Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Regulatory Roundup: September 17-23

By:
Karen Sibayan
Published Date:
Sep 23, 2024

CBO 

Cost Estimate
As ordered reported by the House Committee on Natural Resources on March 12, 2024

Cost Estimate
September 20, 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.

Cost Estimate
September 20, 2024
As reported by the Senate Committee on Health, Education, Labor, and Pensions on February 1, 2024

Cost Estimate
September 20, 2024
As reported by the Senate Committee on Commerce, Science, and Transportation on August 1, 2024

Cost Estimate
September 19, 2024
As reported by the House Committee on Homeland Security on September 18, 2024

Cost Estimate
September 19, 2024
As reported by the House Committee on Homeland Security on September 18, 2024

Cost Estimate
September 19, 2024
As reported by the Senate Committee on Energy and Natural Resources on December 12, 2023

Report
September 19, 2024
CBO discusses the outlook for housing starts over the next 30 years—that is, the number of new single-family and multifamily housing units on which construction will be started—and describes the methodology behind its projections.

Presentation
September 18, 2024
This slide deck summarizes inflation patterns before, during, and after the pandemic.

Cost Estimate
September 16, 2024
As ordered reported by the House Committee on Energy and Commerce on December 6, 2023

Cost Estimate
September 16, 2024
As reported by the Senate Committee on Commerce, Science, and Transportation on August 1, 2024

Cost Estimate
September 16, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 31, 2024

Cost Estimate
September 16, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs
on July 31, 2024

September 16, 2024
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs
on July 31, 2024

Cost Estimate
September 16, 2024
As ordered reported by the Senate Committee on Indian Affairs on
May 1, 2024

GAO 

Published: Sep 20, 2024 . Publicly Released: Sep 20, 2024 .

The federal government invests more than $100 billion annually in IT. But these investments can be poorly managed—resulting in IT that fails to deliver needed improvements and is often late and over budget. A law aimed at improving IT management requires agencies to review their portfolios of IT projects and high-risk IT investments. Our ongoing analysis shows that agencies haven't completed these reviews. This statement..

Cloud Computing:
Agencies Need to Address Key OMB Procurement Requirements

GAO-24-106137
Published: Sep 10, 2024 . Publicly Released: Sep 20, 2024 .
In 2019, the Office of Management and Budget established 5 key requirements for agencies related to procuring secure, cost-effective cloud services. As of July 2024, the 24 major agencies set policies and guidance that addressed some of these requirements but not others. For example, all the agencies had established guidance to ensure their chief information officer oversees agency modernization efforts. But most hadn't established guidance...

GAO-24-106787
Published: Sep 10, 2024 . Publicly Released: Sep 19, 2024 .
Measures of well-being show many girls are struggling. Plus, how they're treated and disciplined in school can have profound effects that last into adulthood. This report examined discipline disparities among girls in public schools. Among girls, Black girls faced more and harsher forms of discipline than others. We found that Black girls received harsher punishments than White girls, even for similar infractions. Our analysis of...

GAO-24-107785
Published: Sep 19, 2024 . Publicly Released: Sep 19, 2024 .
This testimony discusses how federal agencies are combating the maritime flow of illicit drugs into the U.S. These drugs—and the criminal organizations that traffic and smuggle them—are significant threats to national security and public health. The Coast Guard leads operations to detect and disrupt the maritime flow of these drugs into the United States. It also provides ships and aircraft for such missions. But the...

GAO-24-106932
Published: Sep 19, 2024 . Publicly Released: Sep 19, 2024 .
Federal agencies often use consultants to conduct their work. But when the Defense Department and other agencies with sensitive missions contract with consultants also working for potential U.S. adversaries such as China, it can pose risks to national security. Existing regulations and policies don't specifically address consultant contracting activity with China prior to awarding most contracts. Congress has enacted laws aimed at strengthening assessment of...

GAO-24-106366
Published: Sep 12, 2024 . Publicly Released: Sep 19, 2024 .
Data shows that people with disabilities experience domestic violence at 5 times the rate of those without disabilities. People with intellectual disabilities are especially at risk. Some survivors may not be aware of or have access to services from local domestic violence programs. The Department of Health and Human Services has a key role in ensuring local programs that receive federal funds are accessible. HHS...

GAO-24-106783
Published: Sep 19, 2024 . Publicly Released: Sep 19, 2024 .
911 call centers get about 240 million phone calls a year. Some of the nation's call centers are working to upgrade to the next generation of technology. The new systems can provide more information to first responders, and can receive text messages, images, and more—in addition to traditional phone calls. We found: 7 of the 11 federal agencies operating 911 call centers were upgrading, but...

GAO-24-106732
Published: Sep 19, 2024 . Publicly Released: Sep 19, 2024 .
Colonias are predominantly rural, Hispanic communities near the U.S.-Mexico border. Many have poor access to drinking water, inadequate sewage systems, and substandard housing. Poverty rates are higher in regions with colonias. HUD and USDA have 5 grant and loan programs that target colonias to improve water and wastewater systems and housing. But USDA doesn't have accurate data on the extent of its programs' benefits. And...

