A government watchdog faulted the Internal Revenue Service for its slow-moving enforcement response to thousands of wealthy Americans relocating to Puerto Rico to shelter billions in income from US tax authorities.
The Government Accountability Office released an audit examining IRS oversight of taxpayers seeking refuge under Puerto Rico’s Act 60. The 2019 statute lures wealthy individuals and businesses to the island with promises of total or near-total tax exemptions.
The IRS announced a compliance campaign in 2021 to address concerns that some transplants were evading tax obligations on income that should be sourced to the US. But GAO faulted the ...
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