What Is an IRS Field Audit? A field audit is a comprehensive tax audit conducted by the Internal Revenue Service (IRS) at either the taxpayer’s home, place of business or accountant’s office, so they can examine your individual or business financial records to ensure you filed your tax return accurately. Key Takeaways An audit is
What Is First In, First Out (FIFO)? First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. For tax purposes, FIFO assumes that assets with the oldest costs are included in the income statement’s cost of goods
What Is a Foreign Institutional Investor (FII)? A foreign institutional investor (FII) is an investor or investment fund investing in a country outside of the one in which it is registered or headquartered. The term foreign institutional investor is probably most commonly used in India, where it refers to outside entities investing in the nation’s
What Is File and Suspend? File and suspend was a Social Security claiming strategy that allowed married couples of full retirement age to receive spousal benefits and delay retirement credits at the same time. It was ended as of May 1, 2016, by the Bipartisan Budget Act of 2015, signed on Nov. 2, 2015, by
What Are File-and-Use Rating Laws? File-and-use rating laws are insurance regulations allowing an insurance company to use new rates prior to receiving state approval. File-and-use rating laws allow the insurer to immediately use the new rates, with the insurance regulator having the option to strike down any rate change if it determines that the change cannot
What Is Filing Status? Filing status is a category that defines the type of tax return form a taxpayer must use when filing their taxes. Filing status is closely tied to marital status. Understanding Filing Status The filing status is important because an individual’s tax bracket (and, therefore, the amount they must pay) is determined
What Is a Fill? A fill is an executed order. It is the action of completing or satisfying an order for a security or commodity. Order execution and reporting fills is a fundamental act in the transacting of stocks, bonds or any other type of security. For example, if a trader places a buy order
What Is a Filter? In investing, a filter is a criterion used to narrow down the number of options to choose from within a given universe of securities. This process is also referred to as screening securities; the terms “filter” and “screen” can therefore be used synonymously in this context. Key Takeaways A filter is
What are the Filthy Five? The Filthy Five refers to five power plants that were located in Massachusetts. The Filthy Five were constructed before 1977 and were therefore exempt from modern pollution laws for many years. Key Takeaways The Filthy Five was a name given to collectively to five coal-fired power plants in Massachusetts.The plants
What Is a Final Dividend? A final dividend is declared at a company’s annual general meeting (AGM) for a given fiscal year. This amount is calculated after all year-end financial statements are recorded and the directors are made aware of the company’s profitability and financial health. This is different than the interim dividend, which is made before
