| 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
|
Tax evasion - an
example: Dallas billionaire Sam Wyly keeps a watch, once owned by
Franklin D. Roosevelt, at his home, but he does not own it. His
daughter, Kelley, has a famous 1910 painting at her home, but she does not
own it. And on and on. Instead, all such items including U.S. -
real estate and stocks of U.S. public companies are owned by a tax-exempt
offshore company, and are lent by the company to him, his daughter and other
relatives. The offshore company is a part of a network of companies
and trusts formed, over the past 15 years, to park large parts of the Wyly
family wealth. A move that shields the money from U.S. taxes.
The Wyly trusts have been under examination by a U.S. Senate panel.
Why are there still apes, if people evolved from apes?
The U.S. savings rate
has fallen sharply since the mid-1980's. In fact, in 2005, it was
negative for the first time since 1933.
More employers ban
cell phones at work. The biggest reasons are the noise and distraction
caused by jingling ring tones and lost productivity.
Some 35% of money
managers say that U.S. stocks are undervalued
Federal income-tax brackets for 2007 are
estimated as follows:
|
Tax |
On taxable |
income |
of more than |
|
rate |
Joint filers |
|
Single filers |
|
10% |
$ 0 |
|
$ 0 |
|
15 |
16,000 |
|
8,000 |
|
25 |
64,000 |
|
32,000 |
|
28 |
129,000 |
|
77,000 |
|
33 |
196,000 |
|
161,000 |
|
35 |
350,000 |
|
350,000 |
Excerpt from a court proceeding:
Q: What was the first thing your husband said to you when he woke up
that morning?
A: He said, "Where am I, Cathy?"
Q: And why did that upset you?
A: My name is Susan
For more of the Generalist, please visit our website
at ARKCPACOM.
|
the
Generalist,
a one-page monthly publication of the accounting firm of A. R.
Kakhsaz Company, is in its 12th year of providing information,
presented fairly and accurately, from sources we can depend upon and
trust.
Social Security
(Part 2 of 4): Why begin receiving your Social Security
benefits (even at the reduced amounts), at the earliest possible age
of 62? Well, early benefits can provide the much-needed safety
net for anyone who has no other source of income. Otherwise,
there are good reasons for beginning to take the benefits at full
retirement age, which is set between age 65 and 67, or even at a
later retirement age. Early Social Security recipients receive
more (in number) but smaller (in amount) monthly checks. And
since none of us knows how long we will live, other factors must be
considered. Such factors would include, for instance, your own
assessment of your life expectancy. You may consider how long
your parents and grandparents lived. Or your health
condition and on. A study has found the optimum ages for a
married couple to claim their Social Security benefits, is dependent
upon their differences in age and in the amounts of their benefit
checks. For example, if the married couple age difference is
six years, and the wife's percentage of the monthly benefit amount
is 30% to 40% of the husband's, then the optimum ages for them to
start collecting their Social Security benefits would be at 69 for
the husband and 62 for the wife.
This discussion will continue in the next issue of the
Generalist.
IRS Commissioner,
Mark Everson. told a friend that one of the nice things about his
job is that IRS commissioners appear to live longer. His
friend replied: "Well, that's no surprise. You guys have no
heart."
We see more in numbers
than just numbers...
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
|
