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Articles by Steve Mendelsohn
The Road to the Final Four Is Paved in Tax Evasion
If you're sitting in an office somewhere in America, there's a good chance that at this very second, you can hear the photocopy machine feverishly running. That, more than referees blowing their whistles or basketballs draining through the bottom of nylon nets, is the sound of March Madness, and it's all thanks to the popularity of office pools.
Opinion | Me? A Secular Jew?
By Steve Mendelsohn The other day, someone called me a secular Jew. “What?” I thought. “I’m not a secular Jew.” I grew up in an observant Conservative Jewish home. We kept kosher. We went to synagogue almost every Shabbat, sometimes both Friday night and Saturday morning. I went to Hebrew School three times a week. I went to Hebrew High School for years after my Bar Mitzvah. I went to Camp Ramah for three years as a camper and worked there for six years.
Anti-Zionism and Anti-Semitism
I have an old friend who believes that Israel-Palestine should be one democratic state that does not discriminate on the basis of religion or race. My old friend, who is Jewish, is a self-declared anti-Zionist. I believe my old friend is not an anti-Semite. According to the Anti-Defamation League, anti-Semitism is belief or behavior hostile toward Jews just because they are Jewish.
Anti-Zionism and Anti-Semitism
By Steve Mendelsohn I have an old friend who believes that Israel-Palestine should be one democratic state that does not discriminate on the basis of religion or race. My old friend, who is Jewish, is a self-declared anti-Zionist. I believe my old friend is not an anti-Semite. According to the Anti-Defamation League, anti-Semitism is belief or behavior hostile toward Jews just because they are Jewish.
Opinion | Confessions of a Liberal Zionist
I am in favor of women’s reproductive rights, in favor of universal health care, in favor of gun control, in favor of protecting the environment, in favor of the decriminalization of marijuana, in favor of consumer protectionism, in favor of gay marriage, in favor of immigration, in favor of a livable minimum wage, in favor of sanctuary cities, in favor of civil rights and equal rights and in favor of a path to citizenship for all undocumented immigrants, not just DACA participants.
Confessions of a Liberal Zionist
I am in favor of women’s reproductive rights, in favor of universal health care, in favor of gun control, in favor of protecting the environment, in favor of the decriminalization of marijuana, in favor of consumer protectionism, in favor of gay marriage, in favor of immigration, in favor of a livable minimum wage, in favor of sanctuary cities, in favor of civil rights and equal rights and in favor of a path to citizenship for all undocumented immigrants, not just DACA participants.
The Supreme Court Has Changed the Game for Internet Retailers
The world is about to change for online retailers in a very significant way. The Supreme Court ruled on Thursday that internet retailers can be required to collect sales taxes in states where they have no physical presence. Thanks to a 1992 Supreme Court ruling, Quill Corporation v. North Dakota, internet retailers had been free of that burden. On Thursday, the court overruled that ruling by a 5-to-4 vote.
It Is Now Legal to Bet on Sports in Delaware.
Today is the dawning of a new era in the world of sports, as well as the national tax landscape. As of June 5, Delaware has become the first state to allow gambling on sports since the Supreme Court overturned the federal law that restricted such activity. When I first explored the topic, I speculated that this could be a huge tax boon for states around the country. But one expert I recently spoke to - David G.
Sports Gambling and Tax Money: Coming Soon to a State Near You
The Supreme Court has opened up the door for a potential flood of new tax revenue for states. On Monday, the Court struck down a 1992 federal law that, in most states, had prohibited gambling on sports. The Court said the law violated constitutional principles that are meant to limit the federal government from controlling state policy, and struck it down by a 6-3 vote. States will now have the opportunity to decide for themselves if sports gambling is right for them.
Small Retailers Should Keep a Close Eye on Trump's War with Amazon
The conflict between President Donald Trump and Amazon has the potential to change the way small-and-medium-sized retailers do business online. For years now, the issue of internet sales tax has been a lit match held to a public policy fuse. Earlier this month, that fuse got significantly shorter once the President weighed in on the issue, as he publicly shamed companies that are not collecting their fair share of local taxes.
As Tax Day Nears, bitcoin is Wreaking Havoc
Cryptocurrencies have had quite an eventful year, but it's nothing compared to the free-for-all that is going on in the run up to Tuesday's national tax deadline. Industry experts believe that much of the recent volatility in the value of bitcoin may have something to do with tax time.
Why Capital Gains Tax Reform Could Wreak Havoc on MLB Teams
Major League Baseball's Opening Day is the one day of the year when hope springs eternal for even the most downtrodden franchises. But while fans' minds wander to their delicious tailgate party spreads and their teams' lofty World Series aspirations, a line in the new tax code may have changed an integral component of the game. As The New York Times reported last week, in an effort to broaden the tax base, one word was added to a section of the tax code.
