| 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
|
• Simplifying
the tax law will be anything but simple.
That's what President Bush's advisors are telling him. Bush has been
advised of five options: (1) a flat consumption tax, (2) a flat income
tax, (3) an added-on value-added tax, (4) an income value-added tax with
Social Security integration, and (5) a major reform of the current income
tax. Any reform is likely to have vocal losers and largely silent
winners.
• You
are from California if
(Part 1 of
7)
You take a bus
and are shocked at two
people
carrying on a conversation in
English,
Your child's
3rd-grade teacher has
purple
hair, a nose ring, and is named
Breezie,
and
You can't
remember ....... Is pot legal?
• What's a trust: A
trust is a legal entity that has long been used to facilitate, typically,
transfer of a family's assets to a person or institution, as the trustee,
who will mind them for intended beneficiaries - as a way to pass the
assets to family members or charities while reducing their tax
burden. The number of trusts in the U.S. has grown more prevalently
as the ranks of the rich and the nation's wealth expanded since the
1990's. Personal trust assets grew to $1.1 trillion during 2003,
from $928 billion in 2002. A major effort is currently underway to
update trust laws and bring uniformity to such laws which vary drastically
from state to state.
• Take advantage of
every opportunity to make the world a better place!
• Cliff
Richard, Queen, the Rolling Stones, Michael Jackson and Robbie
Williams have been inducted into Britain's first Music Hall of Fame,
chosen by the public as the best music acts of the past five decades.
• Economics
of the nations (Part 7 of 8)
Traditional
economics:
You have
two cows.
You sell
one and buy a bull.
Your herd
multiplies and the economy
grows.
You
retire on the income.
Swiss
economics:
You
have 5,000 cows, none of which
belongs
to you.
You
charge others for storing them.
•
For more of the Generalist, please visit our website
at ARKCPA.COM.
|
• theGeneralist, a one-page monthly
publication of the accounting firm of A. R. Kakhsaz Company,
is in its 11th year of providing information, presented fairly and
accurately, from sources we can depend upon and trust.
• If we owe you money,
we'd like to get it to you, says the IRS. Some 87,000
taxpayers with income-tax refund checks, totaling $73 million, could
not be found. All you need to do is "tell we where you
are," says the IRS. Go to IRS.gov and look under
"Where's My Refund?" or call the service at 800-829-1040.
• What's a tax shelter?
A Yale law professor defines it as "a deal done by very smart
people that, absent tax considerations, would be very
stupid." And a California tax lawyer defines it as
"something that somebody else creates and the government
attacks - and that allows my kids to go to college."
• A large international
study linked more than 90% of heart
attacks to six easy-to-measure risk factors common to every region
and ethnic group around the globe:
Risk
Factors
Abnormal cholesterol
Current smoking
Abdominal obesity
Depression and stress
High blood pressure
Diabetes
Preventive
factors
Eat
fruits and vegetables daily
Exercise regularly
Consume alcohol moderately
• 49.3 million of
income-tax returns asked the government to
send their 2004 income-tax refunds directly to their bank
accounts. That's up from 44.5 million in 2003, an increase of
10.8%. The IRS sent $120.98 billion of refunds for direct
deposit into the taxpayers bank accounts in 2004, as compared with
$105.25 billion in 2003.
• An Iowa woman
called the police and said that the crack cocaine a drug dealer sold
her, may be fake.
• We see more in numbers
than just numbers...
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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