GAO-24-107028
Published: Sep 19, 2024 . Publicly Released: Sep 19, 2024 .
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 data and what you report on your taxes can indicate errors or fraud. Recent changes to reporting requirements—including new rules for reporting cryptocurrency—could allow IRS to collect billions of dollars more in taxes. But IRS could better prepare to...

GAO-24-107080
Published: Sep 19, 2024 . Publicly Released: Sep 19, 2024 .
The Vietnam Veterans Memorial lists the names of more than 58,000 men and women who were killed in the war. 380 names have been added to it since its 1982 dedication, for example, to correct omissions. Not all Vietnam-era military casualties are eligible. We reviewed how DOD adds names. We also looked at its responses to requests to add 74 sailors who died in 1969...

Published: Sep 18, 2024 . Publicly Released: Sep 18, 2024 .
The Department of Health and Human Services gathers key information needed for public health emergencies, such as pandemics. This includes data on critical response resources and medical care capacity, among other things. We reviewed HHS's efforts to reduce unnecessary duplication, overlap, or fragmentation in the systems it uses to collect this kind of data, and its efforts to protect personal information. HHS doesn't have a...

GAO-24-106929
Published: Sep 18, 2024 . Publicly Released: Sep 18, 2024 .
In its construction projects, the Army Corps of Engineers may sometimes cause environmental damage. Its flood control efforts may, for example, harm fish populations. Corps project plans must include how it will reduce environmental damage. It must also report its progress in doing so. We found: The Corps didn't deliver required annual reports on the status of these projects to Congress after FY 2020 Corps...

GAO-24-107789
Published: Sep 18, 2024 . Publicly Released: Sep 18, 2024 .
In recent years, threats against members of Congress have increased. This has raised questions about states' ability to fill vacancies in the U.S. House of Representatives. If the Speaker of the House announces there are more than 100 vacancies, federal law generally requires states to hold special elections within 49 days. We testified about state laws and perspectives on holding such elections. We surveyed state...

GAO-24-107391
Published: Sep 17, 2024 . Publicly Released: Sep 17, 2024 .
Each year, the Older Americans Act provides billions of dollars in grants for programs that help older people stay in their homes. And as the U.S. population ages, demand will likely increase for services like in-home meals, transportation, and caregiver support. We looked at fraud risk management in these programs administered by the Departments of Health and Human Services and Labor. Both agencies said the...
 
GAO-24-107730
Published: Sep 18, 2024 . Publicly Released: Sep 16, 2024 .
The Department of Veterans Affairs may require veterans filing disability claims to undergo medical exams, which are often conducted by contractors. We testified about how VA manages the quality of contracted disability exams and more. VA takes steps toward preventing low-quality work and correcting errors. For example, it requires contractors to create plans for improving the kinds of exams most prone to mistakes. VA has...
 

IASB

Announcement  
20 Sep 2024    

Meeting  
20 Sep 2024   
Consultation  
19 Sep 2024   
  
Update   
18 Sep 2024  

Announcement  

16 Sep 2024

IRS

Elizabeth Askey named Chief of IRS Independent Office of Appeals
IR-2024-245, Sept. 23, 2024 — The Internal Revenue Service today announced that Elizabeth Askey has been selected to serve as the Chief of the IRS Independent Office of Appeals (Appeals).

IR-2024-244, Sept. 19, 2024 —The Internal Revenue Service today updated its frequently asked questions in Fact Sheet 2024-30 for the Premium Tax Credit.   

IR-2024-243, Sept. 19, 2024 — The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results.   

IR-2024-242, Sept. 19, 2024 — The Internal Revenue Service announced today that it will offer a free webinar September 26 on dealing with disasters from an individual tax perspective.   

IR-2024-241, Sept. 18, 2024 — The Internal Revenue Service today announced disaster tax relief for individuals and businesses in parts of Pennsylvania affected by Tropical Storm Debby.   

IR-2024-240, Sept. 18, 2024 — The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit.   

IR-2024-239, Sept. 17, 2024 — The Internal Revenue Service today announced that Taxpayer Services Chief Kenneth C. Corbin has received the 2024 Government Executive of the Year Award from the Service to the Citizen Awards program.   

IR-2024-238, Sept. 17, 2024 — The Internal Revenue Service has appointed 10 new members to the Electronic Tax Administration Advisory Committee or ETAAC. 

NYS 

Governor Hochul Highlights $2.3 Billion in Tax Relief for Nearly 3 Million New Yorkers                                                    September 19, 2024 

PCAOB

Sep. 20, 2024

SEC

2024-142
Washington D.C., Sept. 20, 2024 — The Securities and Exchange Commission’s Compliance Outreach Program announced today that it will host a virtual national seminar for investment companies and investment advisers on Nov. 7, 2024. This seminar is intended to help Chief Compliance Officers and other senior personnel at investment companies and investment advisory firms enhance their compliance programs for the protection of investors.

