AICPA
Blog Post
CBO’s Plans in the Event of a Government Shutdown
September 29, 2023
CBO describes how it will operate if there is a government shutdown.
Cost Estimate
H.R. 4715, Bilateral Resilience in Industry Trade Security Act
September 29, 2023
As ordered reported by the House Committee on Foreign Affairs on July 26, 2023
Cost Estimate
H.R. 501, Block, Report, And Suspend Suspicious Shipments Act
September 29, 2023
As reported by the House Committee on Energy and Commerce on May 17, 2023
Cost Estimate
H.R. 542, Elizabeth Dole Home Care Act
September 29, 2023
As ordered reported by the House Committee on Veterans’ Affairs on July 26, 2023
Cost Estimate
H.R. 5523, Financial Access Improvements Act
September 29, 2023
As ordered reported by the House Committee on Financial Services on September 20, 2023
Report
Federal Budgetary Effects of the Activities of the Center for Medicare & Medicaid Innovation
September 28, 2023
CBO estimates that the Center for Medicare & Medicaid Innovation’s (CMMI’s) activities increased federal spending between 2011 and 2020 and will also increase it from 2021 to 2030. In 2010, CBO projected that CMMI would produce savings.
Report
Federal Subsidies for Health Insurance: 2023 to 2033
September 28, 2023
In 2023, federal subsidies for health insurance are estimated to be $1.8 trillion, or 7.0 percent of gross domestic product (GDP). In CBO and JCT’s projections, those net subsidies reach $3.3 trillion, or 8.3 percent of GDP, in 2033.
Cost Estimate
H.R. 3244, Stop Fentanyl Money Laundering Act of 2023
September 28, 2023
As ordered reported by the House Committee on Financial Services on July 26, 2023
Cost Estimate
H.R. 3995, Small Business Regulatory Reduction Act
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4480, SERV ACT
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4666, a bill to require the Inspector General of the Small Business Administration to submit a quarterly report on fraud relating to certain COVID–19 loans
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4667, RECLAIM Taxpayer Funds Act
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4668, POST IT Act of 2023
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4669, DOE and SBA Research Act
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4670, Small Business Contracting Transparency Act of 2023
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
H.R. 4671, Corrective Action Report Oversight and Accountability Act
September 28, 2023
As reported by the House Committee on Small Business on September 1, 2023
Cost Estimate
S. 1156, Native American Entrepreneurial and Opportunity Act of 2023
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
S. 1345, 504 Credit Risk Management Improvement Act of 2023
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
S. 1352, 504 Modernization and Small Manufacturer Enhancement Act of 2023
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
S. 2099, Supporting Community Lenders Act
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
S. 2212, SBIC Advisory Committee Act of 2023
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
S. 38, Veteran Entrepreneurship Training Act of 2023
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
S. 673, Small Business Child Care Investment Act
September 28, 2023
As reported by the Senate Committee on Small Business and Entrepreneurship on July 25, 2023
Cost Estimate
CBO's Estimate for the Continuing Appropriations Act, 2024 and Other Extensions Act
September 27, 2023
As Posted on the Senate Committee on Appropriations Website on September 26, 2023
Cost Estimate
September 27, 2023
H.R. 4957, Department of Labor Succession Act
As ordered reported by the House Committee on Education and the Workforce on September 14, 2023
Cost Estimate
S. 311, U.S. Customs and Border Protection Officer Retirement Technical Corrections Act
September 27, 2023
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on May 17, 2023
Cost Estimate
H.R. 4824, Carbon Sequestration Collaboration Act
September 26, 2023
As ordered reported by the House Committee on Science, Space, and Technology on July 27, 2023
Cost Estimate
H.R. 1786, Get Rewarding Outdoor Work for our Veterans Act
September 26, 2023
As ordered reported by the House Committee on Natural Resources on September 20, 2023
Cost Estimate
H.R. 4716, Keeping our Allies Leading in Advancement Act
September 26, 2023
As ordered reported by the House Committee on Foreign Affairs on July 26, 2023
Cost Estimate
S. 1286, a bill to amend the Siletz Reservation Act to address the hunting, fishing, trapping, and animal gathering activities of the Confederated Tribes of Siletz Indians, and for other purposes
September 26, 2023
As ordered reported by the Senate Committee on Indian Affairs on July 19, 2023
Cost Estimate
S. 910, a bill to amend the Grand Ronde Reservation Act, and for other purposes
September 26, 2023
As ordered reported by the Senate Committee on Indian Affairs on July 19, 2023
FASB
Private Company Council Meeting Recap—September 12, 2023
September 26, 2023
GAO
Tracking the Funds:
Specific Fiscal Year 2023 Provisions for the Office of National Drug Control Policy
GAO-23-106859
Published:
Publicly Released:
As part of FY23 appropriations, Members of Congress could request to designate a certain amount of federal funding for specific projects in their communities. While agencies often have discretion over how they award funds, Congress has directed them to distribute these funds to designated recipients. We're tracking these funds to help ensure transparency. The Office of National Drug Control Policy's FY23 appropriations included nearly $10.5...
