August 15, 2022

Accounting News Roundup: KPMG Keeps GE, Wells Fargo Audit Gigs | 04.26.18

Programming note: ANR will be off tomorrow, returning Monday.

KPMG Gets Cold Shoulder From GE Shareholders [WSJ]
Michael Rapoport reports, “Only 64.9% of GE shareholders voted to ratify KPMG as GE’s auditor.” One governance expert called it an “extraordinary” level of opposition, but the fact remains: KPMG will be GE’s auditor for another year: Its 110th. Wells Fargo shareholders also voted to retain the firm, with 91.1% giving KPMG their blessing despite a recommended “No” vote from proxy firm Glass Lewis.

PCAOB Seeks Input into its 2018-2022 Strategic Planning Through a Public Survey [PCAOB]
“Following the recent appointment of five new Board members,” the auditors’ auditor wants the opinions of the public to “[take] a fresh look at the organization and its future direction in fulfilling its mission.” The survey is here.

Under New Tax Law the Question Is, To Be or Not to Be a REIT? [Bloomberg]
Some are considering a change to C corporation tax status to avoid paying most of their earnings in dividends, using it to expand or re-invest in their properties.

How High Are Recreational Marijuana Taxes in Your State? [Tax Foundation]
Nine states and the District of Columbia have legalized recreational marijuana, but only eight of these have legal markets, meaning that pot is sold and taxes are collected.

Previously, on Going Concern…

I wrote about KPMG’s announcement that it would be adding independent directors to its board.

In other news:

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