IRS Probes Puerto Rico Tax Breaks That Lured Crypto Traders, Fund Managers

Mark Leeds, a tax partner in the New York office of Mayer Brown, regularly works with individuals and businesses moving to Puerto Rico and take advantage of the Section 933 tax exclusion and Puerto Rico Act 60 local tax incentives. Recently, he has been working with clients who are being subject to Internal Revenue Service scrutiny over such rules. In the attached Bloomberg article, Mark shares his insights with David Voreacos and Misyrlena Egkolfopoulou on IRS audit activity in this area.