Status of Open GAO Recommendations Made to the Director of National Intelligence
GAO-23-106892
Published:
Publicly Released:
Every year, when federal agencies implement our recommendations, it leads to billions of dollars in savings and thousands of other improvements across government. Among the 98 recommendations we made to the Office of the Director of National Intelligence from FY 2011 to 2023, 63 have yet to be fully implemented. These recommendations address contracting, human capital, enterprise management, personnel security, and infrastructure. We have identified...
Small Business Research Programs:
Most Agencies Allow Applicants to Define Needs and Propose Solutions
GAO-23-106338
Published:
Publicly Released:
Federal agencies help fund small businesses' technology research and development through grants, contracts, and cooperative agreements. Most agencies allow businesses that apply for funding to define problems and pitch innovative solutions within broad topic areas for some or all of their awards. In contrast, some agencies define the problems themselves and only solicit solutions. Allowing businesses to define the problems could attract more diverse small...
Antiviral Drugs:
Economic Incentives and Strategies for Pandemic Preparedness [Reissued with revisions on Sept. 29, 2023] GAO-23-105847
Published:
Publicly Released:
Scientists have predicted that another pandemic is likely. They've identified the viruses that might cause it—although the Department of Health and Human Services told us that few antiviral drugs for those viruses have been approved or are in HHS-funded clinical trials. Our panel of experts suggested several ways for policymakers to incentivize the development of these antiviral drugs, such as research grants or commitments to...
Air Pollution:
EPA Needs to Develop a Business Case for Replacing Legacy Air Quality Data Systems
GAO-23-105618
Published:
Publicly Released:
EPA primarily uses two legacy IT systems to manage outdoor air quality data that tribal, state, and local air monitoring agencies collect. Data from these systems helps to identify areas that don't meet air quality standards and communicate information about air pollution levels to the public. But these aging systems present maintenance and usability challenges for EPA and other users. For example, EPA has had...
Cybersecurity Program Audit Guide
GAO-23-104705
Published:
Publicly Released:
Federal cybersecurity is an urgent priority because it protects critical infrastructure, federal operations, and individuals' personal data. This guide gives analysts and auditors the methodologies, techniques, and audit procedures they need to evaluate the components of agencies' cybersecurity programs and systems. These components include risk management and incident response, among others. Over the last 3 decades, we've made thousands of recommendations to improve federal cybersecurity...
Nuclear Arms Control:
U.S. May Face Challenges in Verifying Future Treaty Goals
GAO-23-105698
Published:
Publicly Released:
The U.S. has set goals for a new strategic U.S.-Russian nuclear arms control treaty when the current one expires in 2026. The goals are to ensure that a new treaty addresses all nuclear weapons—including those in storage and shorter-range weapons—and certain weapon delivery vehicles. For the next treaty, officials largely expect to use current methods to verify that each country complies, such as on-site inspections...
Cybersecurity:
State Needs to Expeditiously Implement Risk Management and Other Key Practices
GAO-23-107012
Published:
Publicly Released:
The State Department carries out American diplomacy and helps shape U.S. foreign policy. Securing the IT systems that support State's mission is crucial to its ability to manage its cybersecurity risks. But State hasn't fully implemented its cybersecurity risk program. We found that it needs to: Implement processes to detect and respond to cybersecurity incidents Update hardware and software that aren't supported by vendors Strengthen...
