges Microcap Fraudsters for Roles in Lucrative Market Manipulation Schemes
Washington D.C., Sept. 7, 2018 — The Securities and Exchange Commission today charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock.

SEC Charges Real Estate Broker With FCPA Violations
Washington D.C., Sept. 6, 2018 — The Securities and Exchange Commission today announced settled FCPA charges against a New Jersey real estate broker arising out of his attempt to bribe a foreign official while acting as a broker for Colliers International Group, Inc.

SEC Names Anita Bandy and Carolyn Welshhans as Associate Directors in Enforcement Division
Washington D.C., Sept. 6, 2018 — The Securities and Exchange Commission today announced that Anita B. Bandy and Carolyn M. Welshhans have been named Associate Directors in the SEC’s Division of Enforcement.  In their new roles, Ms. Bandy and Ms. Welshhans will each supervise approximately 40 attorneys, paralegals, and staff responsible for investigating a wide variety of securities law violations.

SEC Awards More Than $54 Million to Two Whistleblowers
Washington D.C., Sept. 6, 2018 — The Securities and Exchange Commission is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action.  The $39 million award is the second-largest award in the history of the SEC’s whistleblower program.

SEC Charges Two Men With Fraud in Fake Trading Accounts Scheme
Washington D.C., Sept. 5, 2018 — The Securities and Exchange Commission today charged two Michigan men with fraud for their roles in a fake accounts scheme perpetrated by a phony day-trading firm, Nonko Trading.

SEC Charges Cannabis Investment Fund and Founder in Fraudulent Scheme: Agency Warns Retail Investors About Risks of Marijuana-Related Investments
Washington D.C., Sept. 5, 2018 — The Securities and Exchange Commission today charged a Texas-based investment fund and its founder with defrauding investors with false promises of massive returns in cannabis-related businesses.  The SEC also issued an alert to warn retail investors about marijuana-related securities offerings.

TIGTA

Fiscal Year 2018 Statutory Review Of Compliance With Legal Guidelines When Issuing Levies Report Date: 09/07/2018
Audit Highlights: HTML
Audit Reports: PDF

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