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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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$1,800,000,000,000.00 OR $1.8 TRILLION OF
TAXES were collected in 1999 by the U.S. government from the following sources:
Individual income taxes, 48.1%
Social Security and Medicare taxes, 33.5%
Corporations income taxes, 10.1%
Excisetaxes, 3.9%
Estate, gift, customs and other taxes, 4.4%
HIKING PRICES AND BOOMING BUSINESS: Income-tax preparation fees of H&R Block are up
by nearly 20% this year as compared with the same period last year.
THE DIRTY SECRET of a lot of middle-class Californians" is that they are beneficiaries of
cheap labor of illegal immigrants working as live-in maids, housekeepers, nannies and other
domestic help, says a professor at City University of New York.
IN A LETTER TO CONGRESS, criticizing the
U.S. income-tax laws, the American Institute ofCertified Public Accountants once again urgesthe Congress to simplify tax laws and repeal the
alternative minimum tax, both for individuals and for businesses.
SOARING PRICES OF SECURITIES, real estate and works of art in recent years, triggered a hugeincrease in U.S. Treasury's estate and gift tax
collections which totaled a record $28 billion in 1999, up sharply from $24 billion the previous
year and from about $13 billion in 1993.
FED's CHAIRMAN GREENSPAN WARNS LENDERS about a "troubling trend" where many banks "view
current strong economic conditions as no longer extraordinary and exceptional but rather ordinary
and expected." Mr. Greenspan clearly keeps on exerting upward pressures on interest rates to
fend off inflationary pressures which have now been spotted in all regions of the U.S.
THE IRS HAS ABOUT 98,000 FULL-TIME workers, down from some 117,000 in 1992.
PANTYHOSE THAT SHOWS OFF PEDICURES: The "toeless hosiery," is an innovation from
DuPont Co's Lyera brand. The stockings that are
made by a Brazilian company maintain the body-shaping feature of pantyhose by covering
legs but do not cover toes - just a security loop that fits on the big toe
HEALTH-CARE COSTS WILL RISE 9.7% IN 2000, up from 7.5% in both 1999 and 1998. |
IN HOUSEHOLDS WHERE BOTH SPOUSES WORK full time, 23% of wives earn more than their
husbands. That's up from 16% in 1981 and 22% in 1992.
FOND OF AN IDEA FROM A FORMER BASEBALL manager is Charles
Rossotti, the Commissioner of the IRS, who says the manager once said the
secret to success was "to never let the four guys who hated you get together with the five guys who
were undecided."
theGeneralist, a one-page monthly publication of the accounting firm of A. R. Kakhsaz Company,
is in its sixth year of publication.
ANOTHER RECORD SALES IS EXPECTED IN 2000 for sales of business jets.
Industry sales is to top $9 billion. Shared ownerships are expectedto proliferate. That's all good news forcompanies such as Cessna,
Gulfstream, Dassault and Raytheon.
U.S. TREASURY'S COLLECTIONS of corporate income-taxes amounted to 10% of U.S.
government receipts in 1999, down from 11% in 1998. The decline also represents the third
consecutive yearly decrease. In 1966 corporate income taxes were 23% of the total taxes paid tothe U.S. Treasury.
IN A NEW NATIONAL ANTIMONEY-LAUNDERING
strategy, the Clinton administration is talking with groups representing accountants and attorneys
to better determine the obligation of such professionals to combat money laundering!
THE U.S. WILL HAVE A NEW DOLLAR COIN THIS
spring. It'll be in gold color, wider border and plain edge.
"OUR INCOME TAX SYSTEM HAS BEEN destroyed by complexity - a complexity caused
largely by well-meaning efforts to achieve theoretical parity, eliminate every real and
imagined 'abuse,' andaddress non-tax policy objectives," said former IRS chief, Fred Goldberg.
LESS THAN 5% OF ALL INDIVIDUAL INCOME-TAX
returns claim medical deductions, shows a report by the IRS.
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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