Examlex
A firm's current ratio changed from 1.4 times in the previous year to 1.6 times in the current year. Based on this information, we can conclude that the firm's liquidity has improved.
Failure to File Penalty
A penalty imposed by tax authorities on taxpayers who do not file their tax returns by the due date.
Tax Liability
The total amount of tax that individuals or businesses are legally obligated to pay to a taxing authority.
Qualifying Child
A dependent child who meets specific IRS criteria concerning relationship, age, residency, support, and joint tax filing status, for tax benefits.
Taxpayer's Spouse
The legally married partner of an individual considered for tax filing and benefit eligibility purposes.
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