In legal contexts, recidivism refers to a person’s relapse into criminal behavior, often after having been previously convicted and penalized for similar or other crimes. When someone re-offends, they are described as a “recidivist.” Recidivism is a critical metric for evaluating the effectivene...
A trust is generallyemployed to hold assetsso that they are safe from creditors or others that might have a claim on them after the trustor's death. In addition, trusts are often used to keep assets safe from family members who might otherwise sell or spend them. Assets may be placed in...
Drawee is a legal and banking term used to describe the party that has been directed by a depositor to pay a certain sum of money to the person presenting a check or draft written by the depositor. A typical example of a drawee involves cashing a paycheck. The bank that cashes your chec...
The IRS can intercept the entire refund from a married couple'sjoint tax returneven if only one of the spouses was legally liable for the debt. This can happen, for example, when one spouse owes child support. The responsibility for that debt is his alone, but his spouse will suffer—...
Richard Branson famously said, “A complaint is a chance to turn a customer into a lifelong friend.” This quote from the billionaire entrepreneur highlights how customer care can build your connection with customers—even if you start out on the wrong foot. ...
You use IRS Form 8880 to calculate and claim the Saver's Credit, a tax benefit designed to encourage lower-income individuals to save for retirement. The credit is a percentage of your contributions to qualified retirement plans like IRAs and 401(k)s, ranging from 10% to 50%, depending on...
In a court case, amicus curiae literally means what? What does the term 'religion' mean under the First Amendment? What law defines legal rights and duties? What is the meaning of legal tender money? What were the immediate sources of the National Origins Act?
Accounts receivable (AR) is money your customers owe you for products or services that you have sold. Find out why AR is important and how to track it.
is a natural or legal person who is legally or contractually obliged to grant an advantage or payment to others. In the financial context, the term “debtor” refers to a bond issuer that is contractually obligated to make all principal and interest payments on outstanding debts. The recipient...
The statute of limitations on debt varies, but is typically three to six years. You can't legally be sued for payment when a debt is past the statute of limitations, or "time-barred."