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Sun, Feb 25, 2024

NBAA Questions Sweeping IRS Plan to Audit BizAv Use

Is Uncle Sam Targeting Successful Businesses?

NBAA is questioning the Internal Revenue Service’s plan, announced this week, to “begin dozens of audits” of business aircraft use by American companies and entrepreneurs.  

“Today’s announcement by the IRS amounts to nothing more than an audit in search of a problem, and an attempt to broadly paint with a negative brush the thousands of U.S. companies of all sizes that rely on business aircraft to effectively compete in a global marketplace,” said NBAA President and CEO Ed Bolen.

“It is difficult to understand why the agency is suggesting that these companies — some of the most respected, well-managed businesses in the world — are not in compliance with applicable tax laws,” Bolen added. “For decades, studies have shown that companies utilizing business aircraft to successfully address some portion of their transportation challenges consistently outperform comparable companies without the asset.” 

Business aviation is critical to the economy and communities across the U.S., supporting 1.2 million jobs and contributing $250 billion to GDP. The aircraft help companies optimize efficiency, productivity, flexibility and competitiveness.

Companies that use business aviation are expected to operate in full compliance with tax laws and applicable Securities and Exchange Commission rules. Directors at publicly traded companies routinely approve use of the aircraft, including for non-business reasons, by key personnel, and some businesses mandate that certain employees travel aboard company airplanes in all circumstances, out of safety and security concerns.

FMI: www.nbaa.org

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