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OMB Seeks to Jettison Defense CAS Board and De-Couple CAS and TINA

Client Alert | 1 min read | 06.07.19

In late April, the Office of Management and Budget (OMB) sent a letter to Congress containing a number of legislative proposals to streamline and improve the federal acquisition process for inclusion in the Fiscal Year (FY) 2020 National Defense Authorization Act (NDAA). Two of those proposals relate to the Cost Accounting Standards (CAS). The first calls for the disestablishment of the Defense CAS Board—which was a product of the FY 2017 NDAA—to avoid creating a more complicated CAS regulatory framework. The second would de-link the monetary threshold for CAS from the Truthful Cost or Pricing Data threshold (formerly known as TINA), and increase the basic threshold for CAS applicability from $2 million to $15 million. These are two recommendations that the Section 809 Panel made in Volume II of its Report (the CAS Board is also considering repeal of the provisions establishing the Defense CAS Board and increasing the CAS applicability thresholds).

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Client Alert | 3 min read | 09.15.25

Senate Finance Committee Looking to Take White River to the Train Station, Confirms DOJ Investigation into Tribal Tax Credits

On August 19, 2025, the U.S. Senate Committee on Finance (“Senate Finance Committee”) sent Paul Atkins, Chairman, U.S. Securities and Exchange Commission (“SEC”) a letter calling on the SEC to investigate White River Energy Corp (“White River”). In the letter, the Senate Finance Committee confirmed a criminal investigation into White River related to the sale of so-called “tribal tax credits” that according to both Congress and the IRS, do not exist. The letter further states that White River allegedly earned millions of dollars selling these credits and has not been forthcoming with investors regarding the existence of the criminal investigation. According to the Senate Finance Committee, White River has failed to file financial disclosure documents with the SEC since March 15, 2024, missing six consecutive reporting periods. The letter instructs White River to disclose the existence of the DOJ criminal tax investigation, and calls on the SEC to take action if White River fails to do so....

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