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Tax Avoidance, Money Laundering by LLCs Get State Attention (1)

May 20, 2022, 6:01 PMUpdated: May 20, 2022, 8:22 PM

This week in state tax news: Sunshine legislation aimed at shadowy limited liability companies and trusts is gaining momentum in Alaska, New York, and Wyoming. Meanwhile, Oregon and Idaho are engaging in a unique tax spat, and Michigan becomes the latest state to suspend sales taxes on menstrual products.

If sunshine is the best disinfectant, Alaska, New York, and Wyoming are planning to spray some of it on business structures that enable tax avoidance, money laundering, and other types of criminal conduct.

The states are considering legislation modernizing their corporate secrecy statutes, requiring more robust disclosure ...