Puerto Rico Bona Fide Residency Audits and IRS Scrutiny
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Puerto Rico Bona Fide Residency Audits and IRS Scrutiny
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Episode Summary: In this episode of It's Taxing- The IRS Podcast, host Lisa Mosbey and guest Derek W. Kaczmarek, co-founder of Kaczmarek and Jojola and former IRS Senior Trial Attorney, delve into the complexities of Puerto Rican bona fide residency audits. They explore the surge in popularity of Puerto Rican residency among high earners due to Act 60, which offers significant tax benefits.
Derek explains the IRS's rigorous scrutiny of residency claims, highlighting the invasive nature of audits and the importance of understanding the three tests used to determine bona fide residency. The discussion also covers the challenges faced by remote workers and online businesses in maintaining compliance with IRS regulations. Listeners will gain valuable insights into the documentation required for audits and the common pitfalls to avoid, ensuring they are well-prepared to navigate the intricacies of Puerto Rican residency.
Key Timestamps: 00:01 – Introduction 00:23 – Overview of Puerto Rican Residency Audits 00:52 – Act 60 and Its Tax Benefits 02:26 – IRS Scrutiny on Residency Claims 03:39 – Misconceptions About the 183-Day Rule 05:46 – State Tax Residency Comparisons 08:03 – Invasive Nature of IRS Audits 09:43 – Sourcing Income Disputes 11:09 – Impact of Remote Work on IRS Audits 12:54 – Importance of Documentation 15:02 – Genuine Relocation Disputes 16:47 – Underestimating Puerto Rican Residency Audits
About the Show: It's Taxing- The IRS Podcast is designed for individuals and businesses navigating the complexities of tax law and IRS regulations. Hosted by Lisa Mosbey, the show features expert guests who provide insights into tax disputes, compliance, and strategic planning.
With a focus on clarity and practical advice, the podcast aims to demystify the often daunting world of taxes, offering listeners the knowledge they need to make informed decisions. Whether you're a business owner, tax professional, or simply interested in understanding tax issues, It's Taxing- The IRS Podcast provides valuable content to help you stay ahead.
For more information, visit our website: https://kjtaxlaw.com/