SEC VOTES FOR MANDATORY XBRL FILINGWashington, D.C. — The Securities and Exchange Commission voted at an open meeting to propose that companies begin filing financial statements in an interactive tagged format as early as next year. The requirement for companies to begin filing in Extensible Business Reporting Language would initially apply to about 500 companies with a worldwide public float of over $5 billion. They would make financial disclosures in XBRL for fiscal periods ending in late 2008.
There would be three annual phases, as smaller companies are gradually required to begin filing in XBRL. In the second year, all other large domestic filers with a float of over $75 million would need to file. By the third year, all public companies that file in accordance with U.S. GAAP would be subject to the same interactive reporting requirements.
IRS EXPERIENCES TAX REBATE GLITCHES
Washington, D.C. — The Internal Revenue Service said that it would mail out approximately 350,000 additional economic stimulus payments starting in early July, after discovering that some tax returns did not capture the information needed to generate the $300-per-child payments.
In some instances, the IRS said, taxpayers did not check the proper box to trigger the $300 child payment. In other instances, a few tax software products primarily used by tax professionals did not capture the proper information needed for issuing the child stimulus payment. The IRS has worked closely with the affected software vendors, and they have reported to the IRS that their software has been corrected. They are Petz Enterprises’ professional and online software, and CCH’s ProSystem fx Tax software and online CompleteTax software. The IRS emphasized that the corrected checks will be mailed automatically, and taxpayers don’t need to call or take any additional steps.
The IRS also said that it has deposited about 1,500 tax rebates and economic stimulus payments in the incorrect bank accounts, and is working on a case-by-case basis with taxpayers and banks to fix the problem.
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