2022-2024 Form

Instructions and help about Publication 4695 PR VITATCE Puerto Rico Volunteer Test

ing to Bloomberg tax the IRS is cracking down on people who moved to Puerto Rico under the ACT 60. they wanted to reduce their taxes and now they may be facing the music [Music] so here's the headline from Bloomberg tax IRS the U.S tax agency seizes foothold on Puerto Rico tax Haven audits saying that thousands of individuals and corporations have moved to Puerto Rico and that tax hurt attorneys anticipate quote unquote a lot of audits from IRS on residence and Source income so Puerto Rico has offered previously act 2022 now acts 60 which allows Americans or theoretically anybody else who has the legal ability to live in the United States let's say you're on an eb-5 or something like that basically a U.S person can move to Puerto Rico and Avail themselves of dramatically lower taxes on income as well as capital gains and so you had a lot of people particularly in the cryptocurrency and Bitcoin space Traders stock investors people who had capital gains people who had dividend income the