A former KPMG LLP senior audit partner faces federal criminal and civil charges for his involvement in a web of deceit that included tipping off a friend about upcoming corporate earnings releases and merger announcements.
KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
When your income is in the billions, it stands to reason your tax liability will top a billion dollars too. On May 18, 2012, Facebook founder Mark Zuckerberg took his company public, and his income shot to $13 billion . . . with a "b."
The SEC says companies may use social media (e.g., Facebook, Twitter) to disclose key information and still be in compliance with Regulation FD, as long as investors know where to look for the information.
The tax rates and policies on income from dividends and long-term capital gains lead to some unintended negative consequences. In trying to help stamp out fraud in financial reporting and add more fairness into the tax system, closer examination of these policies is warranted.
The SEC has approved a new rule directing national securities exchanges to adopt specific listing standards governing the independence of public company compensation committees and compensation advisers.
The liquor and tobacco industries are frequent targets of "sin taxes" aimed at drumming up revenue from sources that cater to certain vices. But the latest call for a sin tax is directed at a group that's decidedly more button-down than bootleggers and barkeeps: Wall Street brokers.
Two US Senators are feeling anything but friendly toward Eduardo Saverin, one of the cofounders of the social networking site Facebook. They have proposed new legislation, called the Ex-PATRIOT Act, which would impose a mandatory 30-percent capital gains tax rate for expatriates on all future investment gains.
In December 2011, the SEC gave GE, Alcoa, and others leave to exclude from their 2012 annual meetings the proposals of shareholders calling for rotation of the companies' external auditors. This was counter to a decades-old rule excluding from proxy materials proposals that will affect firms' "ordinary business."
Facebook founder Mark Zuckerberg may face a tax bill of $2 billion by taking his company public. Why so high? Tax experts say it's because of his plan to exercise stock options. According to CNNMoney, he owns 414 million shares of Facebook but also holds options to buy another 120 million shares at 6 cents apiece.