Affordable Housing:
Information on the Self-Help Homeownership Opportunity Program
GAO-23-105647
Published:
Publicly Released:
In July 2023, we reported on a Department of Housing and Urban Development program that gives grants to eligible nonprofits to help develop housing units for low-income buyers. This report provides more information on the program and potential changes in the program's buying power. Specifically, the median sales price of housing units in this program increased from about $120,000 in 2011 to nearly $200,000 in...
Tracking the Funds:
Specific FY 2023 Provisions for Federal Agencies
GAO-23-106561
Published:
Publicly Released:
As part of FY 2023 appropriations, Members of Congress could request to designate a certain amount of funding for specific projects in their communities. While agencies often have discretion over how they award funds, Congress has directed them to distribute these funds to the designated recipients. We're tracking these funds to help ensure transparency. FY 2023 appropriations included about $15.3 billion for 7,234 projects. This...
Tracking the Funds:
Agencies Have Begun Executing FY 2022 Community Project Funding/Congressionally Directed Spending
GAO-23-106318
Published:
Publicly Released:
As part of FY 2022 appropriations, Members of Congress could request to designate a certain amount of funding for specific projects in their communities. While agencies often have discretion over how they award funds, Congress has directed them to distribute these funds to the designated recipients. We're tracking the funds to help ensure transparency. FY 2022 appropriations included $9.1 billion for 4,963 projects. At the...
DOE Nuclear Cleanup:
Clear Guidance on Categorizing Activities and an Assessment of Contract Cost Effectiveness Needed
GAO-23-106081
Published:
Publicly Released:
The Department of Energy is cleaning up nuclear waste from weapons production at 15 U.S. sites—at an estimated cost of over $400 billion. Much of this cost will be for work not directly related to the cleanup, like maintaining roads. When setting site budgets, DOE categorizes activities as either cleanup-related—like treating contamination—or not. This helps DOE prioritize competing funding needs. But DOE's guidance doesn't clearly...
Improper Payments:
Opportunities for Interagency Collaboration and Improvements
GAO-23-106761
Published:
Publicly Released:
In FY 2022, federal agencies made an estimated $247 billion in payment errors—payments that either should not have been made or were made in the incorrect amount. Programs with estimated overpayments of at least $100 million receive additional review. This Q&A report—the third in a series of quarterly reports—examines this process and more. The Office of Management and Budget collects information on such programs with...
Veterans Employment:
Identifying Lessons Learned from Rapid Retraining Program Could Benefit Future Efforts
GAO-23-106191
Published:
Publicly Released:
The Department of Veterans Affairs provided help for veterans who lost their jobs during the COVID-19 pandemic. The program offered a housing stipend and 12 months of tuition and fees for veterans to retrain for high-demand occupations. More than 13,000 veterans used the program to enroll in training. VA collected a lot of data from schools and veterans on program benefits and challenges, but doesn't...
Hanford Cleanup:
Alternative Approaches Could Save Tens of Billions of Dollars
GAO-23-106880
Published:
Publicly Released:
The Hanford Site in Washington State is one of the largest and most expensive environmental cleanup projects worldwide. We estimated in 2022 that the cleanup will cost between $300 billion and $640 billion and take decades. In this Snapshot report we cover steps the Department of Energy and Congress could take to save money and reduce risks posed by the site's 54 million gallons of...
Federal Real Property:
Preliminary Results Show that Increased Telework and Longstanding Challenges Led to Underutilized Federal Buildings GAO-23-107060
Published:
Publicly Released:
The federal government's office spaces cost billions every year to lease, operate, and maintain. Even before the pandemic, agencies struggled to determine how much office space they needed. In this testimony for the Senate, we discuss the 21.4 million square feet of usable office space—conference rooms, team rooms, and offices—in the headquarters buildings of 24 agencies. During 3 weeks in January, February, and March 2023...
