The Financial Accounting Foundation announced the availability of the 2020 GAAP Financial Reporting Taxonomy, the 2020 SEC Reporting Taxonomy, and the new 2020 XBRL US DQC Rules Taxonomy, all pending final acceptance by the U.S. Securities and Exchange Commission.
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All three 2020 taxonomies are expected to be accepted by the SEC as final in early 2020.
Questions about the taxonomies and compliance should be directed to the SEC via its
CPAs dealing with the new 1099-DA rules this year are challenged by the fact that they only report gross proceeds this year, leaving them and their clients to calculate cost basis themselves.
The Internal Revenue Service vastly overstated the projected costs of operating the free tax prep program before terminating it, according to a new report.
The Internal Revenue Service issued a revenue procedure on how businesses can take advantage of new tax breaks offered by the OBBBA and withdraw elections made under the old rules.
A Texas judge struck down a rule requiring professionals engaged in real estate closings and settlements to report information about nonfinanced transfers.
The average growth rate for accounting and financial services firms has fallen from an all-time high of 13% to less than 10% today, the lowest in five years.
Paul Griggs, CEO of PwC, said they plan to adjust billing model to factor in AI, potentially without even a human professional in the loop, and added that if any humans have a problem with it they have no place in this firm.
