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Regulatory Roundup: January 18-23

By:
S.J. Steinhardt
Published Date:
Jan 23, 2023

AICPA

AICPA & CIMA to Sponsor Inaugural IFRS Sustainability Symposium
Jan. 19, 2023

CBO

Presentation
CBO’s Role in Assessing Climate Change
January 23, 2023
Presentation by Joseph Kile, CBO’s Director of Microeconomic Analysis, to the National Academies of Sciences, Engineering, and Medicine Roundtable on Macroeconomic and Climate-Related Risks and Opportunities.

Cost Estimate
Estimated Budgetary Effects of H.R. 7776, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (Public Law 117-263)
January 20, 2023
As Enacted on December 23, 2022

Cost Estimate
Legislation considered under suspension of the Rules of the House of Representatives during the week of January 23, 2023
January 20, 2023
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.

Presentation
Assessing the Budgetary Implications of Economic Uncertainty With CBO’s Incomes Model and Budgetary Feedback Model
January 19, 2023
This slide deck outlines the models CBO uses to assess the budgetary effects of alternative economic scenarios such as those presented in CBO’s Current View of the Economy in 2023 and 2024 and the Budgetary Implications (November 2022).

Presentation
Estimating the Uncertainty of the Economic Forecast Using CBO’s Bayesian Vector Autoregression Model
January 19, 2023
This slide deck describes how CBO used a Bayesian vector autoregression model to assess the uncertainty of the economic forecast presented in CBO’s Current View of the Economy in 2023 and 2024 and the Budgetary Implications (November 2022).

Presentation
Estimating the Uncertainty of the Economic Forecast Using CBO’s Expanded Markov-Switching Model
January 19, 2023
This slide deck describes how CBO used a Markov-switching model to assess the uncertainty of the economic forecast presented in CBO’s Current View of the Economy in 2023 and 2024 and the Budgetary Implications (November 2022).

GAO

Unemployment Insurance:
Data Indicate Substantial Levels of Fraud during the Pandemic; DOL Should Implement an Antifraud Strategy

GAO-23-105523
Published:
Publicly Released:
Congress created 4 new unemployment insurance programs to support workers during the COVID-19 pandemic. Following this expansion, the amount of fraud in these programs increased—with evidence indicating that the total fraud was over $60 billion and perhaps much higher. The Department of Labor has taken steps to address such fraud. For example, it issued guidance, provided funding to states, and recommended improvements to state unemployment...

GAOverview:
Fraud in the Federal Government – Challenges Determining the Extent of Federal Fraud

GAO-23-106110
Published:
Publicly Released:
Congress has long been interested in knowing how much fraud exists across the federal government. But reliably determining how often fraud occurs—and its impact—is especially challenging. In this "GAOverview," we discuss 3 key challenges. Specifically: Agencies define fraud differently, making fraud and related data difficult to study across agencies Because of the deceptive nature of fraud, it isn't always detected or reported Existing data on...

Community Development Financial Institutions:
Analysis of Annual and Emergency Assistance and Treasury Efforts to Address Program Risks

GAO-23-105952
Published:
 Publicly Released:
People in low- and moderate-income communities don't always have access to traditional financial institutions, like large banks. Community Development Financial Institutions are smaller, community-based organizations that provide financial services to help fill this gap. The Department of the Treasury receives federal funding to support these institutions—including $12 billion in emergency COVID-19 support in FY 2021. To help this support reach more communities, Treasury allowed higher-risk...

Veterans Benefits:
VA Could Enhance Outreach for Its Solid Start Program by Increasing Collaboration with Veterans Organizations

GAO-23-105699
Published:
Publicly Released:
In 2019, the Department of Veterans Affairs implemented Solid Start, an outreach program connecting new veterans with benefits and resources—like health care and employment counseling—to help overcome difficulties as they return to civilian life. Program representatives reached about 71% of eligible veterans via phone calls in 2021. Connecting with hard-to-reach groups—like veterans experiencing homelessness—could be improved by collaborating with veterans organizations. Such organizations already engage...

Third-Party Litigation Financing:
Market Characteristics, Data, and Trends

GAO-23-105210
Published:
Publicly Released:
Third-party litigation financing is an arrangement in which a funder who is not a party to the lawsuit agrees to help fund it. Funders may get a pay off on their investment if the suit is successful. Funders are typically private firms that obtain funds from investors. We looked at trends, pros and cons, data limitations, and regulation of this practice. For example, federal law...

Cybersecurity High-Risk Series:
Challenges in Establishing a Comprehensive Cybersecurity Strategy and Performing Effective Oversight

GAO-23-106415
Published:
Publicly Released:
Federal IT systems and our nation's critical infrastructure are at risk of attack from malicious actors, including those acting on behalf of other nations. Such attacks could result in serious harm to human safety, national security, the environment, and the economy. The federal government should: establish a comprehensive cybersecurity strategy mitigate global supply chain risks address the federal cybersecurity worker shortage ensure the security of...

Public Health Preparedness:
HHS Could Improve Oversight of Research Involving Enhanced Potential Pandemic Pathogens

GAO-23-105455
Published:
Publicly Released:
To better understand what causes a pandemic, pathogens may be altered during research in ways that affect how they spread and cause disease. However, these alterations could make them more transmissible or more deadly and lead to a pandemic. Department of Health and Human Services policy calls for additional reviews of and extra safeguards for proposed research involving altered pathogens with pandemic potential. But, the...

