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Tax will significantly affect any business with Oregon-sourced commercial activity, as state seeks to raise over $1 billion in new revenue.
The Tenth Circuit has affirmed a 2017 Tax Court decision concluding ESOPs are treated as trusts when applying certain related party rules.
The new disclosure will likely be used to gauge virtual currency noncompliance and may require disclosure of the six most recent tax years.
LB&I will apply a two-step program to identify the largest and most complex taxpayers that have the highest compliance risk.
Withholding generally applies to transfers of partnership interests by foreign persons, regulations generally follow previous guidance.