The Carbon Tax: America's New Political Third Rail
Washington State's latest effort to enact a carbon tax is about to die on the vine. The bill would have made Washington the first U.S. state to levy a straight up tax on fossil fuels. But the proposed legislation, which would have needed to clear the state House by March 8, does not have enough votes to even make it out of the Democratically-controlled Senate, says Washington Democratic Governor Jay Inslee, despite the forward momentum in the fight against climate change.
Trump's Plan for Funding Infrastructure? A Gas Tax
President Donald Trump has a plan to invest in infrastructure, and his administration believes it has found a way to pay for it: A gas tax. According to Senator Tom Carper (D-DE), the President suggested in a meeting last week that a 25-cent increase in gas and diesel taxes would be needed to help pay for his plan.
Beat the Scammers. File Early.
It is tax season again. For some, that can produce the usual, perennial anxiety, but this year, there's another reason to be concerned: 2018 is expected to be the year of the most fraudulent tax filings in US history. According to USA Today, the IRS stopped 787,000 confirmed identity theft returns in 2017, which totaled more than $4 billion.
20 Finalists Remain in Amazon HQ2 Sweepstakes, But At What Cost?
And then there were 20. In January, Amazon announced that they had trimmed the list of potential sites for their second North American headquarters down from 238 proposals to 20 finalist locations. Amazon has promised to employ 50,000 workers at their new headquarters, and spend an estimated $5 billion in the community.
Some Colleges May Lose Big on Tax Reform
It feels like tax reform has changed practically everything. In its wake, we've seen residents in high property tax states rushing to pre-pay their 2018 bills, small businesses re-evaluating their organizational structures, and corporations positioning themselves for potentially massive repatriations as well as a future earnings windfall. But one of the more profound changes in the tax code is how we treat the nation's colleges, and it could have a major effect on their financial standing.
Winners, Losers, and the X-Factor in U.S. Tax Reform
Tax reform is going to be a reality. The House and the Senate have reconciled their bills, and will soon be sending a final draft to President Trump's desk for his signature. Naturally, the sweeping reform has left many Americans to wonder who wins and who loses under the soon-to-be law. After a cursory glance, here are three groups that are set to win big, and three who may struggle. The centerpiece of the GOP plan is a major cut to the corporate tax rate.
Why the Housing Market Might React Poorly to the Trump Tax Plan
The Republican tax reform plan may have passed through the House on Thursday, but a certain demographic has emerged within the GOP that isn't pleased. Representatives from states who have high property taxes, such New York Republicans Lee Zeldin, Peter King, and Dan Donovan, are up in arms about new lower caps on the mortgage interest and property tax deductions. As I detailed in an earlier post, the tax reform plan calls for a reduction in the amount of interest on a mortgage that is deductible.
Here's What Trump's Tax Plan Will Mean to Small Businesses
Republicans have finally rolled out their plan for tax reform, and the reception has been a mixed bag. The centerpieces of the GOP plan are a doubling of the federal standard deduction and a major cut to the corporate tax rate.
There is a Way for Employers to Help with Hurricane Recovery and Get Tax Savings
Puerto Rico is still reeling from the after effects of Hurricanes Irma and Maria, with much of the island still without power. It was almost two months before the Houston reservoirs discharged the record rainfall brought on by Hurricane Harvey. Suffice it to say that the areas that were slammed by the summer of 2017 are still on the road to recovery. As these “once-in-a-lifetime” disasters seem to be growing in abundance, Americans are rushing to help the affected areas.
Amazon HQ2 is Coming, But Are Cities Giving Up Too Much?
Hey, have you heard? Amazon is looking to build a second headquarters. Of course you have. Amazon HQ2 fever has been sweeping the nation, as cities are eagerly preparing their proposals by October 19 to become the host of the second Amazon campus, promising their residents 50,000 local jobs and massive economic growth in the process.
Here's Why Married Americans Shoulder a Bigger Tax Responsibility
Marital bliss. It can be a splendid thing. A true partnership in all aspects of life. But it also can mean carrying a far larger tax burden than the rest of the country. Don't worry. "Marriage penalty" notwithstanding, the IRS isn't targeting Americans because they're married.
Can Tax Policy Make More Americans Save for Retirement?
The vast majority of Americans work for small businesses, and that comes with some tradeoffs. In one respect, it's a great indication that entrepreneurism is alive and well in this country. But in the absence of the resources of large companies, programs that can benefit employees - such as retirement savings accounts, for example - can become less readily accessible.
Blockchain: Buzz Word or Game Changer?
Blockchain. It's a buzz word that you haven't heard the last of, and that's scary to some people. It took years for most of us to begin to truly understand bitcoin. Now, try to process that bitcoin is simply the first large-scale application of the blockchain platform. Sounds pretty daunting, right? But it's not quite as petrifying as it sounds. For the uninitiated, blockchain is essentially a digital transaction ledger that, theoretically, is impossible to manipulate.
