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Regulatory Roundup: August 29-September 5

S.J. Steinhardt
Published Date:
Sep 5, 2023


As Recession Fears Fade, Business Executives’ Outlook on the U.S. Economy Brightens a Bit, AICPA & CIMA Survey Finds
Aug. 31. 2023

2023 Diversity Symposium Registration Now Open
Aug. 29, 2023


Cost Estimate
H.R. 3581, Caregiver Outreach and Program Enhancement Act
As ordered reported by the House Committee on Veterans’ Affairs on July 26, 2023

Cost Estimate
S. 1253, Securing America’s Ports of Entry Act of 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 19, 2023

Cost Estimate
S. 2195, Diesel Emissions Reduction Act of 2023
As reported by the Senate Committee on Environment and Public Works on July 26, 2023

Cost Estimate
S. 2283, PFAS-Free Procurement Act of 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 26,2023

Cost Estimate
H.R. 1209, FOCA Act of 2023
As ordered reported by the House Committee on Oversight and Accountability on July 12, 2023

Cost Estimate
H.R. 2989, Save Our Sequoias Act
As ordered reported by the House Committee on Natural Resources on May 17, 2023

Cost Estimate
S. 2248, Vessel Tracking for Sanctions Enforcement Act of 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 26, 2023

Cost Estimate
S. 943, Small Business Disaster Damage Fairness Act of 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023

Cost Estimate
H. Con. Res. 34, a concurrent resolution expressing disapproval of the withdrawal by the Secretary of the Interior of approximately 225,504 acres of National Forest System lands in Cook, Lake, and Saint Louis Counties, Minnesota, from disposition under the United States mineral and geothermal leasing laws
As ordered reported by the House Committee on Natural Resources on May 17, 2023

Cost Estimate
H.R. 1752, E-BRIDGE Act
As ordered reported by the House Committee on Transportation and Infrastructure on July 27, 2023

Cost Estimate
H.R. 4250, PRESS Act
As ordered reported by the House Committee on the Judiciary on July 19, 2023

Cost Estimate
S. 2256, Federal Cybersecurity Workforce Expansion Act
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 26, 2023


FASB Issues New Chapter of Its Conceptual Framework: Recognition and Derecognition
August 30, 2023


Medicare Part D:
CMS Should Monitor Effects of Rebates on Plan Formularies and Beneficiary Spending
Published:  . Publicly Released:  .
Medicare beneficiaries can have prescription drugs covered via private insurance plans participating in the Medicare Part D program. Premiums and drug costs vary by plan, as do plans' lists of covered drugs—known as "formularies." Drug makers may give plans rebates in exchange for preferred placement over competitors on formularies. The rebates may lower plan premiums, but they don't reduce beneficiaries' payments for the drugs. We...

Export-Import Bank:

Monitoring of Exports with Dual Military and Civilian Uses as of 2023
Publicly Released: The Export-Import Bank supports U.S. jobs by providing loans, loan guarantees, and insurance to promote U.S. exports. According to its policy, the Bank generally cannot finance defense goods and services unless they are nonlethal and primarily used for civilian rather than military purposes. The Bank monitors these "dual-use" items to ensure they are used mostly for civilian purposes. We report each year on these dual-use...

Nuclear Weapons:
Program Management Improvements Would Benefit U.S. Efforts to Build New Experimental Capabilities

Publicly Released: The National Nuclear Security Administration must regularly assess the nation's nuclear weapon stockpile— without nuclear explosive testing. However, the data that NNSA uses to model the stockpile's safety and more needs to be updated. To do so, the agency performs plutonium experiments in a facility about 1,000 feet underground. It plans to upgrade infrastructure and build 2 new tools to get more data from these...

Homeland Security:
Joint Requirements Council Needs Leadership Attention to Improve Effectiveness

Publicly Released: The Department of Homeland Security spends billions annually on IT systems, aircraft, and other major acquisitions programs. Since many programs have overlapping needs, DHS established the Joint Requirements Council to help different parts of the agency find common solutions—or "joint capabilities." While the council was designed to make recommendations to DHS leadership, we found that agency leaders haven't regularly engaged with the council—limiting the council's...

Defense Contracting:
DOD’s Use of Federal Prison Industries

Publicly Released: Federal Prison Industries, a wholly government-owned corporation employing federal prison inmates, produces products and services that it sells to federal agencies. The Department of Defense was FPI's largest federal customer for fiscal year 2022 and purchased a range of items, including furniture, apparel, and electronics. DOD awarded contracts for about $163 million annually toward FPI products and services from fiscal years 2018-2022. When deciding whether...

Building Partner Capacity:
DOD and State Should Strengthen Planning for Train and Equip Projects

Publicly Released: The U.S. and its allies face terrorism and other security threats. The U.S. government helps partner nations address such threats through security cooperation programs. One such program requires DOD and the State Department to jointly plan and develop "train and equip" projects—for example, training crisis response teams or providing military trucks for troop transport. But DOD hasn't worked with State to specify how and when...

Building Partner Capacity:
DOD Should Assess Delivery Delays in Train and Equip Projects and Improve Evaluations

Publicly Released: In FYs 2018-2022, the Department of Defense allocated more than $5 billion to improve partner countries' ability to address threats like terrorism and drug trafficking. These projects provided equipment, training, services, and construction to national security forces. But 75% of the projects' deliverables were delayed, limiting the projects' success. Also, DOD evaluations of projects' effectiveness were not high quality—for instance, evidence and findings weren't clearly...

