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Puerto Rico Tax Break Controversy: IRS Targets Crypto Traders, Hedge Fund Managers, and other Wealthy Individuals by PHILIPP BEHRENDT

Puerto Rico has been offering tax incentives to wealthy individuals, hedge fund managers, and cryptocurrency traders since 2012. These tax incentives have allowed them to legally avoid paying federal income tax and certain other taxes. However, recent developments have brought these tax breaks under scrutiny, with US prosecutors and IRS agents launching criminal and civil investigations into their potential abuse. In this blog post, we will explore the controversies surrounding Puerto Rico’s tax incentives and the increasing scrutiny faced by those who have taken advantage of them.

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