| 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
|
The 400 income-tax
filers with
the highest AGIs paid 2% of all
federal income taxes in 2007.
That's based on the most recent
data available. To be in this group,
filers had to have AGI of at least
$138,815,000.
Over 65% of their AGI was derived
from long-term capital gains that
are taxed at 15%. Only 15% of the
people who've made the list of the
400 over the past 16 years have
done so more than twice!
82.7% of all statistics
are made up on the spot.
The IRS continues to feast on
Subchapter S corporations that
pay very low salaries to their
owners. In many cases, S
corporation owners take low
salaries so they can receive the
bulk of the corporation's profits as
dividends, which are not subject to
payroll taxes. IRS and the courts
balk at this practice. In a recent
case, a CPA took a $24,000 salary
in a year when his share of his S
corporation's profits was around
$200,000. A district court agreed
with the IRS that his salary was
unreasonably low and ruled that
the dividends are properly
reclassified as salary and subject
to payroll taxes.
Ford is spending $1 billion to
develop a new generation of
vehicles for its struggling Lincoln
brand.
Tunisia's deposed president
is on trial in absentia on charges
of abusing state funds and drug
trafficking. His clan known as "The
Family " in Tunisia, squeezed out
some business rivals by exerting
political pressure to win lucrative
state contracts.
The sharpest criticism of a
single intelligent person is far
more effective than thoughtless
approval of the masses.
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 17th
year of providing information, presented
fairly and accurately, from sources we
can depend upon and trust.
Borrow money from
pessimists.
They don't expect it back!
Did you know that:
Before he was lead singer in the
Rolling Stones, Mick Jagger
studied to be an accountant at the
London School of Economics.
Can't Get No Bank Reconciliation!?
The U.S. accounting industry:
The American Institute of Certified
Public Accountants (AICPA) may
have some 330,000 members.
But worldwide, the International
Federation of Accountants is
comprised of 164 associations in
125 countries, representing more
than 2.5 million accountants. The
Institute of Chartered Accountants
of India comes second among
nations to the AICPA, with 162,000
members. And the Chinese
Institute of CPAs still has only
140,000 individual members, but
accounting schools are churning
out 500,000 accounting graduates
a year. Is it any wonder then that
the AICPA is seeking to mint new
U.S.-standard CPAs oversees,
beginning with Kuwait, Lebanon,
Bahrain and United Arab
Emirates? Where will our next
generation of CPA hires come
from? What language will they
speak?
Everyone has a photographic
memory. Some just don't have
film.
Passage of a tax reform is not
expected until 2013 or later, since
neither party has a specific plan
yet.
We see more in numbers
than just numbers...
Ali R. Kakhsaz
www.arkcpa.com
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