Please ensure Javascript is enabled for purposes of website accessibility

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]


Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]