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Tax uncertainty is the term for the economic risk that results when future taxes and tax rates are undetermined. Similar to policy uncertainty , tax uncertainty can impact both individuals and businesses [ 1 ] [ 2 ] and has been shown in some studies to slow rates of economic growth.
Back taxes is a term for taxes that were not completely paid when due. [1] Typically, these are taxes that are owed from a previous year. [2] Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.
A tax is a mandatory financial charge or levy imposed on an individual or legal entity by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities. [1] Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are ...
Economic substance is a doctrine in the tax law of the United States under which a transaction must have both a substantial purpose aside from reduction of tax liability and an economic effect aside from the tax effect in order to qualify for any tax benefits.
In American English, the word provision is used as a synonym for "expense", especially when it appears in a phrase that refers to the income tax cost incurred by a business during an income statement period. In income statements, the appearance of provision for income tax would refer to that expense.
A Pigovian tax (also called Pigouvian tax, after economist Arthur C. Pigou) is a tax imposed that is equal in value to the negative externality. In order to fully correct the negative externality, the per unit tax should equal the marginal external cost. [56] The result is that the market outcome would be reduced to the efficient amount.
A doom loop may be: . In economics, a doom loop is a negative spiral that can result when banks hold sovereign bonds and governments bail out banks; An urban doom loop is a negative economic spiral that results from increasing remote work, leading urban businesses to close and to a loss of tax revenue, which then leads cities to cut services and raise taxes.
Negative (positive) contrast effect (psychology) Negativity effect (cognitive biases) (psychological theories) Neglected firm effect (business analysis) Nernst effect (electrodynamics) (thermodynamics) Network effect (business models) (economics effects) (information technology) (monopoly [economics]) (networks) (transport economics)