| 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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THEY
"showed a spirit that can defeat terrorism and overcome economic
problems," said President Bush in admiration of the rescued coal
miners in Pennsylvania. UNDER PRESSURE FROM CONGRESS AND IRS,
big U.S. corporations have started to move their official corporate
addresses back to the U.S. from off-shore tax havens such as
Bermuda, Cayman Islands, etc. Among such companies are Stanley
Works, the venerable tool company, and the consulting giant, Accenture
Ltd., formerly Andersen Consulting, the technology and management services
arm of the legendary accounting firm of Arthur Andersen which was
criminally convicted in the biggest accounting scandals in corporate
history, triggered by the collapse of Enron last winter. Altogether,
about a dozen big corporations have set up offices off-shore, during the
past two years, in an attempt to avoid U.S. taxes. Stanley, for
instance, figure that it would save $30 million a year by reincorporating
in Bermuda. Fidelity Investments, the mutual fund giant, has also
had a set up in Bermuda since the 1960s. Congress is striking back
by, among other things, cutting off government contracts to firms that
moved their headquarters abroad recently. Accenture Ltd., which set
up in Bermuda last year must now either give up millions of dollars in
contracts or move back to the U.S. at steep costs in both taxes and
accounting and legal work.
MARIJUANA would no longer be a narcotic under
a proposal by the British Prime Minister Tony Blair.
It would be downgraded as a drug class, making its use and possession much
less serious crimes.
Citigroup and J.P. Morgan Chase, the two largest
financial institutions in the U.S., made more than $200 million in fees
for transactions that helped Enron and other energy companies boost their
cash flow and hide their debt.
The AFL-CIO is the federation of the U.S. labor unions,
representing 13 million working men and women. The AFL-CIO's 2001
Labor Day Website offered karaoke, electronic greeting cards, a video in
which small fish organized to take on a big fish.
LOOTING AT THE WHITE HOUSE: TWO MEN hired for an anthrax
clean-up at the White House have been accused of taking cash from
donations sent by the U.S. children to aid Afghan children.
SIX NEW FOSSILS OF A PREVIOUSLY UNKNOWN human ancestor who lived
up to seven million years ago, were discovered in Africa.
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the Generalist, a one-page monthly publication of
the accounting firm of A. R. Kakhsaz Company, is in its
eighth year of providing information, presented fairly and
accurately, from sources we can depend upon and trust.
BILL GATES BOOK ON ESTATE TAXES: As you know, based on a
law enacted last year, federal estate tax is being phased out until
it completely goes away in 2010 and if Congress does nothing, the
tax will be resurrected, intact, in the year 2011. Recently,
the U.S. Senate rejected a permanent repeal of the estate tax and
was applauded by, of all the people, the super rich -- Warren
Buffet, Bill Gates, Ted Turner, and some others. Now, Bill
Gates has coauthored a book with Chuck Collins titled: "Wealth
and Our Commonwealth: Why America Should Tax Accumulated
Fortunes," to be published in January. Mr. Collins is
cofounder of Responsible Wealth, a Boston-based group of over 1,100
billionaires, multimillionaires and millionaires. Many members
of the group advocate overhauling the estate tax law, such as
raising the basic exclusion, which is at $1 million now, to exclude
all but the very wealthiest from estate taxation.
HAVE YOU VISITED OUR WEBSITE LATELY? Go to: www.ARKCPA.com
A CITY BOY NAMED, KENNY, MOVED TO THE COUNTRY and bought a
donkey from an old farmer for $100. The farmer agreed to
deliver the donkey the next day. The next day the farmer drove
up and said: "Sorry son, but I have some bad news, the donkey
died." Kenny relied: "Well then, just give me my
money back." The farmer said, "can't do that as I've
spent the money already." Kenny said, "OK
then, just unload the donkey." The farmer asked,
"what yaw gonna do with him?" Kenny: "I'm gonna
raffle him off." Farmer: "You can't raffle off a
dead donkey!" Kenny: "Sure can. Watch me. I
just won't tell anybody he's dead." A month later the
farmer met up with Kenny and asked, "what happened with the
dead donkey?" Kenny: "I raffled him off. I
sold 500 tickets at two dollars apiece and made a profit of
$898." Farmer: "Didn't anyone complain?"
Kenny: "Just the guy who won. So I gave him his two
dollars back." Kenny grew up and eventually became the
chairman of Enron.
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WE SEE
MORE IN NUMBERS than just numbers…
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Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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