| 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
|
Super Bowl:
Some seven million
Americans call-in sick on Monday after
the Super Bowl Sunday. That's more
than any other day of the year.
Accounting
ultimately comes down
to numbers, as math does, but the rules
that govern how those numbers are
calculated and classified are hardly
fixed. The standards by which assets,
liabilities, taxes and the other
components of finance are reported are
subject to constant revision. Indeed,
accounting is every bit as dynamic as
the economy that it describes.
The accounting profession
may
soon have a new type of financial
statement. One without net income at
the bottom line, with finance information
separated from operations, tax
information off to the side and cash flow
reported separately. That's the direction
that the U.S. and international
accounting professional standards are
taking. "The current model is
antiquated and long overdue for an
overhaul."
Why do banks
charge a fee on
"insufficient funds" when they know
there is no money in the account?
Social Security
started on January
1, 1937. The first payment was to
Ernest Akerman, who retired on January
2, 1937, receiving a lump sum payment
of $0.17 after total contributions by him
of $0.05. The first recipient of monthly
benefit was Ida May Fuller. For total
contributions of less than $25 she
received benefits totaling $22,889
between 1940 and 1975.
Language
shapes the way we think .
It determines what we can think about.
A Tax Foundation research
has
found that the Americans households in
the top 20% income-tax bracket currently
pay an average of $48,000 more in
taxes than they receive in government
services. Meanwhile, those in the
lowest 20% receive $31,000 more from
the government than they pay in taxes.
For more of the Generalist,
please visit ARKCPACOM.
|
the Generalist,
a one-page monthly
publication of the accounting firm of
A. R.
Kakhsaz Company, is in its 14th
year of providing information,
presented
fairly and accurately, from sources we
can depend upon and
trust.
Why corporations
should not pay
taxes -- here's more reasons:
Disclosure of tax savings by public
companies, now has been used by the
U.S. Senate investigators to probe into
their ways and "how-to's." An
accounting rule known as FIN 48
requires companies to disclose how
much they have set aside to pay in
taxes, if certain tax savings transactions
are successfully challenged by
taxing authorities. Hundreds of millions
of dollars are spent by companies in
fees to tax professionals to design and
plan such transactions or structures.
For a background, please see,
'Do corporations pay taxes?'
in December 2007 issue of
the Generalist.
Warren
Buffet
(Part 1 of 5)
He is the second richest man in the
U.S. He donated $31 billion to Bill
Gates Foundation. He purchased his
first share of stock at age 11 and now
regrets that he started too late! He
bought a small farm at the age of 14
with savings from delivering
newspapers. He still lives in the same,
small 3-bedroom house in midtown
Omaha, Nebraska, he bought after he
got married 50 years ago. He says that
he has everything he needs in that
house. His house doesn't have a wall
or a fence.
Secret:
Something you tell one
person at a time.
The IRS
received $1.16 trillion
of
individual income-taxes during 2007.
That's up by 11% from the receipts of
2006 of $1.04 trillion. How much of the
collections were due to the "Alternative
Minimum Tax?" The Service didn't say.
We see more in
numbers
than just numbers...
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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