Finance

The Financial Crimes Network (FinCEN) has extended the comment period by 60 days for a controversial proposed rule it requires cryptocurrency businesses and banks to record and store customer identification details for self-hosted wallets. Agency Proposed Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets to reign last month, and its comment period ended on January 15. FinCEN …

What is Section 1341 credit? Section 1341 Credit is a federal measure tax credit available to U.S. taxpayers who reported income in a previous year but had to repay that income because it was paid in error in the first place. The repaid income must be more than $3,000 for the taxpayer to benefit from the deduction. Section 1341 allows …

Key points to remember EPS was $0.59 versus analysts’ expectation of $0.53. Revenues fell short of analysts’ expectations. Bond trading revenue was below analysts’ estimates. Equity trading revenue was above the level estimated by analysts. Net interest income decreased due to lower interest rates. What happened Bank of America reported mixed results for the fourth quarter of fiscal 2020. The …

What is depreciable property? Depreciable property is any asset eligible for tax and accounting purposes to be recognized depreciation in accordance with Internal Revenue Service (IRS) rules. Depreciable property can include vehicles, real estate (excluding land), computers and office equipment, machinery and heavy equipment. Depreciable assets are long term assets. Key points to remember Depreciable assets are allowed to be …

What is asymmetric information? Asymmetric information, also known as “information failure”, occurs when one party to an economic transaction has greater material knowledge than the other party. This usually manifests itself when the seller of a good or service possesses greater knowledge than the buyer; however, the opposite dynamic is also possible. Almost all economic transactions involve information asymmetries. Key …

What is the actuarial valuation? An actuarial valuation is a type of Evaluation of a pension fund’s assets to liabilities, using investment, economic and demographic aspects of the model to determine the level of funding of a pension plan. The assumptions are based on a mixture of statistical studies and experienced judgement. Since assumptions are often derived from long-term data, …

What is Spot Delivery Month? In the commodity futures markets, the spot delivery month is the earliest possible month in which the commodity underlying the futures contract will be deliverable. It is also known as month near or month ahead. The opposite of the spot delivery month is the month backwhich refers to the last month in which the goods …

What is the Government Accounting Standards Board (GASB)? The Government Accounting Standards Board (GASB) is a private organization non-governmental organization that creates accounting reporting standards, or generally accepted accounting principles (GAAP)for state and local governments in the United States. Key points to remember: The Government Accounting Standards Board (GASB) is a private, nongovernmental organization that creates accounting reporting standards for …

What is a Beneficial Owner A beneficial owner is a person or entity that receives the benefit of ownership. As the true owner, the asset is under the name of the person or entity, and they are entitled to any benefit from it. The true owner can sometimes be difficult to determine if there are more than one person or …

When it comes to choosing investments for your 401(k), the number of options available can be overwhelming. There are, however, a number of relatively simple investment strategies you can use to get the most out of your 401(k). One strategy is to invest in a target date fundwhich will automatically optimize your wallet for retirement on a certain date. Another …