Has the Government Gotten Too Good at Collecting Taxes?
"Who's FICA, and why's he getting all my money?" Jennifer Aniston famously quipped as Rachel Green in an early episode of Friends. She isn't the first or the last to express this sentiment. No one enjoys the exercise of examining their paystub to see how much money is being withheld, especially when it comes to state and federal income taxes.
Sorry, America: You're Not Overtaxed.
Anecdotal evidence, from the politicians they elect to the gripes at the average backyard barbecue, would seem to suggest that Americans feel overtaxed. And a 2016 Gallup poll corroborated that a majority (52 percent) say the amount they have to pay in federal income tax is "too high." But recent evidence from the Organization for Economic Cooperation and Development (OECD) says that, when you take the tax rates of the rest of the world into consideration, Americans don't have it quite so bad.
Don't 'Like' Tax Audits? Don't Post on Social Media
Step away from the smart phones, everyone, especially if you're about to brag about all the tax money your accountant saved you using "creative" techniques. With the IRS suffering a tax collection gap of roughly $300 billion per year, the agency has turned to various forms of data mining and crunching, and it should come as no surprise that one of these tactics is checking up on your social media accounts.
These 23 States Don't Know If Their Tax Incentives Are Working or Not
In a world where almost every topic is polarizing, it's not that hard to imagine tax incentives being divisive. Some argue that the government should not be picking winners, while others believe the path to meaningful change is forged by incentivizing alternative behavior. Fortunately, there is a way to cut through the posturing, and it starts with an evaluation to help states find out just how effective their incentive programs are.
Believe It or Not, IRS Budget Cuts Hurt American Taxpayers
In a day and age where there's never been more cynicism about the role of government, there is one federal department that is still trying hard to do its job - which, in this case, is collecting money - and that's the IRS. Yet, as I've documented before, the department has been under siege of budgetary cuts. Over the past decade, the IRS has been gutted, and that's despite that fact that the department collects $4 for every $1 spent on their resources.
The Government is Outsourcing Tax Debt Collection, But Will it Invite More Fraud?
Buried under a crushing workload and strapped by a small fraction of the resources they once had, the IRS is turning in a familiar direction to help chase delinquent tax payers: private debt collectors. Last year, with little fanfare, Congress authorized the IRS to use outsourced debt collectors to track down Americans with overdue bills.
Here's Why Small Businesses Will Love Trump's Tax Plan
Small business owners have been clamoring for similar tax treatment to corporations for decades, to no avail. But under the tax overhaul proposed by President Donald Trump on Wednesday, it seems that may be about to change. The vast majority of American business entities are small businesses. How vast?
Here's Why Small Businesses Will Love Trump's Tax Plan
Small business owners have been clamoring for similar tax treatment to corporations for decades, to no avail. But under the tax overhaul proposed by President Donald Trump on Wednesday, it seems that may be about to change. The vast majority of American business entities are small businesses. How vast?
These are the States Whose Residents Pay the Highest Taxes
Feel like you're paying too much in taxes? You're not alone. Tax season can have that effect on everyone, no matter where they reside. But residents of some states have more of a gripe than others, as brought to light in the annual WalletHub tax rate study.
Want to See A Renewable Tax Incentive That Works? Look to New Mexico
Renewable energy in the United States is at a crossroads. While the EPA is on the receiving end of budget cuts at the hands of the federal government, companies like Tesla make use of cutting edge technology, bold branding strategies, and - most notably - existing tax credits to ensure green initiatives continue to be a part of America's future. In the middle of this push-pull dynamic is the debate inside the Beltway, where officials on both sides of the issue play a results-oriented sport.
Why Some Businesses Have Been Slow to Warm to a Border Tax
You don't need mythical importer-exporter Art Vandelay to tell you things are about to get complicated for businesses that trade with foreign countries. President Trump is just halfway into his first 100 days in office, and his economic advisers seem to be stuck between a rock and a hard place on the issue of imports. On one side, there is a Congressional Republican plan that would tax imports to generate revenue and encourage domestic production and exports.
Taxes are Driving Cigarette Sales Underground
"Be the generation that ends smoking." If you're tuned to the right television channel, you'll hear that aspirational tagline encouraging young Americans to ditch nicotine once and for all. The numbers seem to indicate that the goal is within reach. The CDC says cigarette consumption was down to 15.1 percent nationwide in 2015, which reflects a 5.8 percentage point reduction from 20.9 percent a decade ago.
How Will States Tax Amazon's Drone Delivery Service?
