NINA loan. Acronym for No Income No Assets. Loans made without any supporting documentation for income or assets.
What happens unreported income?
If they find that you underreported your income, the IRS begins the collections process. First, they send you a letter to inform you they found a discrepancy and that you may have unpaid taxes. At this point, you can either dispute the discrepancy or make arrangements to pay the amount due.
No income, no asset (NINA) is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan.
How are non recurring items reported on the income statement?
The impact of the changes is recorded as a gain or loss. Non-recurring items are reported by a company on the income statement. Depending on the type of item, it may be reported as before-tax or after-tax.
What does imputed income mean on a tax return?
Basically, imputed income is the value of any benefits or services provided to an employee. And, it is the cash or non-cash compensation taken into consideration to accurately reflect an individual’s taxable income.
What do you mean by incurred but not reported?
These include workers’ compensation, environmental/pollution, healthcare, general liability, and products liability. Incurred But Not Reported (IBNR) is a reserve account used by insurance companies to compensate for claims that have not yet been reported.
What is a reported but not reported reserve?
The claims reserve is funds that are set aside for the future payment of incurred claims that have not yet been settled. Reported but not settled losses have been reported to an insurance company, but have not been settled by the end of the accounting period.
