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The FBI has gathered enough evidence to charge Hunter Biden with tax crimes and making a false statement to buy a gun, according to the BBC's US partner CBS News.
President Joe Biden's son has been under federal investigation since 2018.
The decision on whether to file criminal charges now rests with the US Attorney in Delaware.
A lawyer for Hunter said he had not been contacted by federal agents. He has repeatedly denied breaking the law.
The US Department of Justice has declined to comment.
According to the Washington Post, federal agents began investigating Mr Biden in 2018, and initially centred on finances related to his overseas businesses and consulting.
Over time, the investigation began to focus on whether he properly reported his income and made false statements on paperwork used to purchase a firearm in 2018.
In a statement sent to CBS, a lawyer for the president's son said that he expected the Department of Justice to "diligently investigate and prosecute" those who leaked information about the investigation.
"As is proper and legally required, we believe the prosecutors in this case are diligently and thoroughly weighing not just evidence provided by agents, but also all the other witnesses in this case, including witnesses for the defence," the statement from lawyer Chris Clark said.
"That is the job of the prosecutors. They should not be pressured, rushed, or criticised for doing their job."
Mr Clark added that he has had no contact "whatsoever" with any federal investigators. He said any information from agents, which was cited by the Washington Post which first reported the story, was "inherently biased, one-sided, and inaccurate".
Hunter Biden has long been a target of scrutiny by former President Donald Trump and his political allies, who have alleged that his business dealings in China and Ukraine indicate a pattern of corruption.
While the younger Biden has admitted to a troubled life and a previous "massive drug addiction", both he and President Biden have denied that he engaged in illegal activity.
He first admitted knowledge of an investigation in December 2020. In a statement at the time, Hunter Biden said he was "confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, with the benefit of professional tax advisors."
In April, Joe Biden's chief of staff, Ron Klain, said the US president "is confident that his son didn't break the law" but that the matter would be left to the Justice Department and that the White House would not get involved.