IRS Launches Investigation into Crypto Investors Exploiting Tax Advantages in Puerto Rico

Bloomberg reports that U.S. prosecutors and investigators from the U.S. Internal Revenue Service (IRS) have launched an investigation into affluent crypto investors and fund managers suspected of illegitimately benefiting from tax advantages in the tax haven of Puerto Rico. IRS Chases Crypto Investors in Puerto Rico According to Bloomberg’s report from July 12, IRS inspectors have opened legal and criminal investigations against several fund managers, crypto investors, and other wealthy Americans suspected of lying about the nature of their residences and significant components of their income in order to unjustly benefit from tax reductions. Since 2012, Puerto Rico has been offering substantial tax cuts to American investors, hedge fund managers, and crypto investors. Some investors, thanks to these regulations, have legally avoided paying federal income taxes and also do not pay any tax on their dividend, interest, and capital gain incomes. To be eligible under the island’s tax policy, investors […] The post IRS Launches Investigation into Crypto Investors Exploiting Tax Advantages in Puerto Rico appeared first on COINTURK NEWS.