An individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawl. A qualified distribution is one that is taken at least five years after the taxpayer establishes his or her first Roth IRA and when he or she is age 59.5, disabled, using the withdrawal to purchase a first home (limit $10,000), or deceased (in which case the beneficiary collects). Since qualified distributions from a Roth IRA are always tax free, some argue that a Roth IRA may be more advantageous than a Traditional IRA.
A shorthand term for "the year 2000" commonly used to refer to a widespread computer programming shortcut that was expected to cause extensive havoc as the year changed from 1999 to 2000. Instead of allowing four digits for the year, many computer programs only allowed two digits (e.g., 99 instead of 1999). As a result, there was immense panic that computers would be unable to operate when the date descended from "99" to "00". While there were a few minor issues once January 1, 2000, arrived, there were no massive malfunctions. Some people attribute the smooth transition to the major efforts undertaken by businesseses and government organizations to correct the Y2K bug in advance. Others say that the problem was overstated to begin with and wouldn't have caused significant problems no matter what.
A way of designating beneficiaries to receive your assets at the time of your death without having to go through probate. This designation also allows you to specify the percentage of assets each person or entity (your "TOD beneficiary") will receive. Your assets will then be automatically transferred to the designated beneficiaries upon your death. |||Transfer-on-death is a means of transferring assets without the hassle, delay and cost of probate. If you set up your account or have your securities registered this way, the executor or administrator of your estate won't have to take any action to ensure that your securities transfer to the beneficiaries you have designated.With TOD registration, you maintain complete control of your assets during your lifetime. Your named beneficiaries have no access to or control over your assets as long as you are alive.
A reportable movement of assets from a Traditional, SEP or SIMPLE IRA to a Roth IRA. The movement of assets may be taxable. A conversion may be accomplished by a rollover of assets directly between the trustees of the Traditional and Roth IRAs, or by the IRA owner distributing the assets from the Traditional, SEP or SIMPLE IRA and rolling over the amount to the Roth IRA within 60-days of receiving the distributed amount.
The total value of a deceased person's assets that are subject to taxation - minus liabilities and minus the prescribed tax-deductible portion of assets left behind by the deceased. The following items can be deducted to determine the taxable portion of the estate: funeral expenses paid out of the estate, debts owed by the deceased at the time of death and value of the assets passed on to the deceased's spouse. The taxes imposed on the taxable portion of the estate are then paid out of the estate itself.
Formerly known as WorldCom, now known as MCI, this U.S.-based telecommunications company was at one time the second-largest long distance phone company in the U.S. Today, it is perhaps best known for a massive accounting scandal that led to the company filing for bankruptcy protection in 2002. WorldCom executives effectively fudged the company's accounting numbers, inflating the company's assets by around $12 billion dollars. The swift bankruptcy that followed led to massive losses for investors. WorldCom's bankruptcy filing in 2002 was the largest such filing in U.S. history. The WorldCom scandal is regarded as one of the worst corporate crimes in history, and several former executives involved in the fraud faced criminal charges for their involvement. Most notably, company founder and former CEO Bernard Ebbers was sentenced to 25 years in prison, and former CFO Scott Sullivan received a five-year jail sentence, which would have been longer had he not pleaded guilty and testified against Ebbers. Under the bankruptcy reorganization agreement, the company paid $750 million to the Securities & Exchange Commission in cash and stock in the new MCI, which was intended to be paid to wronged investors.
A measure created by conservative and libertarian groups that seeks to limit the growth of government and to police the actions of the Internal Revenue Service (IRS). The Taxpayer Bill of Rights (TABOR) was born out of years of taxpayer complaints about harassment and abuse of power by the IRS. TABOR also mandates that increases in tax revenue must be reasonably tied to increases in such factors as inflation and population. The Taxpayer Bill of Rights is part of the Internal Revenue Code. TABOR ensures that the IRS does not abuse its power, particularly in the audit process. It places the burden of proof upon the IRS to make a case against a taxpayer when that taxpayer is able to furnish credible evidence, as requested.
The timeframe of the past twelve months (the past year) used for reporting financial figures. |||For example, the price/earnings ratio is often quoted as P/E (ttm), meaning they're using the EPS from the past twelve months.
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