money and financial problems

Definition

A retirement plan, such as a 401(k) plan, an employee annuity plan (26 U.S.C. § 403(a)), an individual retirement account (26 U.S.C. § 408(a)), or a governmental deferred compensation plan (26 U.S.C.

Definition

Under § 1202 of the Internal Revenue Code, stock of a domestic C corporation whose aggregate gross assets do not exceed $50,000,000 before or immediately after issuance. A taxpayer who acquires qualified small business stock at its original issue and holds it for more than five years may exclude 50 percent of any gain from a sale or exchange of that stock from his or her gross income. 

Definition

An indorsement — the placement of a signature on the back of a negotiable instrument — coupled with an additional phrase, e.g. "without recourse" or "for deposit only," limiting the liability of the indorser (signer) in the event the instrument is dishonored. A qualified indorsement makes it more difficult for a thief or embezzler to cash an instrument. Also spelled qualified endorsement. 

Definition

Under the Employee Retirement Income Security Act ("ERISA"), a judgment, decree, or order regarding child support, alimony, or marital property rights that assigns the right to receive all or part of the benefits payable under a pension plan and that is made pursuant to a state's domestic relations law. 29 U.S.C. § 1056(d)(3).

Definition

An abbreviation for qualified domestic relations order. See qualified domestic relations order. 

Definition

A type of investment fraud in which investors are promised artificially high rates of return with little or no risk; original investors and the perpetrators of the fraud are paid off by funds from later investors, but there is little or no actual business activity that produces revenue.

Definition

Intentional conduct that is wrongful or unlawful, especially by officials or public employees. Malfeasance is at a higher level of wrongdoing than nonfeasance (failure to act where there was a duty to act) or misfeasance (conduct that is lawful but inappropriate).

Definition

A crime involving writing a check on an account, Account A, with insufficient funds and depositing it in another account, Account B, and then writing a check on Account B and depositing it in Account A to cover the first check written on Account A. Kiting takes advantage of the time it takes banks to clear checks.

Definition

A tax-deferred retirement plan primarily for the self-employed. Also called H.R. 10 plan and self-employed retirement plan.

Illustrative caselaw

See, e.g. Raymond B. Yates, M.D., P.C. Profit Sharing Plan v. Hendon, 541 U.S. 1 (2004).

See also

• The New York Times (2007): "For Keogh Plans, a Technicality Could Crack a Nest Egg"

Definition

Short-term debt that a company owes to its suppliers for products received before payment is made. Accounts payable entries are listed under "Current Liabilities" in the business' balance sheet and the items are removed once the account has been paid.

Illustrative caselaw

See, e.g. United States v. Richman, 93 F.3d 1085 (2d Cir. 1996).