Science and Engineering Statistics:
Improved Communication Needed with Stakeholders on Data Needs
GAO-23-106361
Published:
Publicly Released:
The National Center for Science and Engineering Statistics (NCSES) collects and analyzes data to help people understand U.S. performance in science and engineering in a global context. NCSES covers topics such as research facility funding and job opportunities for science and engineering graduates. Governments, companies, nonprofits, and others use this data to make decisions. But NCSES generally didn't involve these users in developing its strategic...
COVID-19:
USAID Plans to Share Lessons Learned from Efforts to Meet Global Vaccination Goal
GAO-23-105579
Published:
Publicly Released:
Millions of people around the world have died from COVID-19 . The U.S. government has pledged to help reach a goal to vaccinate 70% of the global population against the virus. In support of this goal, the U.S. Agency for International Development worked with global and local partners to help 125 countries vaccinate their populations against COVID-19. But issues like falling demand for the vaccine...
GAO: Evolving and Innovating to Meet Congressional Needs
GAO-23-900536
Published:
Publicly Released:
For the last 5 years, our work yielded an average of $145 in financial benefits for every $1 invested in us, as well as an annual average of more than 1,200 other improvements. In this testimony before the Committee on House Administration's Subcommittee on Modernization, U.S. Comptroller General Gene Dodaro discusses how we achieve our results, including: Understanding congressional priorities and needs and evolving national...
Persistent Chemicals:
Detecting, Limiting Exposure To, and Treating PFAS Contamination
GAO-23-106970
Published:
Publicly Released:
A group of chemicals called per- and polyfluoroalkyl substances—PFAS—are used in manufacturing, fire safety, and consumer products including nonstick cookware. But the chemicals contaminate the environment, and some may cause human health problems. This Snapshot report covers our work on government and other efforts to detect PFAS, prevent exposure, and treat contamination. For example, technologies like granular activated carbon filters can remove most PFAS from...
Military Housing:
Strengthened Oversight Needed to Make and Sustain Improvements to Living Conditions
GAO-23-107038
Published: . Publicly Released: .
Hundreds of thousands of service members live in military housing—such as government-owned barracks or privatized family housing. In recent years, there have been concerns about health and safety risks in military housing and DOD's management of its housing programs. Poor housing conditions negatively affect quality of life. We testified about our work on poor living conditions in barracks and DOD's oversight of housing. For example...
Critical Infrastructure Protection:
National Cybersecurity Strategy Needs to Address Information Sharing Performance Measures and Methods
GAO-23-105468
Published: . Publicly Released: .
Protecting critical infrastructure—like water and electricity—from cyberattacks is a national priority. Federal agencies and critical infrastructure owners and operators must share information to tackle increasingly complex cyber threats. Long-standing challenges, such as security concerns and timeliness, make this harder. For example, representatives from a nonfederal partner said the FBI briefed them on a cyber threat about 5 months after it was identified. We recommended monitoring...
Nursing Homes:
Limitations of Using CMS Data to Identify Private Equity and Other Ownership
GAO-23-106163
Published: . Publicly Released: .
Private equity firms have drawn attention in recent years by buying nursing homes, changing their operations to increase profit, and selling them for more money. We estimated that 5% of about 14,800 nursing homes enrolled in Medicare had private equity owners in 2022. Medicare collects information about nursing home owners as part of its enrollment and oversight processes. But we had to supplement Medicare's data...
Manufactured Housing:
Further HUD Action is Needed to Increase Available Loan Products
GAO-23-105615
Published: . Publicly Released: .
Manufactured housing—prefabricated, factory built homes—can be an affordable option for lower-income homebuyers. But some borrowers may not qualify for mortgages and might have to turn to other kinds of financing with less favorable rates and terms. Several federal agencies, Fannie Mae, and Freddie Mac have created new or modified existing loan programs to help manufactured home borrowers. But while the Department of Housing and Urban...
Tribal Lands:
Status of the Navajo Nation's Expanded Leasing Authority
GAO-23-106542
Published: . Publicly Released: .
This Q&A report looks at how the Navajo Nation is using its authority to lease its lands. In 2018, Congress expanded the Navajo Nation's authority to lease its lands for certain uses like mining. Previously, these leases required Department of the Interior approval. To use the expanded authority, the Navajo Nation must develop tribal leasing regulations. As of Sept. 2023 it hadn't done so. Tribal...
