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Under President Biden s administration, wealthy individuals
may face a much greater risk of getting audited by the IRS. The
president s agenda is reflected in recent legislation
introduced by Democratic lawmakers to expand the IRS s audit
capabilities as part of a broader tax overhaul. The focus on
high-wealth taxpayers is also reflected in the IRS s
announcement of new campaigns launched by the Large Business and
International ( LB&I ) division targeting high-wealth
individuals with especially complex tax returns and a campaign
launched by the Small Business/Self-Employed division targeting
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This guide to Bermuda s private client sector includes
commentary on tax, trusts, foundations and private wealth
structures used within the jurisdiction, including charitable or
philanthropic structures. It also looks at capital gains,
withholding and wealth tax rules along with issues relating to real
property, immigration, succession, making a will and estate
planning considerations, legislative changes and disclosure
obligations.
Which factors bring an individual within the scope of tax on
income and capital gains?
Bermuda does not impose income or capital gains taxes.
What are the taxes and rates of tax to which an individual is