| 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
|
CALIFORNIA
GUBINATORIAL CANDIDATE, William E. Simon Jr. and his late father who
used to be the Secretary of the U.S. Treasury as well as many other
prominent businessmen including the late NASCAR racing champion, Dale
Earnhardt, have been identified and announced by the IRS to have taken
advantage of tax shelters that the government claims may have violated
federal income-tax laws.
HAVE YOU VISITED OUR WEBSITE LATELY? Go to: www.ARKCPA.com
CITY OF ARAB IN ALABAMA CHARGES the highest sales tax rate of
11% throughout the U.S.
THE IRS SAYS IT PLANS TO CONDUCT 50,000 random
audits pertaining to the 2001 tax year. Those are in addition to
other returns which will be selected for an audit by specifically
identified reasons. The IRS audited 732,000 individual income-tax
returns during 2001. The information gathered through randomly
selected audits will help the IRS to better target its resources on
examining those returns that are more likely to contain misstatements or
false reporting of income and deductions.
A LOTTERY IS A TAX ON PEOPLE WHO ARE BAD at math.
DOCTORS AT A BIG ONCOLOGY CONFERENCE were told
that lung tumors shrank by at least 50% in 10% of the cancer patients
after they were given AstraZeneca's Iressa. Furthermore, in another
30% of the patients, tumors didn't shrink but they stopped growing for a
while. 43% of patients reported a significant reduction in shortness
of breath, pain and tightening in the chest. Often, the relief came
within two weeks.
MEXICANS can do a lot of things, gringos can't do, says Juan
Madrigal, a native of Michoacan, Mexico. He and two dozen other
eager laborers wait outside at an Home Depot store in a San Diego suburb,
offering assistance to the store's customers who are not
do-it-yourselfers. Home Depot does not like that. Mr. Madrigal
earned $30,000 off the books last year. "Masonry, carpentry,
electrical work ... any day I can get work," he says. Migrant
workers have always been smart at identifying and filling holes in market
economy.
the Generalist, a one-page monthly publication of the
accounting firm of A. R. Kakhsaz Company, is in its eighth year of
providing information from sources we can depend upon and trust, presented
fairly and accurately.
|
YOU CAN CHECK THE STATUS OF YOUR income-tax return and
your income-tax refund directly with the IRS by going to its Web
site (www.irs.gov). You will need to know your Social
Security number, your filing status (such as single or married
filing jointly, etc.) and the exact amount of your income-tax
refund. This new service by the IRS may be used to find out if
your return has been processed and when your refund will be mailed
or deposited into your bank account. You will also fins out if
there's a problem with your refund and recommended actions to
resolve the problems. You can also find out if your refund
check was returned to the IRS as undeliverable. Alternatively,
you may obtain the same information through the IRS's phone number
800 829 4477.
ATTACKING CORPORATE SLEAZE, the U.S. Senate voted 97-0 to
establish sweeping new powers to target corporate fraud that go
beyond what President Bush had proposed. "If you steel a
television set, you can go to jail. If you steal $500 million
from your corporation and your pension holders and everyone else,
then nothing happens. This makes sure something will
happen," said Senator Patrick Leahy, the sponsor of the
bill. The accounting reform bill, and its new Leahy amendment,
must now go to a conference with the House of Representatives before
it can be sent to the President for the enactment signature.
In the meantime, a public accountability board has been proposed by
the Securities and Exchange Commission to have a range of
disciplinary sanctions it could impose on accounting firms and
individual accountants. All resulting from Enron, World Com
and other corporate financial scandals and the demise of Arthur
Andersen. The U.S. accounting industry, heavily influenced by
the big accounting firms, has been notorious for failing to
discipline its members.
TAX CHEATING IS AT NEAR EPIDEMIC LEVEL: How much do tax
payers think is an acceptable amount to cheat on their income
taxes? 76% said "not at all" last year as compared
with 87% the year before. Despite the significant increase,
nearly one-fourth of taxpayers think its OK to cheat.
THE U.S. MEDIAN HOUSEHOLD INCOME ROSE to $42,000 in 1999
from $39,000 a decade before. The figures have been adjusted
for inflation. Women earned 73% of men's pay in 1999.
WE SEE
MORE IN NUMBERS than just numbers…
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
|
