IRS Targets Puerto Rican Residency Transactions

In a July 14, 2023, release, the IRS stated that “[t]hanks to Inflation Reduction Act resources,” it has begun a criminal crackdown on Act 20/22/60 participants engaging in a ”[h]igh-dollar scheme in Puerto Rico.”  The IRS has “identified about 100

IRS Aggressively Starts New Criminal Investigations

The IRS announced last week in a press release that it is taking “swift and aggressive action” to strengthen enforcement efforts against high-income individuals as it uses the new budget funding it recently received. Recent enforcement efforts include closing about

Malta Pension Plan Being Investigated by IRS Criminal Investigation Division

The Malta Pension Plan is a tax-favorable pension plan that has been used by U.S. taxpayers in Malta. The plan allows for significant tax savings, as gains on assets contributed to the plan are not subject to tax in Malta