"The Senate Finance Committee is looking into whether wealthy Americans moved to Puerto Rico to take advantage of Act 60, a special tax break, and improperly used it to avoid being taxed on income earned while within the 50 states in the United States."
"The IRS is investigating about 100 people who may have misused the tax incentive, including some who possibly were given advice by attorneys Jeffrey Rubinger and Summer LePree, former partners at the international law firm Baker McKenzie."
"Last year, the Senate committee was tipped off by a whistleblower that Dan Morehead, founder of a large cryptocurrency investment company called Pantera Capital, avoided paying over $100 million in federal taxes and received advice from Rubinger and LePree."
The Senate Finance Committee is investigating wealthy Americans who may have misused a Puerto Rico tax break known as Act 60. This inquiry follows reports that some individuals relocated to Puerto Rico to avoid taxes on income earned in the U.S. The IRS is currently examining around 100 cases, including those involving attorneys Jeffrey Rubinger and Summer LePree. A whistleblower revealed that Dan Morehead, a cryptocurrency investment founder, allegedly avoided over $100 million in federal taxes with their advice. Both attorneys deny any wrongdoing.
Read at ABA Journal
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