The future is here, and for Amazon, that means a new delivery service headlined by a fleet of unmanned drones. The company made its first commercial drone delivery in December, and with Amazon Prime Air being rolled out this month, it seems that both the skies and the way the world receives its goods will never be the same. But therein lies a new challenge.
Skeptical of that Call from the IRS? You Should Be!
Have you gotten an ominous phone call in the last few weeks? Is the voice on the other end of the line insistent that you owe the IRS money? Maybe an email is in your inbox right now instructing you to click a link to settle your IRS debt. If these scenarios sound familiar, you're likely the target of a tax scam -- and you're not the only one.
This is the Biggest Tax Deduction for Small Businesses
It's that time of the year, and we wouldn't blame you if you tensed up knowing that tax season has arrived, because for some small business owners, it can be a daunting few months. But the 98 percent of American firms that fall under the definition of a small business don't necessarily have to fret over whether or not they're leaving money on the table. There is a way to make the most of your tax return this year, particularly for those who are self-employed.
The Corporate Tax Debate is Set to Heat Up with Donald Trump in the White House
When Donald Trump is sworn into the nation's highest office this Friday, he is set put in motion one of the most aggressive corporate taxation reforms the country has ever seen. The primary focus of the President-elect's tax agenda is to lower the corporate tax rate from 35 percent to 15 percent. Included in the plan is a one-time repatriation holiday, where corporations can bring their overseas profits back to the U.S. and pay just a 10 percent tax.
These are the Biggest Changes to the New NBA Collective Bargaining Agreement
The NBA and the National Basketball Players Association (NBPA) struck a deal on a new collective bargaining agreement (CBA) last month, and in the process avoided a repeat of 2011, when labor strife led to the owners locking the players out, a shortened season, and ultimately, a game-changing CBA. What changed in this new seven-year pact?
California's Millionaire Tax Helps Those in Need, But For How Long?
An independent watchdog in California is asking beneficiaries of the state's Mental Health Services Act to show their work for fear that, come the next economic downturn, the programs and services funded by this tax may be in jeopardy. The Mental Health Services Act is an 11-year-old Californian effort to expand mental health services through a tax on high incomes.
How U.S. Fuel Taxes Need to Change
The current tax rates on gasoline and diesel fuel aren't generating enough revenue. That may be hard to believe, depending on where you live. Take New Jersey, for example, where residents are up in arms about a 23 percent hike on their gas tax. But that is indeed the case, and America's infrastructure could bear the burden if the issue isn't addressed. Fixed rate cents-per-gallon taxes are the primary sources of transportation funding at the state and federal levels.
Some Americans are Choosing to Take a Tax Penalty Instead of Buying Health Coverage
It's possible that the Affordable Care Act (ACA) - also known as "Obamacare" - may be an endangered species. And those who have called for a repeal have one specific element that draws their ire: the individual mandate. But it turns out the government's requirement that Americans buy healthcare plans may not exactly be working as expected anyway. When the ACA was enacted, the individual mandate was central to the law. Citizens would be required to have, at the very least, a bare bones health plan.
Taxes Are a Huge Part of the Battle between New York City and Airbnb
Sharing is caring, or so the old adage says. But the sharing economy doesn't always leave everyone feeling warm and fuzzy, and it's never been more evident than in the push-pull relationship between large cities like New York and short-term rental sites like Airbnb. First up on the list of grievances big cities have with vacation rental sites is lost tax revenue. The number of missing tax dollars is truly astounding.
How Sports Franchise Owners Get Public Tax Dollars to Fund their New Stadiums
The NFL generated $12 billion in revenue in 2015. Major League Baseball? Roughly $9.5 billion, with the league's goal set at $15 billion for the 2016 season. But when billionaire owners want to build stadiums that cost anywhere from hundreds of millions to multiple billions of dollars, they come with their hand out to the taxpaying public. It's hard to blame them.
Corporate Tax Inversions are Killing 15-to-20 Percent of Shareholders
Corporate tax inversions have been in the spotlight as a controversial strategy used by U.S. companies to ease the burden of the country's 35-percent corporate tax rate. Typically, an inversion results when a U.S. firm acquires a foreign firm, and in the process of the transaction, reincorporates so that the foreign firm is the parent company and the U.S. firm is a subsidiary.
The U.S. Has a Financial Reporting Problem
In a modern business landscape, where corporate earnings seemingly dictate everything, from political agendas to economic outlooks, and merger and acquisition deals are hitting historic levels each year, one would think there would be an outcry for a standardized method of financial reporting. A failure to completely reconcile U.S. General Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS) has made standardization elusive.
Why 'Captive Insurers' are on the IRS Watch List
Ever dream of owning your own insurance company? Sounds like an odd ambition, but legions of small business owners are finding the allure almost too hard to resist. One reason: a tax loophole that makes running your own insurance company as a subsidiary of your existing business the tax shelter du jour. That is, until it's outlawed.
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