The Financial Accounting Standards Board has released a new guide to a feature of Extensible Business Reporting Language known as extensible lists FASB’s Proposed Taxonomy Implementation Guide, Extensible Lists: A Guide for Preparers explains an XBRL design feature known as extensible lists. The lists permit the definition of concepts from a predefined list of values.
The Internal Revenue Service released regulations to restrict a valuable tax break that hedge fund managers were able to claim after an error in 2017 Republican tax law. The change, published Friday, bars money managers from using some types of business entities, including S corporations and passive foreign investment companies, to take advantage of an
Senate Majority Leader Mitch McConnell, R- Ky., walks to the Senate floor at the U.S. Capitol on Thursday, July 30. Democrats and Republicans have given no ground after three days of negotiations on a virus relief package as enhanced unemployment insurance for millions of out-of-work Americans and protections from evictions run out. Al Drago/Bloomberg via
The National Conference of CPA Practitioners has endorsed legislation to give the Treasury and the Internal Revenue Service the authority to regulate tax preparers. In a letter to Sens. Chuck Grassley, R-Iowa, and Ron Wyden, D-Oregon, and Reps. Kevin Brady, R-Texas, and Richard Neal, D-Massachusetts, the organization urged them to pass S.1192/H.R.3330, “The Taxpayer Protection