Pretrial Supervision:
Actions Needed to Enhance Management of the Location Monitoring Program
GAO-23-105873
Published: . Publicly Released: .
About a quarter of people released by the court before their federal trials are required to use location monitoring devices. These devices often use GPS and radio frequency to transmit their location data to court officers. Officers investigate immediately when devices send them "key alerts," which can indicate noncompliance. Key alerts often come in after hours and can be caused by GPS or cellular connection...
GASB
GASB Proposes Guidance on Disclosure and Classification of Certain Capital Assets
September 28, 2023
IASB
September 2023 monthly news summary now available
News summary
2 Oct 2023
Join the staff—Executive Coordinator (ISSB) (maternity cover)
Careers
2 Oct 2023
Meeting summary published for the September 2023 joint IASB–FASB education meeting
Update
2 Oct 2023
IASB amends the IFRS for SMEs Accounting Standard related to international tax reform
Amendment
29 Sept 2023
IFRS Foundation appoints Montreal and Asia-Oceania office directors
Appointment
27 Sept 2023
September 2023 IASB podcast now available
Podcast
27 Sept 2023
IASB to issue International Tax Reform—Pillar Two Model Rules—Amendments to the IFRS for SMEs Standard
Forthcoming publication
27 Sept 2023
September 2023 IASB Update now available and work plan updated
Update
26 Sept 2023
September 2023 IFRS for SMEs Accounting Standard Update now available
Update
26 Sept 2023
September 2023 Due Process Oversight Committee agenda and meeting paper now available
Meeting
26 Sept 2023
Andreas Barckow speaks at World Standard-setters Conference 2023
Speech
25 Sept 2023
IRS
IRS: Taxpayers impacted by seawater intrusion in parts of Louisiana qualify for tax relief; various deadlines postponed to Feb. 15
IR-2023-184, Sept. 29, 2023 — The Internal Revenue Service today announced tax relief for individuals and businesses affected by seawater intrusion in parts of Louisiana. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.
Oct. 16 tax filing extension deadline nears for millions of taxpayers
IR-2023-183, Sept. 29, 2023 — The Internal Revenue Service today reminded taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension to file their 2022 tax return should file their Form 1040 on or before Monday, Oct. 16.
IRS delivers new capabilities to Tax Pro Account; latest expansion part of effort to improve technology, tools to help tax professionals serve clients
IR-2023- 182, Sept. 29, 2023 — As part of a larger effort to improve technology, the Internal Revenue Service announced today an expansion of the Tax Pro Account capabilities that allows tax professionals access to new services to help their clients.
IRS provides guidance on employer leave-based donation programs that aid victims of the wildfires in Hawaii
IR-2023-181, Sept. 28, 2023 — The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave to aid victims of the wildfires that began in parts of Hawaii on Aug. 8, 2023.
IRS: Builders of qualified new energy efficient homes may qualify for an expanded tax credit under Section 45L IR-2023-180, Sept. 27, 2023 — The Internal Revenue Service issued Notice 2023-65 today which provides guidance on the new energy efficient home credit as amended by the Inflation Reduction Act (IRA).
IRS extends relief to farmers and ranchers in 49 states, other areas impacted by drought; more time to replace livestock IR-2023-179, Sept. 27, 2023 — The Internal Revenue Service today reminded eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales.
IRS expands use of chatbots to help answer questions on key notices; expands on technology that’s served 13 million taxpayers
IR-2023-178, Sept. 26, 2023 — The Internal Revenue Service today announced the availability of expanded chatbot technology to help quickly answer basic questions for people receiving notices about possibly underreporting their taxes.
IRS: Taxpayers impacted by Hurricane Lee in Maine and Massachusetts qualify for tax relief; various deadlines postponed to Feb. 15
IR-2023-177, Sept. 25, 2023 — The IRS today announced tax relief for individuals and businesses affected by Hurricane Lee anywhere in Maine and Massachusetts. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.
