Ex Post Facto laws refer to legislation that retroactively changes the legal status or consequences of actions that were committed before the enactment of the law. Such laws are generally prohibited by the United States Constitution.
Excise Tax is a tax imposed on specific goods, activities, or services. Unlike income or property taxes, excise taxes are applied primarily to the manufacture, sale, or consumption of goods such as tobacco, gasoline, and alcohol.
A comprehensive overview of the 1993 US tax law that limits the deductible executive compensation by publicly held corporations to $1 million per year, with exceptions for productivity-linked compensation.
Certain organizations, such as churches, government entities, and community chests, are exempt from taxation. They must apply for exempt status and file information returns despite no tax liabilities.
An extension of time for filing provides an additional period during which a tax return may be filed without penalty. For instance, U.S. taxpayers can obtain an automatic six-month extension for individual tax returns by submitting Form 4868 by April 15.
The Fair Labor Standards Act (FLSA) is a federal law enacted in 1938 that sets minimum hourly wages and maximum working hours. It also mandates that employees receive time and a half for work beyond 40 hours in a week.
The Farm Service Agency (FSA) is an agency of the U.S. federal government that provides mortgage loans at below-market interest rates for farmers and individuals serving the agricultural community.
Comprehensive overview of the Farmers Home Administration (FmHA), detailing its role in providing assistance programs for homes and farms in rural areas, its reorganization, and the transition of its functions to the Farm Service Agency (FSA).
An overview of the Food and Drug Administration, focusing on its roles, responsibilities, structure, history, and significance in public health and safety.
An overview of the Federal Crisis Inquiry Commission (FCIC), a panel created by President Barack Obama in 2009 to investigate the causes of the financial crisis in the United States.
The Federal Energy Regulatory Commission (FERC) is an independent agency responsible for regulating the interstate transmission of electricity, natural gas, and oil, reviewing proposals for LNG terminals and pipelines, and licensing hydropower projects.
An in-depth exploration of the Federal Farm Credit Bank and the Federal Farm Credit System, their roles, historical context, and impact on U.S. agriculture.
The Federal Housing Administration (FHA), founded in 1934, is a key agency within the U.S. Department of Housing and Urban Development (HUD). It administers various loan, loan guarantee, and loan insurance programs to boost housing availability.
The Federal Housing Finance Agency (FHFA) is a U.S. government agency established in 2008 to oversee housing-related government-sponsored enterprises, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
The Federal National Mortgage Association, known as Fannie Mae, is a publicly owned Government-Sponsored Enterprise (GSE) chartered in 1938 to purchase mortgages from lenders and resell them to investors.
The Federal Open Market Committee (FOMC) is a key component of the Federal Reserve System responsible for setting short-term monetary policy for the United States. It consists of the seven governors of the Federal Reserve Board, the president of the New York Federal Reserve Bank, and the presidents of four other regional Federal Reserve Banks.
A Federal Tax Lien is a legal claim by the United States on a taxpayer's property when the taxpayer neglects or fails to pay a tax debt owed to the federal government.
An overview of the Federal Trade Commission (FTC), its history, roles, responsibilities, and its impact on consumer protection and antitrust regulations in the United States.
The Federal Unemployment Tax Act (FUTA) establishes a federal framework for unemployment insurance, requiring employers to contribute to the federal unemployment fund based on employee wages, with provisions for state tax credits.
FICA stands for Federal Insurance Contributions Act, a law enacted as part of the Social Security Act of 1935, mandating payroll taxes to fund Social Security and Medicare programs.
An in-depth exploration of Fiscalist economists who advocate for the use of government taxation and spending to influence economic performance, in contrast to Monetarists who emphasize monetary policy.
Forfeiture refers to the permanent loss of property for failure to comply with the law, involving the divestiture of the title of property without compensation for a default or an offense.
Form 1065 is utilized by partnerships and joint ventures in the United States to report financial information to the IRS. This article explores the purpose, components, filing process, and important considerations associated with Form 1065.
A comprehensive guide on Form 1099, its usage, types, and reporting requirements for interest, dividends, royalties, capital gains, miscellaneous income, and other distributions.
The Freedom of Information Act (FOIA) is a federal law requiring that, with specified exemptions, documents and materials generated or held by federal agencies be made available to the public. Exemptions include issues relating to national security.
A comprehensive explanation of the term 'Full Faith and Credit,' which refers to the complete taxing and borrowing authority pledged for the payment and repayment of government bonds.
The General Accounting Office (GAO), now known as the Government Accountability Office, is a legislative branch government agency that provides auditing, evaluation, and investigative services for the United States Congress.
An in-depth look at General Revenue in state and local governments, encompassing the total revenue less income from utilities, sales of alcoholic beverages, and insurance trusts.
Ginnie Mae is a nickname for the Government National Mortgage Association, which guarantees mortgage-based securities. Learn about its role, types of securities, historical context, and more.
Comprehensive understanding of the principles, rules, and procedures governing the accounting systems used by federal, state, and local government units.
A detailed overview of the Government Rectangular Survey system, its structure, historical context, and its application in land measurement and division in the United States.
An overview of the Gramm-Rudman-Hollings Amendment, a federal legislation passed in 1986 aimed at reducing budget deficits by setting deficit reduction goals and mandating expenditure reductions if Congress fails to meet these goals.
A grandfather clause is a provision in a new rule that exempts individuals or businesses already engaged in the regulated activity from adhering to the new regulation.
A historic structure is a building that is officially recognized for its historic significance. Special tax laws provide tax credits for the rehabilitation of such structures.
