A tax shelter product designed to create large, seemingly real losses to be used for tax sheltering. This tax shelter involves creating a shell company, which enters into a long chain of sophisticated and complex financial investments. These investments usually create fake accounting losses that are more than 100 times larger than the real financial loss. Ultimately, these large losses are then used to offset legitimate capital gains, allowing the tax shelter's creators to pay less tax. OPIS represents only one of the many unethical tax shelter products that were used in the late 1990s. As these abusive strategies became more and more popular, the IRS started to perform audits on those using this strategy in order to dissuade its use. By the time the IRS took action, millions, if not billions, of tax dollars were being defrauded. For example, one OPIS user spent about $550,000 to create a fake accounting loss of $60 million. Although the use of OPIS was eventually stopped, other unethical tax sheltering strategies, such as bond linked issue premium structures (BLIPS), emerged to take its place.
1) In the case of a variable annuity, a measurement of the value invested in the account during the accumulation period of the contract. The more funds you contribute to your annuity account, the more accumulation units you will build.2) In the case of a unit trust, a type of investment structure where the trust's income is directly reinvested into the trust, instead of being paid out as cash to the investor. 1) Accumulation units are used to accurately measure the value of contributions by the annuitant. In times when the variable annuity's investments dip, a fixed amount of funds will buy more accumulation units than when the securities are more highly priced, just as investors are able to by more shares of cheaper stock than they can of higher priced stock with the same amount of currency.2) Accumulation units within a unit trust can be reinvested back into the trust via boosting the unit price, or issuing additional units to investors. Either way, the investor is able to reinvest their share of profits back into the trust.
An association that is given tax-free status. Donations to a nonprofit organization are often tax deductible as well. Examples of nonprofit organizations are charities, hospitals and schools.
1. A period of time when an annuity investor is in the early stages of building up the cash value of the annuity. This is followed by the annuitization phase where payments are paid out to the annuitant.2. The period of time when an investor builds up the value of their investment through savings. 1. When a person invests money in an annuity for the purpose of providing income for retirement they are at the accumulation period of the annuity's lifespan. The more invested during the accumulation phase, the more will be received during the annuitization phase.2. Postponing consumption by saving during an accumulation period will most often increase the amount of consumption one will be able to have later. The earlier the accumulation period is in your life, the more advantages you will have, such as compounding interest and protection from business cycles.
An examination of documents by the Internal Revenue Service (IRS) for a matter that is considered to be reasonably simple. This type of audit usually takes place at a local IRS office.
A provision in a life insurance policy that allows the policy to be changed in one or more ways. This may involve increases or decreases to either the policy's premium or face amount, changes to the length of protection or period of premium payments. Adjustable life insurance policies are more expensive but allow the policy holder to make adjustments as his or her needs change. Insurers and plans differ regarding the frequency, amount and degree of changes allowed. Increases to a policy's face amount usually require that the policy holder re-prove his/her insurability.
An allowance designated by a church or other organization for its church professionals (clergy) for the expenses of providing and maintaining a home. This is basically a housing allowance for ministers. Parsonage allowance is excluded from gross income, but it is included under a self-employment tax.
An extra allocation of funds to a retirement savings account that is above the amount that an employer will provide a matching contribution for. Additional voluntary contributions are made at the discretion of the employee and go to an employer sponsored pension plan. Additional contributions can be made to tax-deferred savings accounts such as the 401(k), 403(b) and individual retirement accounts (IRAs). Additional voluntary contributions allow employees to contribute more money to their tax-deferred savings account. Employer-sponsored retirement plans typically indicate the percentage of the employee's salary that will be matched with contributions by the employer towards the retirement plan. Employees can make additional payments to increase the account's value and thereby increase the amount of money the employee will receive following retirement. Additional voluntary contributions may vary in tax treatment depending on the type of plan, but if they are made into a tax-defered account, any returns accumulate tax-free until retirement.
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