The deliberate act of reporting less income or revenue than was actually received, usually for income tax purposes. Under-reporting income in order to avoid taxes is an illegal practice. When people under report their incomes, the federal government loses tax revenue that could go towards social security, Medicare and other federal projects. Corporations are especially watched by auditors because of the large tax bills at stake each tax year. If caught under reporting, individuals and companies will be subject to penalties and, in extreme cases, criminal charges.Another element of the term’s use sometimes applies to public companies reporting lower revenues in a fiscal quarter than were actually recorded. If the company has already been reporting bad news and the stock is down, executives may try to take some revenue from the current quarter and push it into the next quarter. This way, the bad news can be “flushed out”, and the company can report an upside surprise in the coming quarter, potentially boosting the stock price. This practice is also illegal!
A type of depreciation-recapture income that is realized on the sale of depreciable real estate. Unrecaptured Section 1250 income is taxed at a 25% maximum capital-gains rate (or less in some cases). Unrecaptured Section 1250 gains are only realized when there is a net Section 1231 gain that is not subject to recapture as ordinary income. A Section 1250 gain is recaptured upon the sale of depreciated real estate, just as with any other asset; the only difference is the rate at which it is taxed. Assets that do not qualify under Section 1250 are taxed at a different rate. Unrecaptured Section 1250 gains and losses are not reported on Schedule D, but on worksheets within the Schedule D instructions, and are carried to the 1040.
Also known as a complete audit. An audit that has been performed and researched so thoroughly that the only possible remaining discrepancies stem from information that could not be obtained by the auditor. An unqualified audit analyzes both the internal systems of control, as well as all of the details in the organization's books. All ancillary documentation and supporting records are used in an unqualified audit. An unqualified audit is essentially the opposite of an unaudited opinion, which gives an opinion without any actual research. Unqualified audits are performed according to accepted accounting principals, with an emphasis on detail and accuracy. If an audit cannot be classified as unqualified, then a qualified opinion is given instead that outlines the auditor's reservations concerning the organization's financial statements.
A multiplier used in England and Wales to determine how much money owners of commercial and industrial properties must pay each year to their local governments. The rate, set by central government, is adjusted for inflation each year. It is multiplied by the property's free-market rental value to determine the sum owed. Each property's rateable value is adjusted every five years. While the funds are collected by local governments, they are pooled nationally and redistributed according to a population formula. For 2009-10, the uniform business rate was 48.1% in England and 48.9% in Wales. London establishes its own rate, which was 48.9% in 2009-10. The rate for small businesses is slightly lower.
A tax credit that is afforded to every man, woman and child in America by the IRS. This credit allows each person to gift a certain amount of their assets to other parties without having to pay gift, estate or generation-skipping transfer taxes. The unified tax credit can be used by taxpayers either before or after death. The $780,800 tax equals $2 million of assets that can be passed to heirs or other beneficiaries. This limit increased to $3.5 million in 2009.
An insurance benefit that is paid as a result of a taxpayer's inability to find gainful employment. Unemployment income is paid from either a federal or state-sponsored fund. The recipient must meet certain criteria in trying to find a job. Employers and employees are assessed a payroll tax to cover the cost of this benefit. Also known as "unemployment benefits" or "unemployment compensation". Unemployment income is fully taxable as ordinary income. Recipients of this benefit are sent a Form 1099-G at year-end detailing the total amount of benefits received, which they must report on the 1040. Unemployment benefits were first introduced along with Social Security in 1935. Unemployment income is designed to provide subsistence income for a given length of time, giving the unemployed recipient time to find another job.
Any income that comes from investments and other sources unrelated to employment services. Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. As long as this income is "realized" then it is taxable.
A contract between a group of investment bankers who form an underwriting group or syndicate, and the issuing corporation of a new securities issue. The underwriting agreement contains the details of the transaction, including the underwriting group's commitment to purchase the new securities issue, the price that the underwriting group will pay to the issuing corporation and the initial resale price. The underwriting agreement can be considered the contract between a corporation issuing a new securities issue and the underwriting group that has agreed to purchase and then resell the issue for a profit. The purpose of the underwriting agreement is to ensure that all of the players understand their responsibility in the process, thus minimizing potential conflict.
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