October 7, 2022

Footnotes: Fannie Mae Still Milkin’ It; KPMG Has Its Doubts About PLUG; Tax Freedom Day Is Nigh | 04.02.13

Fannie Mae posts record $7.6 billion quarterly profit Mortgage finance company Fannie Mae posted a record $7.6 billion in quarterly earnings, but it refrained from booking a tax-related gain that would have allowed the bailed-out company to repay as much as $59 billion to taxpayers. The government-controlled company said it expects to be profitable for the foreseeable future which would typically allow it to record gains on billions of dollars worth of assets it had previously written down. Those gains would go to the U.S. Treasury, to help pay back the roughly $117 billion that Fannie Mae owes taxpayers. [Reuters]

Former SEC Chair Mary Schapiro got a job at Promontory Financial Group. [WSJ]

Wait Continues for Lease Accounting Clarity [CFO]

The Chamber of Commerce has a long wish list for tax reform. [The Hill]

For Legal Pot Sellers, A Big Tax Problem [NPR]

CPA firm questions Plug Power's future Auditors for Plug Power Inc. have expressed their doubts about the Latham, NY fuel cell manufacturer’s ability to continue operating. The annual report Plug (Nasdaq: PLUG) filed April 1 with the U.S. Securities and Exchange Commission contains what is commonly known as a “going concern” letter. Auditor KPMG said the company’s recurring losses from operations and substantial decline in working capital “raise substantial doubt about its ability to continue as a going concern.”  [TBR]

Krispy Kreme Gives 'A Thousand' Donuts To Engaged Couple [HP]

Tax Freedom Day Arrives on April 18, 2013, Five Days Later than Last Year [TF]

S.E.C. Clears Social Media for Corporate Releases [DealBook]

 

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