NYS
Superintendent Adrienne A. Harris Announces $10 Million Settlement With Shinhan Bank America For Repeated Compliance Failures
September 29, 2023
PCAOB
Director of the PCAOB’s Office of Internal Oversight and Performance Assurance Five-Year Term Concludes
Sep. 29, 2023
PCAOB Adopts New Standard, Modernizing Requirements for Auditors’ Use of Confirmation to Better Protect Investors in Today’s World
Sep. 28, 2023
Christine Gunia to Serve as Acting Director of PCAOB Division of Registration and Inspections
Sep. 28, 2023
PCAOB Applauds Appointment of George R. Botic as PCAOB Board Member
Sep. 27, 2023
PCAOB Sanctions Deloitte & Touche S.A.S. for Quality Control Violations
Sep. 27, 2023
PCAOB Sanctions BDO USA, P.C. and Two of Its Partners for Violations of PCAOB Rules and Audit Standards
Sep. 26, 2023
SEC
SEC Spotlights Due Diligence during World Investor Week 2023
2023-217
Washington D.C., Oct. 2, 2023 — The Securities and Exchange Commission today announced it will highlight the importance of investor education and protection during World Investor Week (WIW) 2023, which takes place October 2-8. Arising technologies and new digital tools are making it easier and quicker to invest. Taking time to do due diligence can help investors avoid fraud and make better informed investment decisions.
SEC, MSRB, & FINRA to Hold Virtual Compliance Outreach Program
2023-216
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals. The free webcast is open to the public and will take place on Thursday, December 7, 2023, from 10:30 a.m. to 4:30 p.m. ET.
SEC Charges International Accounting Firm Prager Metis with Hundreds of Auditor Independence Violations
2023-214
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients’ violations of federal securities laws.
SEC Charges D. E. Shaw with Violating Whistleblower Protection Rule
2023-213
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission today announced settled charges against New York-based registered investment adviser D. E. Shaw & Co., L.P. for raising impediments to whistleblowing by requiring employees to sign agreements prohibiting the disclosure of confidential corporate information to third parties, without an exception for potential SEC whistleblowers, and by requiring departing employees to sign releases affirming that they had not filed any complaints with any government agency in order for the employees to receive deferred compensation. D. E. Shaw agreed to pay $10 million to settle the SEC’s charges.
SEC Charges 10 Firms with Widespread Recordkeeping Failures
2023-212
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission today announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that their conduct violated recordkeeping provisions of the federal securities laws. The firms agreed to pay combined penalties of $79 million as outlined below and have begun implementing improvements to their compliance policies and procedures to address these violations.
SEC Charges Two Credit Rating Agencies, DBRS and KBRA, with Longstanding Recordkeeping Failures
2023-211
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission today announced charges against credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC (KBRA) for longstanding failures to preserve electronic records, including off-channel communications on personal and work-issued devices. Additionally, the SEC charged DBRS with violating disclosure and internal control provisions of the federal securities laws in rating certain commercial mortgage-backed securities (CMBS). To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties.
SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance
2023-210
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission today charged Newell Brands Inc., a Georgia-based consumer products company and its former CEO, Michael Polk, with misleading investors about Newell’s core sales growth, a non-GAAP (Generally Accepted Accounting Principles) financial measure the company used to explain its underlying sales trends. Both parties agreed to settle the SEC charges.
Albemarle Corp. to Pay SEC More Than $103 Million to Settle FCPA Violations
2023-209
Washington D.C., Sept. 29, 2023 — The Securities and Exchange Commission today announced that Charlotte-based Albemarle Corporation, a global specialty chemicals company, agreed to pay more than $103.6 million to settle the SEC’s charges that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).
SEC Charges Electric Vehicle Co. for Misleading Revenue Projections Ahead of SPAC Merger
2023-208
Washington D.C., Sept. 28, 2023 — The Securities and Exchange Commission today charged Denver-based Spruce Power Holding Corporation, the successor to XL Fleet Corp., for misleading investors about revenue projections that topped $1 billion within three years of going public. XL Fleet, which provided hybrid electric vehicle systems for commercial fleet vehicles, went public through a 2020 merger with a special purpose acquisition company (SPAC).
