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Julie Hagen

Payroll tax cut extended through February

by Julie Hagen on December 27, 2011

After considerable debate, Congress agreed late last week to extend a payroll tax cut that will save employees hundreds of dollars over the next two months. The Social Security tax rate for employees was lowered from 6.2 percent to 4.2 percent in 2011, and the Temporary Payroll Tax Cut Continuation Act will keep it at 4.2 [...]

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US Treasury is aggressively tracking offshore accounts

by Julie Hagen on March 15, 2011

In an effort to bring more off-shore money back into the United States tax system, the Treasury Department has increased reporting requirements for anyone with at least signature authority over a foreign bank account, and the penalties for ignoring those requirements are severe. If you have a financial interest in (or signature authority over) foreign [...]

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New law will save taxpayers billions

by Julie Hagen on December 17, 2010

President Obama signed into law the much-discussed tax relief bill, which extends through 2012 the Bush-era income tax cuts and other tax incentives for individuals and businesses. It will have significant ramifications for taxpayers in every bracket, saving billions of dollars that legislators hope will spur business development and economic growth. The Middle Class Tax Relief Act [...]

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Small-business bill could have big impact

by Julie Hagen on September 27, 2010

President Obama signed a law today that will create up to $30 billion in loans for small businesses and $12 billion in tax breaks for businesses of all sizes. Among other things, the Small Business Jobs and Credit Act of 2010 will: Increase the tax write-off for certain capital expenses. Allow small businesses to carry [...]

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