On November 14, 2023, the U.S. Securities and Exchange Commission (SEC), with two Commissioners dissenting, announced settled charges against Charter Communications Inc. (Charter) for violating internal accounting controls requirements relating to its share repurchase programs. Charter will pay a $25 million penalty to settle the SEC’s claims.Continue Reading Charter Communications Fined $25 Million for Violating Stock Buyback Related Internal Accounting Controls Requirements
Accounting Matters
Continued SEC Scrutiny of Non-GAAP Disclosures
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Our recent Client Alert discusses the SEC’s latest enforcement action against an IT services provider for alleged violations of Regulation G and other federal securities laws in its reporting and disclosure of non-GAAP financial performance measures. Without admitting or denying the findings in the SEC’s order, the company agreed…
Continue Reading Continued SEC Scrutiny of Non-GAAP DisclosuresTreasury and the IRS Release Interim Guidance on One-Percent Excise Tax on Stock Repurchases by Publicly Traded Companies
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On December 27, 2022, the U.S. Department of the Treasury and the Internal Revenue Service issued Notice 2023-2 (the Notice), announcing their intention to issue proposed regulations addressing the application of the new one percent excise tax on certain stock repurchases and economically similar transactions undertaken by publicly traded U.S. corporations and certain foreign corporations. The Notice serves as interim guidance that may be relied upon by taxpayers pending issuance of final regulations. Continue Reading Treasury and the IRS Release Interim Guidance on One-Percent Excise Tax on Stock Repurchases by Publicly Traded Companies