Airport Infrastructure:
Selected Airports' Efforts to Enhance Electrical Resilience

Publicly Released: A power outage can significantly disrupt an airport's operations. One 2017 outage at Hartsfield-Jackson Atlanta International Airport led to about 1,200 cancelled flights and cost an airline around $50 million. Many of the nation's airports are enhancing their ability to withstand and rapidly recover from power disruptions. They're improving their electrical infrastructure, including installing backup generators or solar panels. Some airports are also considering installing...


Join the staff—Director of Talent Development
5 Sept 2023

July 2023 SME Implementation Group meeting summary now available
4 Sept 2023

August 2023 monthly news summary
News Summary
1 Sept 2023

ISSB Vice-Chair Sue Lloyd delivers keynote speech on the current agenda of the ISSB and cooperation with EU Institutions
1 Sept 2023

IASB Member Patrina Buchanan explains the Request for Information: Post-implementation Review of IFRS 15
31 Aug 2023

September 2023 IFRS Interpretations Committee agenda and meeting papers now available
31 Aug 2023

Join the staff—Regulatory Affairs Manager (Africa, Asia, Europe & Middle East)
30 Aug 2023

Join the staff—Regulatory Affairs Associate
30 Aug 2023

Join the staff—Executive Coordinator, ISSB
29 Aug 2023


September is National Preparedness Month; IRS reminds taxpayers to prepare for natural disasters
IR-2023-161, Sept. 5, 2023 — September is National Preparedness Month. With the peak of hurricane season just ahead, the Internal Revenue Service reminds taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2023.

IRS reminder: Make sure to understand recent changes when buying a clean vehicle
IR-2023-160, Sept. 1, 2023 — The Internal Revenue Service reminded consumers considering an automobile purchase to be sure to understand several recent changes to the new Clean Vehicle Credit for qualified plug-in electric drive vehicles, including qualified manufacturers and tax rules.

IRS: Those impacted by Idalia qualify for tax relief; Oct. 16 deadline, other dates postponed to Feb. 15
IR-2023-159, Aug. 30, 2023 — The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.

IRS issues guidance on state tax payments
IR-2023-158, Aug. 30, 2023 — The IRS today provided guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022 in news release IR-2023-23, IRS issues guidance on state tax payments to help taxpayers.

Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning Jan. 1, 2024
IR-2023-157, Aug. 30, 2023 — The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.

Treasury and IRS issue proposed regulations on prevailing wage and apprenticeship requirements for increased energy credit or deduction amounts
IR-2023-156, Aug. 29, 2023 — The Treasury Department and Internal Revenue Service today issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements.


DFS Announces 2024 Health Insurance Premium Rates, Saving New Yorkers $732 Million
Aug. 31, 2023


PCAOB Sanctions Warren Averett, LLC for Auditor Independence and Quality Control Violations
Aug. 29, 2023


SEC Charges Private Equity Firm Prime Group for Inadequate Disclosure of Fees Paid to Affiliate
Washington D.C., Sept. 5, 2023 — The Securities and Exchange Commission today charged Prime Group Holdings LLC, a private equity firm focused on alternative real estate asset classes, for failing to adequately disclose millions of dollars of real estate brokerage fees that were paid to a real estate brokerage firm that was owned by its CEO. Prime Group agreed to pay a $6.5 million civil penalty and more than $14 million in disgorgement and prejudgment interest to settle the charges.

SEC Directs Equity Exchanges and FINRA to Improve Governance of Market Data Plans
Washington D.C., Sept. 1, 2023 — The Securities and Exchange Commission today issued an order directing the equity exchanges and the Financial Industry Regulatory Authority (FINRA) (the participants) to file a new national market system plan (NMS plan) to replace the three existing national market system plans that govern the public dissemination of real-time, consolidated equity market data for national market system stocks.

SEC Charges Citigroup Global Markets Inc. with Recordkeeping Failures concerning Underwriting Expenses
Washington D.C., Aug. 29, 2023 — The Securities and Exchange Commission today announced settled cease-and-desist proceedings against broker-dealer Citigroup Global Markets Inc. (CGMI) for willfully violating recordkeeping requirements concerning expenses that the firm incurred in connection with its underwriting business.

SEC Charges Archipelago Trading Services with Failing to File Suspicious Activity Reports
Washington D.C., Aug. 29, 2023 — The Securities and Exchange Commission today announced charges against Archipelago Trading Services Inc. (ATSI) for failing to file hundreds of legally required reports of suspicious financial transactions, known as Suspicious Activity Reports (SARs), between August 2012 and September 2020. The charges were related to transactions in over-the-counter (OTC) securities executed on ATSI’s alternative trading system (ATS). ATSI, a Chicago-based broker-dealer, has agreed to pay $1.5 million to settle the charges.


The IRS Needs to Leverage the Most Effective Training for Revenue Agents Examining High-Income Taxpayers
August 31, 2023

Fiscal Year 2023 Statutory Review of Compliance With Notifying Taxpayers of Their Rights When Requested to Extend the Assessment Statute
August 30, 2023

Known Exploited Vulnerabilities That Remain Unremediated Could Put the IRS Network at Risk
August 28, 2023

Processes Are in Place to Identify and Address Potential Conflicts of Interest in Large Corporate Tax Administration
August 24, 2023

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