SEC Charges Exelon, its Subsidiary Commonwealth Edison, and Subsidiary’s Former CEO Anne Pramaggiore with Fraud in Connection with Political Corruption Scheme
2023-207
Washington D.C., Sept. 28, 2023 — The Securities and Exchange Commission today charged Exelon Corporation, electric utility company Commonwealth Edison Company (ComEd), which is Exelon’s subsidiary, and former ComEd CEO Anne Pramaggiore with fraud in connection with a multi-year scheme to corruptly influence and reward then-Speaker of the Illinois House of Representatives Michael Madigan. Exelon and ComEd agreed to settle the charges, with Exelon paying a civil penalty of $46.2 million. The charges against Pramaggiore will be litigated.
SEC Charges Clear Channel Outdoor with FCPA Violations Relating to China Subsidiary
2023-206
Washington D.C., Sept. 28, 2023 — The Securities and Exchange Commission today announced that Clear Channel Outdoor Holdings Inc. agreed to pay more than $26 million to resolve charges that it bribed Chinese government officials to obtain outdoor advertising contracts in violation of the Foreign Corrupt Practices Act (FCPA).
SEC Charges Former Pareteum Executives with Accounting and Disclosure Fraud
2023-205
Washington D.C., Sept. 28, 2023 — The Securities and Exchange Commission today announced charges against the former Chief Financial Officer, Edward O’Donnell, and the former Chief Commercial Officer, Victor Bozzo, of New York-based telecommunications company Pareteum Corp. for engaging in fraudulent revenue recognition practices. The SEC also announced settled charges against Pareteum’s former Controller, Stanley Stefanski, for his role in the scheme. Pareteum previously settled to accounting and disclosure fraud charges filed by the SEC in 2021 and filed for bankruptcy in 2022.
SEC Charges Former Financial Industry Analyst and Three Others with Insider Trading
2023-204
Washington D.C., Sept. 28, 2023 — The Securities and Exchange Commission today announced charges against Anthony Viggiano, a former analyst at a major investment firm and later at an international investment bank, and Christopher Salamone, Stephen A. Forlano, and Nathan Bleckley, for insider trading in advance of numerous merger and acquisition transactions.
SEC Charges Three Southern California Siblings with Insider Trading
2023-203
Washington D.C., Sept. 27, 2023 — The Securities and Exchange Commission today filed charges against siblings Marco A. Perez (aka Marc), Pedro Perez, Jr. (aka Peter), and Olivia P. Durbin for insider trading before the April 2021 announcement of an offer by storage company United Rentals Inc. to acquire General Finance Corp. The three defendants, all of whom reside in Southern California, realized a combined total of $650,000 in illegal profits from their trading.
SEC Appoints George Botic to the Public Company Accounting Oversight Board
2023-202
Washington D.C., Sept. 27, 2023 — The Securities and Exchange Commission today announced the appointment of George Botic, CPA to a term as a Board Member of the Public Company Accounting Oversight Board (PCAOB).
SEC Charges Corporate Insiders for Failing to Timely Report Transactions and Holdings
2023-201
Washington D.C., Sept. 27, 2023 — The Securities and Exchange Commission today announced charges against six officers, directors, and major shareholders of public companies for failing to timely report information about their holdings and transactions in company stock. Five publicly-traded companies were also charged for contributing to the filing failures by insiders or failing to report their insiders’ filing delinquencies.
SEC Charges Hydrogen Vehicle Co. Hyzon Motors and Two Former Executives for Misleading Investors
2023-200
Washington D.C., Sept. 26, 2023 — The Securities and Exchange Commission today announced settled fraud charges against Hyzon Motors Inc., an upstate New York-based company that builds hydrogen fuel cell electric vehicles (FCEVs), for misleading investors about its business relationships and vehicle sales before and after a July 2021 merger with a publicly-traded special purpose acquisition company, or SPAC. The SEC also charged Craig M. Knight, Hyzon’s former CEO, and Max C.B. Holthausen, former managing director of Hyzon’s European subsidiary, for their roles in the fraudulent scheme.
