| 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
|
PROFITING FROM
EMPLOYEES DEATH: Big U.S. companies take out life insurance policies
on millions of their employees with the companies as the
beneficiaries. Most workers covered under the policies don't know
it, nor do their families (State of California, however, requires
employers to obtain written consent from employees.) Such policies
yield billions of dollars in tax breaks over the years of the employees
lives, as well as tax free death benefits. The coverage is called
COLI, short for corporate owned life insurance, and is known in the
insurance industry as "janitors insurance." SIPPING
WINE OR COFFEE AFTER A GOOD MEAL against the backdrop of the beautiful
Mediterranean or Jerusalem's Old City is no more: The unrelenting
grind of random suicide bombers and hand gun attacks in the past two years
has changed everything. The suicide bombers themselves, Israeli
military personnel, as well as scores of Palestinians and about 530
Israeli civilians have been killed, not to mention the very many others
who have been injured and perhaps the 9/11 attacks in this country.
Restaurants have been the sites of many of the more than 60 suicide
bombings over that period. More than 100 restaurants have closed
over the past two years, including about 40 in the past four months
alone. Out of favor, these days in Israel, are open-air patios near
sidewalks, large glass windows and unguarded entries. And in are
fences, walls of sand bags, armed security guards, which are now required
by law, bamb-sniffing dogs and security cameras. What's missing is
strong, persevere, honest, life-loving leadership that would promote love
and life and respect among both Israelis and Arabs. Though that may
seem like a highly ambitious wish, when it comes to the Middle East, let's
remain optimistic and hopeful.
TAX SCAMS CHARGE BIG FEES TO HELP African-Americans
file for tax credits or refunds for "slavery reparations."
There's no tax-law provisions allowing any such credits or refunds.
But the IRS received some 80,000 returns last year claiming more than $2.7
billion in bogus reparation refunds. A perpetrator of such scams was
recently sentenced by the federal district judge to six and a half years
in prison and ordered to pay the U.S. government $1.2 million in
restitution.
A HORMONE RISIES IN THE BLOODSTREAM OF dieters
that triggers and boosts feeling hungry. That's perhaps the reason
why many find it so difficult to keep their weight loss. The
findings may offer a new target for a diet drug. |
BACK TO DEFICIT-SPENDING: The U.S. Treasury borrowed
a net $1 billion during the second quarter 2002. It did not
repay a net $89 billion, as it said it would do earlier this
year. That's due to its dismal tax collections during the
important April filing season. At a time when the economy
might be picking up momentum through higher demand for
private-sector borrowing, the government's borrowings will run the
risk of creating more friction which will drive up interest
rates. The Treasury's tax collections are 30% behind what they
were this time last year. The shortfall could add $50 billion
to this year's projected federal budget deficit, roughly doubling
it. Meanwhile consumer-sentiment index skidded in mid-June to
90.8. That's the steepest decline since September 11.
People appear to be quite pessimistic about the labor market..
IRS STATISTICS SHOW THE FOLLOWING TOTAL average itemized
deductions for the indicated income levels reported on individual
income-tax returns:
|
Income level |
Total Average
itemized deductions |
|
$30,000 to 50,000 |
$12,100 |
|
50,000 to 100,000 |
15,600 |
|
100,000 to 200,000 |
25,000 |
|
200,000 and up |
80,200 |
JOB OPENINGS FOR COLLEGE GRADUATES ARE down 20% from last
year. As a result many are accepting lower entry-level
salaries.
SOME 500,000 PEOPLE A YEAR ARE VICTIMIZED by misuse of
their private financial data. Identity theft is the target of
a federal crackdown that has led to more the 130 arrests so far.
ONE BABY ASPIRIN A DAY REDUCES THE RISK of colon cancer by
inhibiting polyp growth. The government may recommend such a
regimen for people who have had polyps removed.
DOES THE IRS CHIEF PREPARE HIS OWN TAX return?
"No. I haven't done my own for 25 years - no, for about
30 years," replied the IRS Commissioner Charles Rossotti.
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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