New IRS Audit Campaign for Puerto Rico Act 20 and Act 22 Grantees: Key Issues for Individual and Business Taxpayers

Please join Mayer Brown’s Brian Kittle, Mark Leeds and Juan Lopez Valek as they participate in Strafford’s Virtual Program on May 4th on a panel providing a practical guide to the tax opportunities and challenges of relocating to Puerto Rico and handling potential IRS audits.

The panel will review these and other relevant topics:

• The impact and focus of the IRS audit campaign for Puerto Rico Act 20 and 22 grantees
• How Internal Revenue Code provisions and Puerto Rico local tax statutes provide an alternative tax haven to expatriation for certain high net worth taxpayers
• Specifics of Puerto Rico's Act 20 (The Export Services Act) and Act 22 (The Individual Investors Act) as vehicles for attracting U.S. mainland-based taxpayers to relocate to Puerto Rico
• Timing, notice, and qualification requirements to claim tax benefits of Act 22
• Best practices to avoid or minimize the chances of being subject to IRS examination