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Ernst & Young has been ranked the 2012 Best Accounting Firm to Work For!

E&y
Ernst &Young, we at TaxQuarry want to say congratulations on being ranked the 2012 best accounting firm to work for!  

We know that this is a tremendous accomplishment.  This is particularly momentous in a tough economy where many employees have become disenchanted with their jobs and are more reluctant to shower praises on their employers. 

According to an article written by Jacquelyn Smith for Forbes Magazine which quotes the senior finance editor at Vault.com, E&Y used a fairly simple formula to beat out the competition:

Ernst & Young took the No. 1 spot thanks to the company’s kinder corporate culture and good work-life balance. “Ernst & Young makes working long hours more manageable for employees, treats its employees a bit better than other big firms, and provides excellent training to its employees and the ability to take on as much work as they can handle, which in turn can lead to fast career growth. It’s also incredibly prestigious”

Keep up the good work!


Let's Talk About Treaties

 

Pudong_skyline_shanghai_china_photo_beijing2008
Shanghai Skyline

A discussion about international tax would not be complete without a discussion about tax treaties and where they fit into global commerce and trade. 

 

Tax treaties, on a very basic level, are agreements between two countries that provide rules that govern how each country will tax a certain item that could potentially be taxed by both countries.  The countries are often referred to as the “contracting parties”. 

Generally, a treaty provision will reduce and sometimes exempt from tax the amount of the tax liability that was imposed on a taxpayer through either country’s withholding tax system.  

Because a higher tax rate usually will apply to an item of income that is not subject to a treaty, it is an important step in tax planning to confirm whether there is a reciprocal treaty in effect with the country where the income is derived in order to have a complete understanding of your ultimate tax obligation.   

The United States has income tax treaties with a number of foreign countries.  Below is a list of the countries with which they have a treaty (current as of December 31, 2011) and the effective dates of these treaties:

Country

General  

Effective Date

Australia

Dec. 1, 1983

Austria

Jan. 1, 1999

Bangladesh

Jan. 1, 2007

Barbados

Jan. 1, 1984

Belgium

Jan. 1, 2008

Bulgaria

Jan. 1, 2009

Canada

Jan. 1, 1985

China, People's Republic of

Jan. 1, 1987

Commonwealth of Independent States

Jan. 1, 1976

Cyprus

Jan. 1, 1986

Czech Republic

Jan. 1, 1993

Denmark

Jan. 1, 2001

Egypt

Jan. 1, 1982

Estonia

Jan. 1, 2000

Finland

Jan. 1, 1991

France

Jan. 1, 1996

Germany

Jan. 1, 1990

Greece

Jan. 1, 1953

Hungary

Jan. 1, 1980

Iceland

Jan. 1, 2009

India

Jan. 1, 1991

Indonesia

Jan. 1, 1990

Ireland

Jan. 1, 1998

Israel

Jan. 1, 1995

Italy

Jan. 1, 2010

Jamaica

Jan. 1, 1982

Japan

Jan. 1, 2005

Kazakhstan

Jan. 1, 1996

Korea, South

Jan. 1, 1980

Latvia

Jan. 1, 2000

Lithuania

Jan. 1, 2000

Luxembourg

Jan. 1, 2001

Malta

Jan. 1, 2011

Mexico

Jan. 1,1994

Morocco

Jan. 1, 1981

Netherlands

Jan. 1, 1994

New Zealand

Nov. 2, 1983

Norway

Jan. 1, 1971

Pakistan

Jan. 1, 1959

Philippines

Jan. 1, 1983

Poland

Jan. 1, 1974

Portugal

Jan. 1, 1996

Romania

Jan. 1, 1974

Russia

Jan. 1, 1994

Slovak Republic

Jan. 1, 1993

Slovenia

Jan. 1, 2002

South Africa

Jan. 1, 1998

Spain

Jan. 1, 1991

Sri Lanka

Jan. 1, 2004

Sweden

Jan. 1, 1996

Switzerland

Jan. 1, 1998

Thailand

Jan. 1, 1998

Trinidad and Tobago

Jan. 1, 1970

Tunisia

Jan. 1, 1990

Turkey

Jan. 1, 1998

Ukraine

Jan. 1, 2001

United Kingdom

Jan. 1, 2004

Venezuela

Jan. 1, 2000

 

 

 


'Un-Broke': The Full Show | Video - ABC News

'Un-Broke': The Full Show | Video - ABC News.

This is a great video on how to live an "un-broke" life by managing your money in a way that does not cause you stress or confusion.  Mellody Dobson attributes our lack of money management skills to the lack of education around the issue.  She says, "We have all been handed the key to our financial future, but no one has given us drivers ed."