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A. R. Kakhsaz Company
an accountancy corporation
Member
American Institute of
Certified Public Accountants
International associates:
Tavana
& Co.
Chartered Accountants
Toronto, Canada
Tel.416-229-2221
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WHISTLEBLOWERS WHO REPORT IRS
ABUSES, misconduct, fraud and waste are still vulnerable to
IRS retaliation. U.S. Senate Finance Committee plans to hold hearings on the matter.
IN 1997, 43% OF AMERICAN
HOUSEHOLDS owned corporate stocks. Many portfolios were relatively small. 90% of all shares were owned by
the wealthiest 10% of households. That is, the top 10% wealthiest households held more than
73% of the U.S. net worth, up from 68% in 1983.
HEART-FAILURE DEATHS CAN BE
CUT BY 30% when Aldactone, an old drug, is combined with standard treatment, shows a study published by
the New England Journal of Medicine.
THE TOP 10% OF 1996
INDIVIDUAL INCOME-TAX returns reported 42% of total gross income reported on all returns. These taxpayers paid
63% of total federal individual income-taxes. Some 625,000 of 1996 individual income-tax
returns were hit by the top tax rate of 39.6%.
MR. CHARLES AND MRS. BARBARA ROSSOTTI, a Washington D.C. couple, received a letter from
the IRS commissioner saying I need "your help
with an important initiative I am undertaking to improve our service to taxpayers." The letter
asked that they fill out a questionnaire on "the service you received in a recent IRS audit." The
IRS commissioner? The same Charles Rossotti who received the letter!
WONDERING WHY? Every person
and business of financial responsibility and accountability to others, prepares and publishes at least a balance
sheet and an income statement once-a-year. Why shouldn't the national, state and local
governments?
AMERICANS ARE BUYING MORE
PRESCRIPTION drugs at substantially higher prices: The number of prescriptions sold in retail pharmacies shows
an increase of about 9% over a year ago. While dollars spent on prescriptions reflect a jump by
18%. Projections show that Americans will buy four billion prescriptions from retail pharmacies in
2005, as medicine continues to shift away from hospital treatment toward out-patient treatment.
57% OF CEOs, CFOs and CIOs
think that Y2K bugs will be fixed by December 31st. Only 17% thought so a year ago. But of those executives
21% plan to hoard canned goods, 27% plan tostockpile water, and 56% will not fly on an airplaneon January 1st. |
TAX-PLANNING IS A
YEAR-ROUND ACTIVITY, not a once-a-year task. Consult your CPA on
every major financial or business decision you're about to make. They affect both your taxes and
financial statements!
NORDSTROM DEPARTMENT
STORES IS establishing Nordstrom.com to become a leader in fashion-related e-commerce, announced Dan
Nordstrom, one of the six co-presidents of Nordstrom Inc. who's to be CEO of
Nordstrom.com.
MBA STUDENTS of two
schools experience both capitals of high technology and of high finance: The Hass School of Business of the
University of California at Berkeley and Columbia Business School in New York have an exchange
program that allows their second-year MBA students to spend a semester at the other school.
UNMARRIED WOMEN who live
in partnerships with men generally have higher earnings than single or married women. But the reverse is true
for men. That is, unmarried men who cohabit with women partners typically earn less than the single
or married men, shows a recent survey.
IN ITS FIRST YEAR OF
ACCEPTING TAX payments with credit or charge cards, the IRS has received more than 53,000 of such payments
including one for $5.3 million, six for more than $1 million and 140 for more than $100,000.
Taxpayers could use American Express, MasterCard or Discover card. Starting March
2000, taxpayers will be able to use their cards to make estimated tax payments as well, says the
IRS.
A Y2K MISERY INDEX THAT
CONSIDERS countries' state of preparedness for dealing with the millennium bug as well as their dependence
on information-technology infrastructure has ranked the Philippines, Russia, China and
Indonesia as those that have the most, and the U.S., the Netherlands, Sweden and Canada as
having the least to fear from the bug.
DESPITE THE GLOBAL
ECONOMY, 80% OF corporate job candidates find jobs in their hometowns.
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WE SEE
MORE IN NUMBERS than just numbers… We see opportunities for you.
WE SEE
MORE IN NUMBERS than just numbers… We see opportunities for you.
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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