2024-141
Washington D.C., Sept. 19, 2024 — The Securities and Exchange Commission today released a report to Congress summarizing policy recommendations made during the SEC’s 43rd Annual Small Business Forum. The report provides a summary of the forum proceedings, including the recommendations developed by participants for changes to the capital raising framework and the Commission’s responses to those recommendations.

2024-140

Washington D.C., Sept. 19, 2024 — The Securities and Exchange Commission today announced registered investment adviser Macquarie Investment Management Business Trust (MIMBT) will pay a total of $79.8 million to settle charges for overvaluing approximately 4,900 largely illiquid collateralized mortgage obligations (CMOs) held in 20 advisory accounts, including 11 retail mutual funds, and for executing hundreds of cross trades between advisory clients that favored certain clients over others.

2024-139

Washington D.C., Sept. 19, 2024 — The Securities and Exchange Commission today charged Idaho-based investment adviser Inspire Investing LLC with making misleading statements and for compliance failures related to the execution of its “biblically responsible investing” strategy.

2024-138 

Washington D.C., Sept. 18, 2024 — The Securities and Exchange Commission today announced settled charges against Rari Capital, Inc., a supposed decentralized finance (DeFi) protocol, and its co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, for misleading investors and engaging in unregistered broker activity in connection with their operation of two blockchain-based investment platforms that, at their peak, collectively held crypto assets worth more than $1 billion. Rari Capital also settled SEC charges that it conducted unregistered offerings of three securities tied to those platforms. In a separate order, Rari Capital Infrastructure LLC, which took over operations from Rari Capital in 2022, settled charges that it engaged in unregistered securities offerings and unregistered broker activity.

2024-137

Washington D.C., Sept. 18, 2024 — The Securities and Exchange Commission today adopted amendments to certain rules under Regulation NMS to adopt an additional minimum pricing increment, or “tick size,” for the quoting of certain NMS stocks, reduce the access fee caps for protected quotations of trading centers, increase the transparency of exchange fees and rebates, and accelerate the implementation of rules that will make information about the market’s best priced, smaller-sized orders publicly available. The amendments are designed to reduce transaction costs and improve market quality for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.

2024-136

Washington D.C., Sept. 18, 2024 — The Securities and Exchange Commission today announced charges against registered broker-dealer First Horizon Advisors, Inc. for failing to maintain and enforce policies and procedures reasonably designed to achieve compliance with Regulation Best Interest (Reg BI). The charges relate to First Horizon’s recommendations of a type of derivative security called a structured note. First Horizon agreed to pay a civil penalty of $325,000 to resolve the SEC’s charges.

2024-135

Washington D.C., Sept. 17, 2024 — The Securities and Exchange Commission today announced charges against 11 institutional investment managers for failing to file reports, known as Forms 13F, that they were required to file because they have discretion over more than $100 million in certain securities. Two of the entities, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. (Nationale-Nederlanden) and NEPC, LLC, were also charged with failing to file Forms 13H as required for large traders who trade a significant amount of exchange-listed securities. All 11 firms agreed to settle the SEC’s charges. Nine of the firms will pay more than $3.4 million in combined civil penalties. Two firms were not ordered to pay any civil penalties because they self-reported the violations at issue and otherwise cooperated with the SEC’s investigations, and another (NEPC, LLC) was not ordered to pay a civil penalty for its failure to file Forms 13H because it self-reported those violations and otherwise cooperated with the SEC’s investigations.

2024-134
Washington D.C., Sept. 17, 2024 — The Securities and Exchange Commission today charged five entities and three individuals in connection with two relationship investment scams involving fake crypto asset trading platforms NanoBit and CoinW6, respectively. The SEC’s two complaints allege that the defendants solicited investors via social media apps, lied to them to gain their trust and confidence, and then stole their money. These charges are the SEC’s first enforcement actions alleging these types of scams.

2024-133
Washington D.C., Sept. 17, 2024 — The Securities and Exchange Commission today announced that Prager Metis CPAs, LLC (Prager) and its California professional services firm, Prager Metis CPAs LLP, (collectively, the Prager Entities) agreed to pay $1.95 million to resolve two actions alleging misconduct in its audits of the now-defunct crypto asset trading platform, FTX, and auditor independence violations.

2024-132
Washington D.C., Sept. 17, 2024 — The Securities and Exchange Commission today announced charges against 12 municipal advisors for failures by the firms and their personnel to maintain and preserve certain electronic communications. The firms agreed to pay combined civil penalties of more than $1.3 million to settle the SEC’s charges

2024-131

Washington D.C., Sept. 16, 2024 — The Securities and Exchange Commission today filed charges against Paul D. Roberts, the former Chair, CEO, and president of Kubient Inc.; Joshua A. Weiss, the company’s former chief financial officer; and Grainne M. Coen, the company’s former audit committee chair, for their roles in a scheme in which Kubient overstated and misrepresented its revenue in connection with two public stock offerings.

TIGTA

September 17, 2024
September 17, 2024

September 16, 2024

 


Click here to see more of the latest news from the NYSSCPA.