DOD Financial Management:
Greater Attention and Accountability Needed over Government-Furnished Property

GAO-23-105198
Published:
Publicly Released:
The DOD has struggled for decades to accurately account for government property in the possession of its contractors. DOD estimated that the value of such unaccounted property is over $220 billion—but that amount is likely significantly understated. This is one of the reasons that federal auditors are unable to audit DOD's financial statements. We found that DOD doesn't have a comprehensive, department-wide strategy to address...

Abusive Tax Schemes:
Additional Steps Could Further IRS Efforts to Detect and Deter Promoters

GAO-23-105843
Published:
Publicly Released: Abusive tax schemes contribute to the nation's tax gap—the difference between taxes owed and paid. These schemes can involve complex, multi-layer transactions that attempt to conceal the true nature and ownership of taxable income or assets. One of IRS's tools to combat such schemes—and the people that promote them—is its Dirty Dozen list. This annual publication lists schemes that taxpayers may encounter. However, we found...

IASB

Q4 2022 IFRS Interpretations Committee podcast now available
Podcast
23 Jan 2023

Watch webcast on financial instrument proposals in the IFRS for SMEs Accounting Standard consultation
Webcast
19 Jan 2023

Call for members to join the CMAC from 2024
Appointment
18 Jan 2023

December 2022 IFRS Taxonomy Consultative Group meeting summary available
Meeting
17 Jan 2023

February 2023 Accounting Standards Advisory Forum agenda and meeting paper now available
Meeting
6 Jan 2023      

IRS

IRS kicks off 2023 tax filing season with returns due April 18
IR-2023-11, January 23, 2023 — The Internal Revenue Service kicked off the 2023 tax filing season with a focus on improving service and a reminder to taxpayers to file electronically with direct deposit to speed refunds and avoid delays.

Check tax withholding now to avoid paying future quarterly estimated payments
IR-2023-10, January 19, 2023 — The Internal Revenue Service reminds taxpayers who earn wages to use the Tax Withholding Estimator now to adjust their 2023 withholding.

IRS: Georgia, Alabama storm victims qualify for tax relief; April 18 deadline, other dates extended to May 15
IR-2023-09, January 19, 2023 — Storm victims in parts of Georgia and Alabama now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS reminds employers of January 31 deadline for Form W-2, other wage statements
IR-2023-08, January 18, 2023 — The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022 Form W-2 and other wage statements by January 31, 2023.

IRS selects nine new IRSAC members for 2023
IR-2023-07, January 18, 2023 — The Internal Revenue Service today announced the appointment of nine new members to the Internal Revenue Service Advisory Council.

NYS

The income tax filing season is now underway: Time to Free File
January 23, 2023

Superintendent Adrienne A. Harris Releases Consumer Protection Guidance In the Event of Virtual Currency Insolvency
January 23, 2023

Superintendent Adrienne A. Harris Designates New Banking Development District in the Sunset Park and Windsor Terrace Neighborhoods in Brooklyn
January 23, 2023

DFS Superintendent Adrienne A. Harris Adopts Updated Check Cashing Regulation Creating Fairer, Data -Driven Fee Methodology for New Yorkers
January 18, 2023

SEC

Fee Rate Advisory #2 For Fiscal Year 2023
2023-15
Washington D.C., Jan. 23, 2023 — The Securities and Exchange Commission today announced that, starting on February 27, 2023, the fee rates applicable to most securities transactions will be set at $8.00 per million dollars.

Bloomberg to Pay $5 Million for Misleading Disclosures About Its Valuation Methodologies for Fixed Income Securities
2023-14
Washington D.C., Jan. 23, 2023 — The Securities and Exchange Commission today announced settled charges against Bloomberg Finance L.P. (Bloomberg) for misleading disclosures relating to its paid subscription service, BVAL, which provides daily price valuations for fixed-income securities to financial services entities.

SEC Charges Avraham Eisenberg with Manipulating Mango Markets’ “Governance Token” to Steal $116 Million of Crypto Assets
2023-13
Washington D.C., Jan. 20, 2023 — The Securities and Exchange Commission today charged Avraham Eisenberg with orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token, a so-called governance token that was offered and sold as a security. Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.

SEC Seeks Candidates for Small Business Capital Formation Advisory Committee
2023-12
Washington D.C., Jan. 20, 2023 — The Securities and Exchange Commission is seeking candidates for appointment to the Small Business Capital Formation Advisory Committee to provide advice and recommendations on Commission rules, regulations, and policy matters relating to small businesses, including smaller public companies.

Nexo Agrees to Pay $45 Million in Penalties and Cease Unregistered Offering of Crypto Asset Lending Product
2023-11
Washington D.C., Jan. 19, 2023 — The Securities and Exchange Commission today charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To settle the SEC’s charges, Nexo agreed to pay a $22.5 million penalty and cease its unregistered offer and sale of the EIP to U.S. investors. In parallel actions announced today, Nexo agreed to pay an additional $22.5 million in fines to settle similar charges by state regulatory authorities.

SEC Awards Approximately $18 Million to Three Whistleblowers
2023-10
Washington D.C., Jan. 19, 2023 — The Securities and Exchange Commission today announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action.

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