A U.S. government program under the Obama administration that allowed individuals to trade in used vehicles that did not meet government-specified standards of fuel economy in exchange for a discount of either $3,500 or $4,500 off the purchase or five-plus-year lease of a newer, more fuel efficient vehicle. The program began on July 1, 2009, and ended shortly thereafter because it became so popular that funds quickly ran out. Commonly known as "Cash for Clunkers," the program's stated purposes were to reduce air pollution, to stimulate consumer spending and to prop up struggling U.S. auto manufacturers (though the program did allow the purchase of foreign vehicles). Ultimately, consumers traded in as estimated 680,000 vehicles. Car dealers were required to crush or shred the trade-in vehicles.
A gift made by an individual or an organization to a nonprofit organization, charity or private foundation. Charitable donations are commonly in the form of cash, but can also take the form of real estate, motor vehicles, appreciated securities, clothing and other assets or services. Charitable donations often represent the primary source of funding for many charitable organizations and nonprofit organizations. In most countries, a charitable donation made by an individual will provide him or her with an income tax deduction.
One of the itemized deductions available for taxpayers who donate to charity. The Charitable Contributions Deduction allows taxpayers to deduct all of their contributions to qualifying charitable contributions of cash and property within certain limitations. These deductions must be listed on Schedule A of the 1040. The Charitable Contributions Deduction allows taxpayers who make substantial charitable gifts to take a sizeable tax deduction for the year in which their donations are made. The rules for deducting these gifts can be somewhat complicated in certain instances. Taxpayers with questions about the deductibility of their gifts should download the instructions for Schedule A off of the IRS website.
A certification offered to accountants who conduct internal audits. Certified Internal Auditors (CIA) must meet several requirements to obtain this designation, such as passing a four-part exam that covers all issues, risks and remedies that pertain to internal audits. The Certified Internal Auditor designation is conferred by the Institute of Internal Auditors (IIA) and is the only such credential that is accepted worldwide. The first three parts of the CIA exam focus on core global elements of internal audits. The fourth part covers auditing issues specific to the region in which the student is located. Although the IIA offers this credential, it is not needed to be a member of the organization.
The colloquial name for the United States’ Home Star Energy Retrofit Act of 2010, which provides incentives for specific energy-efficient home improvements. The bill allocates $6 billion to be used as rebates under two programs: the Silver Star program and the Gold Star program. The Silver Star program allows rebates of up to $3,000 for energy-efficient doors, windows, insulation and appliances. The Gold Star program provides rebates of up to $8,000 for energy audits and improvements that reduce total energy usage by more than 20%. The bill aims to provide economic stimulus to home contractors that have been hard hit by the downturn in the real estate industry. The bill is controversial among Republicans, who worry that it will increase the federal deficit. To address these concerns, language was inserted in the bill that provides that it will not be implemented unless the programs can be funded without increasing the federal spending deficit.
A taxpayer who reports income and deductions in the year that they are actually paid or received. Cash basis taxpayers cannot report receivables as income, nor deduct promissory notes as payments. The rules for cash basis taxpayers are essentially the same as for cash basis businesses. Cash basis accounting is the alternative to accrual basis accounting.
An award given to an employee or contestant in the form of cash. Cash awards can either be the only award option or taken in lieu of a tangible item. Regardless of whether they are given to an employee as a reward for merit or to the winner of a contest, cash awards are always fully taxable as income. Richard Hatch, the first winner of the game show Survivor, found this out the hard way, when he didn't claim his million dollar winnings on his tax return.
A type of transaction in the futures market in which the cash or spot price of a commodity is below the futures contract price. Cash and carry transactions are considered arbitrage transactions. The carrying costs in a cash and carry transaction are not deductible if the underlying commodity or security is part of a balanced position. These costs are instead capitalized and added to the basis.
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