| 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
|
Excerpt from a court proceeding:
Q: Doctor, before you performed the
autopsy, did you check for a pulse?
A: No
Q: Did you check for breathing?
A: No
Q: So, then it is possible that the
patient was alive when you began the
autopsy?
A: No
Q: How can you be so sure, Doctor?
A: Because his brain was sitting on
my desk in a jar.
Q: But could the patient have still
been alive, nevertheless?
A: Yes, it is possible that he could
have been alive and practicing law
somewhere. Nearly all
doctors take gifts of
meals, drug samples or travel from
pharmaceutical-company
representatives.
More people
are deducting interest
paid on student loans in their
income-tax returns. Here's how the
deduction was claimed:
Tax Year
2004 2005 Up
Number of returns
(in millions)
7.6 8.1
7%
Total dollar amount
(in billions)
$4.4 $5.1 14%
Veterinarians
are telling pet owners
that dogs are getting fat. They
recommend putting them on a diet,
often prescribing Pfizer's new dog diet
pill Slentrol.
Remember
the discussion under "An
income-tax break," in the June 2007
issue of the Generalist. Well, forget it
altogether. A new tax law signed by
President Bush on May 25, 2007 has
extended the reach of the so-called
"kiddie tax" and effectively killed all the
potential tax benefits and pre-planning
for achieving such benefits discussed
in there. And that's a small example of
why I contend that the tax law
complexities have become ridiculous,
to say the least.
For more of the Generalist, please visit our website
at ARKCPACOM.
|
theGeneralist,
a one-page monthly publication of the accounting firm of A. R.
Kakhsaz Company, is in its 13th year of providing information,
presented fairly and accurately, from sources we can depend upon and
trust.
More than 60% of all
taxpayers are
currently using paid preparers to do
their income-tax preparation and filing.
That's up from 46% in the mid-1980's.
Why the tremendous increase?
Because of the growing and ridiculous
complexity of the tax law. There are
more than one million paid preparers in
the U.S. Among them are highly trained
tax accountants who are CPAs. The
list also includes seasonal workers at
national tax preparation companies, as
well as small storefront and
shopping-mall operations.
In a reflection of tax
law complexity,
the number of pages in CCH's standard
federal tax publication has continued to
increase:
2007 67,000
13,400%
2006
66,000
2005
61,000
2004
60,000
1995
41,000
1984
26,000
1974
20,000
1969
17,000
1954
14,000
1945
8,000
1939
500 100%
Growth industry:
During the past 25
years, there has been a major federal
tax bill about every two years. But since
2001, there has been at least one every
year.
China's hottest export
is tension:
China's huge trade surplus which is the
result of exporting more goods to other
countries than importing from them has
become a big and sticky problem,
particularly for the U.S. and the EU.
The EU's exports to China have been
less than those to Switzerland.
We see more in numbers
- than just numbers...
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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