S Corporation – An S Corporation is a corporation which, under the Internal Revenue Code, is generally not at the mercy of federal government taxes. Instead, the taxable income of the corporation is passed through to its stockholders in a way similar compared to that of a partnership. Safe Harbor Rule – Concept in statutes and regulations whereby somebody who meets detailed requirements will be preserved from undesirable legal action.

Frequently, safe harbors are used in which a legal necessity is relatively ambiguous and carries a risk of abuse for an unintended violation. Sale-Leaseback Transaction – Sale of property by a seller who simultaneously leases the property back again from the purchaser. Salvage Value – Value assigned to retired Set products or Resources unsalable through normal stations.

Sarbanes-Oxley (SOX) – The Sarbanes-Oxley Act was signed into legislation on 30 July 2002 by President Bush. The Act was created to oversee the financial reporting landscape for fund professionals. Its purpose is to review legislative audit requirements and to protect traders by improving the precision and reliability of corporate and business disclosures.

The act covers issues such as building a public company accounting oversight board, auditor independence, corporate and business responsibility and improved financial disclosure. The statutory law is named after Senator Paul Sarbanes and Consultant Michael G. Oxley. SAS – See STATEMENTS ON AUDITING STANDARDS. SEC – See SECURITIES AND EXCHANGE COMMISSION. SEC Registration Statement – DISCLOSURE document that must definitely be filed with the SEC in connection with a public offering of SECURITIES, unless the offering is exempt. Securities and Exchange Commission (SEC) – Agency authorized by America Congress to modify the financial reporting practices of most public corporations. Security – Any type or kind of transferable certificate of possession including EQUITY SECURITIES and Debts SECURITIES.

Securitization -Source of funding whereby an entity’s ASSETS (typically mortgage loans, lease commitments or other types of RECEIVABLES) are positioned in a special purpose vehicle that issues SECURITIES collateralized by such property. Security Interest – Legal interest of one person in the property of another to make sure performance of a second person under a contract. Self-Employment Tax – Most people that are in business for themselves, such as SOLE PROPRIETORS, PARTNERS, or independent service provider, are subject to self-employment fees.

  • What is the organization’s size
  • ► 2009 (4) – ► October (1)
  • 411671 was converted in 1963 from buffet-parlour 6654
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The taxes provide coverage for the one-man shop individual for interpersonal security (OASDI) and Medicare benefits (HI) similar to the fees withheld by employers from wages it will pay the employees. Settlement Method – Method of ACCOUNTING for SECURITIES whereby transactions are recorded on the date the securities settle by the delivery or receipt of securities and the receipt or payment of cash. SFAS – See STATEMENT OF FINANCIAL ACCOUNTING STANDARDS. Short Sale – Sale of something before it is purchased. Short-Term – Current; season normally credited within one.

Single Audit Act – The Single Audit Act of 1984 and the Single Audit Act Amendments of 1996 establish requirements for audits of state governments, local governments, and nonprofit organizations that administer federal financial assistance programs above a certain threshold. 5, years 000 in payment in the preceding. Simple Trust – This sort of TRUST is required to distribute all its income currently, set up TRUSTEE does so actually, and it does not have any provision in the trust instrument for charitable contributions.