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Net Operating Loss
Under U.S. Federal income tax law, a net operating loss (NOL) occurs when certain tax-deductible expenses exceed taxable revenues for a taxable year. If a taxpayer is taxed during profitable periods without receiving any tax relief (e.g., a refund) during periods of NOLs, an unbalanced tax burden results. Consequently, in some situations, Congress allows taxpayers to use the losses in one year to offset the profits of other years. Calculating the NOL amount The NOL amount is the amount of the loss from the current year that can be carried forward to future years or, in certain instances, carried back to prior years. Individuals For individuals, the NOL amount is generally the excess of deductions over income from the operation of a business. The following items are excluded when calculating the NOL amount: * net capital losses, i.e., capital losses in excess of capital gains; (net capital gains are included) * nonbusiness deductions in excess of nonbusiness income; (net nonbusi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Income Tax In The United States
The United States federal government and most State governments in the United States, state governments impose an income tax. They are determined by applying a tax rate, which Progressive tax, may increase as income increases, to taxable income, which is the total income less allowable tax deduction, deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnership taxation in the United States, Partnerships are not taxed (with some exceptions in the case of federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of tax credit, credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mort ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
COVID-19 Recession
The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. Within seven months, every advanced economy had fallen to recession. The first major sign of recession was the 2020 stock market crash, which saw major indices drop 20 to 30% in late February and March. Recovery began in early April 2020; by April 2022, the GDP for most major economies had either returned to or exceeded pre-pandemic levels and many market indices recovered or even set new records by late 2020. The recession saw unusually high and rapid increases in unemployment in many countries. By October 2020, more than 10 million unemployment cases had been filed in the United States, swamping state-funded unemployment insuranc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Barbados
Barbados, officially the Republic of Barbados, is an island country in the Atlantic Ocean. It is part of the Lesser Antilles of the West Indies and the easternmost island of the Caribbean region. It lies on the boundary of the South American Plate, South American and Caribbean Plate, Caribbean plates. Its capital and largest city is Bridgetown. Inhabited by Island Caribs, Kalinago people since the 13th century, and prior to that by other Indigenous peoples of the Americas, Indigenous peoples, Barbados was claimed for the Crown of Castile by Spanish navigators in the late 15th century. It first appeared on a Spanish map in 1511. The Portuguese Empire claimed the island between 1532 and 1536, but abandoned it in 1620 with their only remnants being the introduction of wild boars intended as a supply of meat whenever the island was visited. An Kingdom of England, English ship, the ''Olive Blossom'', arrived in Barbados on 14 May 1625; its men took possession of the island in the n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Kinross Gold
Kinross Gold Corporation is a Canadian-based gold mining, gold and silver mining company founded in 1993 and headquartered in Toronto, Ontario, Canada. Kinross currently operates six active gold mines, and was ranked fifth of the "10 Top Gold-mining Companies" of 2019 by ''InvestingNews''. The company's mines are located in Brazil, Mauritania, and the United States. It trades under the KGC ticker in the New York Stock Exchange, and under K in the Toronto Stock Exchange. Operations Kinross Gold operates mines in North and South America, and West Africa. In 2022, 58% of Kinross gold production was expected to come from the Americas. Fort Knox This property includes a mill, tailings storage, Heap leaching, heap leach facility, the Gil project, and the True North open pit mine, which is closed and under monitoring. Expected to run out of ore in 2021, the mine's life has been extended to 2030 following a $100 million expansion investment announced in 2018, increasing life-of-mine pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
US GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. Sources The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by the staff in administering SEC disclosure r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
American Recovery And Reinvestment Act Of 2009
The American Recovery and Reinvestment Act of 2009 (ARRA) (), nicknamed the Recovery Act, was a Stimulus (economics), stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy. The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage, later revised to $831 billion between 2009 and 2019. The ARRA's rationale was based on the Keynesian economic theory that, during recessions, the government should offset the decrease in private spending with an increase in public spending in order to save jobs and stop further economic deterioration. The politics a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
CARES Act
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2trillion Stimulus (economics), economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States. The spending primarily includes $300billion in one-time cash payments to individual people who submit a tax return in America (with most single adults receiving $1,200 and families with children receiving more), $260billion in increased unemployment benefits, the creation of the Paycheck Protection Program that provides forgivable loans to small businesses with an initial $350billion in funding (later increased to $669billion by subsequent legislation), $500billion in loans for corporations, and $339.8 billion to state and local governments. The original CARES Act proposal included $500billion in direct payments to Americans, $208billion i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
COVID-19 Pandemic In The United States
On December 31, 2019, China announced the discovery of a cluster of pneumonia cases in Wuhan. The first American case was reported on January 20, and United States Department of Health and Human Services, Health and Human Services Secretary Alex Azar declared a Public health emergency (United States), public health emergency on January 31. Restrictions were placed on flights arriving from China, but the initial U.S. response to the pandemic was otherwise slow in terms of preparing the healthcare system, stopping other travel, and COVID-19 testing in the United States, testing. The first known American deaths occurred in February and in late February President Donald Trump proposed allocating $2.5 billion to fight the outbreak. Instead, Congress approved $8.3 billion and Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 on March 6. Trump declared a State of emergency, national emergency on March 13. The government also purchased lar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Tax Cuts And Jobs Act Of 2017
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. The legislation is commonly referred to in media as the Trump Tax Cuts. Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting state and local tax deduction, deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0. ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Tax Deduction
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax. Above and below the line Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple. Limitations Often, deductions are subject to conditions, such as being allowed only for expenses incurred that produce current benefits. Capital ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Qualified Production Activities Income
Qualified Production Activities Income is a class of income which is entitled to favored tax treatment under Section 199 of the United States Internal Revenue Code. History Former section 114 of the United States Internal Revenue Code excluded "extraterritorial income" which constituted "qualifying foreign trade income" under former section 941 from income. The effect of these provisions was a reduced tax burden in exchange for increased exports, creating an incentive for individuals and businesses within the United States to export. In August 2001, a panel of the World Trade Organization ruled that former section 114 of the United States Internal Revenue Code constituted a violation of the Agreement on Subsidies and Countervailing Measures as a prohibited export subsidy, and a WTO Appellate Body affirmed the finding in January 2002. The finding was based on the fact the provision resulted in the United States government forgoing revenue to which it was otherwise entitled and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Qualified Small Business Stock
Qualified Small Business Stock (QSBS) is a tax incentive to drive the investment and founding of small businesses in the United States of America. The QSBS regulations are under U.S. Code Section 1202 of the Internal Revenue Code (IRC). QSBS is a tax exemption on a federal, and in some cases, a state level. The tax benefit can exclude up to 100% of capital gains on the sale of QSBS held for five years. The tax exemption allows for the exclusion from taxable income of capital gains up to the greater of $10 million or 10 times the shareholder's basis in their stock (i.e., initial investment in the company). History of QSBS QSBS was first enacted in August 1993. Expansion and modification of these original aspects of QSBS legislations have occurred over the years to further motivate taxpayers to invest in, or even create, certain types of small businesses to boost job creation and to prevent economic recession. Over the decades, several legislative events have contributed to investo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
