What Is a Local Tax? A local tax is an assessment by a state, county, or municipality to fund public services ranging from education to garbage collection and sewer maintenance. Local taxes come in many forms, from property taxes and payroll taxes to sales taxes and licensing fees. They can vary widely from one jurisdiction
What Is Lockbox Banking? Lockbox banking is a service provided by banks to companies for the receipt of payment from customers. Under the service, the payments made by customers are directed to a special post office box instead of going to the company. The bank goes to the box, retrieves the payments, processes them and
What Is a Locked-in Retirement Account? A Locked-in Retirement Account (LIRA) is a type of registered pension account in Canada that does not permit withdrawals before retirement except in exceptional circumstances. Locked-in Retirement Accounts are designed to hold pension funds for former employer-sponsored plan participants and certain others until they reach retirement age. Key Takeaways
What Is a Locked Market? A locked market refers to a situation where the bid and ask price for a security is identical. This is an abnormal market condition—the bid price will always be below the ask price in normal trading conditions. Locked markets occur due to the complexity of modern financial markets. Key Takeaways A locked
What Is a Lock Period? A lock period refers to a window of time, typically 30 to 90 days, during which a mortgage lender must keep a specific loan offer open to a borrower. During this period, the borrower prepares for closing, and the lender processes the loan application. A mortgage rate lock is an
What is a Lock-Up Period? A lock-up period is a window of time when investors are not allowed to redeem or sell shares of a particular investment. There are two main uses for lock-up periods, those for hedge funds and those for start-ups/IPO’s. For hedge funds, the lock-up period is intended to give the hedge
What Are Lodging Expenses? Lodging expenses are the costs for an overnight stay, usually in a hotel, that may be taken as a federal income tax deduction if the Internal Revenue Service’s criteria are met. Lodging expenses are usually a business expense that is incurred when someone must travel away from their tax home to
What Are Logistics? Logistics refers to the overall process of managing how resources are acquired, stored, and transported to their final destination. Logistics management involves identifying prospective distributors and suppliers and determining their effectiveness and accessibility. Logistics managers are referred to as logisticians. “Logistics” was initially a military-based term used in reference to how military
What Is the Lombard Rate? The Lombard rate is the interest rate charged by central banks when extending short-term loans to commercial banks. Traditionally, it refers to loans that are backed by specific collateral. The term originates from the Lombardy region of Italy, which has a rich history of banking houses dating back to the
What Is the London Business School? The London Business School is the graduate business school of the University of London. Founded in 1964 and located in the Marylebone neighborhood of London, the London Business School is routinely ranked among the top business schools in the world. Key Takeaways London Business School is a world-renowned graduate
