Today, cryptocurrency holders are not doing so well. The market has crashed, and most gains made by up-and-coming currencies have all but been lost. And even as SpaceX joins the likes of Tesla in accepting cryptocurrencies like Dogecoin, the...
What is functional obsolescence
Functional obsolescence is a term used to describe a product that is no longer able to perform its intended function. This can be due to a number of factors, including changes in technology, fashion, or the...
What is proportional tax
A proportional tax is a tax that takes the same percentage of income from all taxpayers. For example, if the tax rate is 10%, a person who earns $100 would owe $10, while a person who...
What is a golden parachute
A golden parachute is a severance package typically offered to high-ranking executives who are fired or forced to resign from their positions. The parachute usually includes a large cash payout and other perks, such as...
What is Form 1310 and what is it used for
The IRS Form 1310, also known as the Statement of Person Claiming Refund Due a Deceased Taxpayer, is used to request a refund of taxes that were paid by a...
What is a Writ of Execution
A writ of execution is a legal document that orders the seizure of a debtor's property in order to satisfy a judgment. The writ is typically issued by the court where the judgment was...
What is an acceleration clause
An acceleration clause is a contract provision that gives one party the right to speed up the performance of its obligations under the contract or to terminate the contract if the other party fails to...
What is a store of value
A store of value is any asset that can be saved, retrieved and exchanged at a later time for goods, services or other assets. Money is the most common example of a store of...
What is normal good and how is it different from other types of goods
Normal goods are a type of consumer good for which an increase in income results in an increase in demand. In other words, as people's incomes...
What is Path Act
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) was enacted on December 18, 2015, and made a number of important changes to the tax code. First and foremost, it retroactively extended many provisions...