| 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
|
THE SINGLE MOST
POWERFUL ECONOMIC institution in the world is the U.S. Federal Reserve
Board. The Board does monetary policy. Its job is to steer the
U.S. economy to stable prices and the fastest sustainable growth and to
maintain financial stability. Although several other central banks
throughout the world set target ranges for inflation, the Federal Reserve,
under chairman Alan Greenspan, doesn't. And no explanation has ever
been offered. I believe that's a part of his art. Greenspan is
76 years old and his term will expire in June 2004. Despite two
recessions and the stock-market bubble, Greenspan has been a master of
monetary policy. But for whatever reason, he won't or perhaps can't
explain how he does it. Nor does he appear to be training a
successor! Having said all of that, let's not forget that the ways
and rules under which the U.S. economy has evolved and flourished, have
been for the sound fundamentals of the U.S. Constitution. THE
9/11 TERROR EFFECTS: Some 115,000 workers were laid off from September
15th. through the end of year 2001 directly or indirectly because of the
September 11th. attacks.
BRITAIN PRIME MINISTER, TONY BLAIR, PROMISES a
full pint of beer in his re-election campaign. He said pubs that
fail to fill pints 95% of the way to the rim, up from 90% now, will be
prosecuted. Improving the beer-to-foam ratio has been debated for
years!
TAX-PLANNING IS A YEAR-ROUND ACTIVITY, not
a once-a-year task. Consult your accountant on every major financial
or business decision you're about to make. They affect both your
taxes and financial presentation.
SALES TAXES ARE CHARGED BY ABOUT 7,88 state, county, and city
jurisdictions throughout the U.S. The average rates of sales taxes
being charged are:
|
States |
5.15% |
|
Counties |
1.67 |
|
Cities |
1.60 |
|
8.42% |
Residents of Los Angeles pay a total of 8.5%
TEENAGERS WHO BABY-SIT, MOW LAWNS OR take other jobs tend to
continue working longer later in life than their peers who didn't work
early on, a federal government study shows.
HE SWALLOWED 1,314 UNCUT DIAMONDS wrapped in plastic, says
police who captured this Angolan gem smuggler.
|
THE IRS HAS LAUNCHED A MASSIVE ASSAULT on off-shore tax
schemes. Off-shore bank account and credit card holders are to
be identified and prosecuted. It is estimated that some $70
billions to $100 billions a year escape U.S. taxation through
various schemes. Two million individuals may have been involved.
LESS THAN 1% OF THE U.S. POPULATION WAS required to pay
income-taxes when Congress passed a new income-tax law back in 1913.
CORPORATE AMERICA HAS A LOT OF CASH, says Jennifer
Macaluso, a trade-show model who sometimes just smiles and hands out
samples. Sometimes memorizes product fact sheets.
Sometimes dances and all, to outdo the neighboring booth. She
makes $250 to $500 a day.
BRUTALLY SLEAZY KENNETH LAY, Enron's chief,
sold $70.1 million of stock back to Enron between February and
October of last year just as the energy giant's stock prices were on
free fall and he was exhorting employees to stand by the company and
refrain from selling their shares!
BECAUSE OF GLOBAL WARMING, sea level has
risen as much as 20 inches along Maine's coast and up to two feet
around Nova Scotia in the past 250 years.
AMERICANS HAVE MORE INCENTIVES TO SAVE for
retirement and education: The maximum annual contribution for a
traditional individual retirement account and Roth IRA has been
raised to $3,000 from $2,000 for those under age 50. For those
50 and older the limit raises to $3,500, by the end of 2002.
The maximum amount that can be put into a 401(k) or similar plan has
now been increased to $11,000 for those under 50, and $12,000 for
those 50 or over, up from last year's limit of $10,500 for
everyone. Separately, you may be eligible for a new deduction
of up to $3,000 for higher-education costs, whether or nor you
itemize your deductions. Deduction for interest paid on
student loans has also been liberalized effective for tax returns
filed for after the tax year 2001.
- HAVE A TAX QUESTION? Send me an e-mail
at ali@arkcpa.com.
-
WE SEE
MORE IN NUMBERS than just numbers…
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-
-
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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