SEC Charges California Advisory Firm AssetMark for Failing to Disclose Multiple Financial Conflicts
2023-199
Washington D.C., Sept. 26, 2023 — The Securities and Exchange Commission today announced that Concord, California-based registered investment adviser AssetMark Inc. has agreed to pay more than $18 million to settle charges related to undisclosed conflicts of interest involving a cash sweep program operated by its affiliated custodian and its receipt of millions of dollars in revenue sharing payments from third-party custodians.
New Report from the Small Business Forum Includes Recommendations to Improve Capital Raising
2023-198
Washington D.C., Sept. 26, 2023 — The Securities and Exchange Commission today released a report to Congress summarizing policy recommendations made during the 42nd Annual Government-Business Forum on Small Business Capital Formation. 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.
SEC Charges Advisory Firm Bruderman Asset Management and its Principal for Failing to Disclose Misuse of Investment Funds
2023-197
Washington D.C., Sept. 26, 2023 — The Securities and Exchange Commission today announced that New York-based Bruderman Asset Management LLC (BAM) and its principal, Matthew J. Bruderman, agreed to settle charges related to their failure to disclose the misuse of proceeds raised from investment advisory clients and to the firm’s failure to implement reasonably designed written policies and procedures concerning the disclosure of conflicts of interest.
SEC Charges Advisory Firm Bruderman Asset Management and its Principal for Failing to Disclose Misuse of Investment Funds
2023-197
Washington D.C., Sept. 26, 2023 — The Securities and Exchange Commission today announced that New York-based Bruderman Asset Management LLC (BAM) and its principal, Matthew J. Bruderman, agreed to settle charges related to their failure to disclose the misuse of proceeds raised from investment advisory clients and to the firm’s failure to implement reasonably designed written policies and procedures concerning the disclosure of conflicts of interest.
SEC Charges Cash Flow King Podcast Host with Perpetrating $11 Million Ponzi Scheme
2023-196
Washington D.C., Sept. 25, 2023 — The Securities and Exchange Commission today charged Matthew Motil, host of the podcast, “The Cash Flow King,” for fraudulently raising approximately $11 million from more than 50 investors in a Ponzi scheme involving notes that were purportedly backed by residential properties.
SEC Charges GTT Communications for Disclosure Failures
2023-195
Washington D.C., Sept. 25, 2023 — The Securities and Exchange Commission today charged GTT Communications, Inc. with failing to disclose material information about unsupported adjustments the company made in several Commission filings, which increased GTT’s reported operating income by at least 15 percent in three quarters from 2019 through 2020. The SEC’s order credits GTT with promptly self-reporting, undertaking affirmative remedial measures, and providing substantial cooperation to the SEC, and does not order a civil penalty against GTT.
Deutsche Bank Subsidiary DWS to Pay $25 Million for Anti-Money Laundering Violations and Misstatements Regarding ESG Investments
2023-194
Washington D.C., Sept. 25, 2023 — The Securities and Exchange Commission today charged registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a mutual fund Anti-Money Laundering (AML) program, and the other concerning misstatements regarding its Environmental, Social, and Governance (ESG) investment process. To settle the charges, DIMA agreed to pay a total of $25 million in penalties.
TIGTA
The Enterprise Physical Access Control System Implementation and Physical Security Controls Need Improvement September 27, 2023
Review of the IRS’s Process to Perform Mandatory Annual Examinations of Presidential Returns for Tax Years 2000 Through 2021
September 26, 2023
Federal Acquisition Regulation Requirements Were Either Not Performed or Documented When Awarding and Administering Expert Witness Contracts
September 26, 2023
Fiscal Year 2023 Statutory Review of Compliance With Legal Guidelines When Issuing Levies
September 26, 2023
Fiscal Year 2023 Statutory Review of Potential Fair Tax Collection Practices Violations
September 25, 2023
The IRS Implemented Processes to Prevent Future Unauthorized Disclosures of Form 990-T Information
September 25, 2023
Fiscal Year 2023 Mandatory Review of Disclosure of Collection Activity With Respect to Joint Returns
September 22, 2023
Actions Need to Be Taken to Improve the Cyber Security Assessment and Management Application Security Controls
September 21, 2023
Fiscal Year 2023 Statutory Review of Compliance With Notice of Federal Tax Lien Filing Collection Due Process Procedures
September 21, 2023