The Homestead Exemption is a legal provision that reduces the assessed value of a principal residence, thereby lowering the property tax burden for homeowners. This entry explores its mechanisms, examples, historical context, and related terms.
A detailed overview of the Housing and Economic Recovery Act of 2008, its provisions, implications, and impact on the housing market and government-sponsored enterprises (GSEs).
The Housing and Urban Development (HUD) Department is a cabinet-level U.S. government agency established in 1965 to implement federal housing and community development programs.
A housing bond is a short- or long-term bond issued by a local housing authority to finance various types of housing and community projects, particularly those aimed at low- and middle-income residents.
A comprehensive guide to Housing Codes, local government ordinances that set minimum standards of safety and sanitation for existing residential buildings.
The Industrial Development Board (IDB) is a governmental or quasi-governmental entity that promotes industrial growth and economic development through policy implementation and funding programs.
Import quotas are restrictions set by governments or other entities to control the amount of a specific good that can enter a country or economy over a specified period.
Income Redistribution - A way of spending personal income among various classes in society, designed to reduce economic inequality through mechanisms such as progressive taxation and the federal estate tax.
An overview of the Income Tax Rebate Plan included in the 2008 economic stimulus bill proposed by President George W. Bush, detailing tax rebates, loan limit increases, and business incentives.
A detailed overview of Income Tax Returns, covering Form 1040, Form 1120, and Form 1065, alongside their types, special considerations, examples, historical context, and more.
Detailed exploration of Indexation – the process of adjusting economic variables based on specific indicators, typically to inflation. Includes examples such as Federal income taxes and prevention of bracket creep.
An in-depth understanding of Industrial Development Bonds (IDBs), their definitions, types, special considerations, examples, historical context, and related terms.
An in-depth overview of Instrumentality in the context of federal agencies whose obligations, while not direct obligations of the U.S. government, are sponsored or guaranteed by the government, backed by the full faith and credit of the government.
Insured Mail refers to parcels sent via U.S. Postal Service that are insured for loss or possible damage by paying an insurance fee. Detailed information about its coverage, claims process, and comparison with Registered Mail.
The Internal Revenue Bulletin (IRB) is a weekly publication by the IRS, summarizing administrative rulings, decisions, procedures, and notices critical for tax law compliance.
Detailed explanation of the Internal Revenue Code of 1986, including its components, purpose, amendments, and interpretations through legislation and court rulings.
The Internal Revenue Service (IRS) is the revenue service of the United States federal government responsible for collecting taxes and enforcing tax laws.
Explore the International Monetary Fund (IMF), its structure, roles, and impacts on the global economy. Understand its history, applications, and relevance in the 21st century.
The Interstate Commerce Commission (ICC) was a regulatory body in the United States established in 1887 to oversee and regulate the railroad industry and later expanded to include other modes of transportation.
A comprehensive overview of the Interstate Commerce Commission (ICC), an independent federal agency established in 1887 and abolished in 1995, which regulated fair rates and services in interstate commerce.
An overview of the Interstate Land Sales Act, a federal law that governs the sale of land across state lines, administered by the U.S. Department of Housing and Urban Development (HUD).
Intervention in Economics involves government actions aimed at influencing economic growth, the composition of the economy's output, and controlling inflation.
The Joint Economic Committee of Congress (JEC) is a combined House and Senate committee responsible for monitoring major economic issues and developments to keep Congress well-informed.
Jurisdiction refers to the power, right, or authority to interpret and apply laws or make decisions, particularly in the context of tax laws. For instance, the U.S. Court of Appeals has exclusive jurisdiction to review decisions of the U.S. Tax Court and the U.S. District Courts.
A U.S. Supreme Court decision that expanded the concept of constitutionally allowable taking of private property for public use to include takings for commercial developments benefiting the community.
Kiddie Tax concerns the tax liability for children under a certain age on net unearned income exceeding a specified threshold, taxed at the parents' highest marginal tax rate.
An in-depth exploration of the Know-Your-Customer (KYC) Rule, an ethical concept in the securities industry that ensures the suitability of financial transactions for customers.
An overview of labeling laws, which are federal and state statutes requiring safe packaging and warning labels on hazardous materials such as poisons and other dangerous substances.
An in-depth look at the Labor-Management Relations Act, also known as the Taft-Hartley Act of 1947, which amended the Wagner Act of 1935. This entry covers its key provisions, historical context, impacts, and related terms.
Comprehensive overview of the Labor-Management Reporting and Disclosure Act (LMRDA) of 1959, also known as the Landrum-Griffin Act, including its provisions, historical context, and implications for labor unions and management.
An in-depth exploration of land-use regulations, including ordinances, codes, permits, and common laws governing the private use of land and natural resources in alignment with policy standards.
An in-depth look at the phrase 'Land, Tenements, and Hereditaments' used in early English law to signify all types of real estate, exploring its definitions, historical context, and modern relevance.
The name one has for official purposes; not a nickname. Legal names are used in documentation such as birth certificates, passports, and legal contracts.
An authoritative statement on the legality of a situation, written by an authorized official, such as a city attorney or attorney general, or a law firm specializing in public borrowings, particularly municipal bond issues.
Level Debt Service provision in a municipal charter stipulating that payments on municipal debt be approximately equal every year, making it easier to project the amount of tax revenue needed to meet obligations.
A comprehensive guide to the concept of a 'Level Playing Field' in government policy, focusing on reducing disparities between different industries and international competitors.
Our mission is to empower you with the tools and knowledge you need to make informed decisions, understand intricate financial concepts, and stay ahead in an ever-evolving market.