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Sun, Jun 23, 2024

Political Targets? IRS Auditing Private Jet Owners... Aggressively

IRS Document Requests 'Extremely Thorough'

The Internal Revenue Service has begun working on a series of audits regarding the use of business jets, and so far things are a little more intensive than previously expected.

A recent NBAA Regional Forum in White Plains, New York brought everyone together to share notes on the first batch of audits. The agency had announced that it would launch a series of audits on business aircraft use to make sure that large entities, partnerships, and owners were properly distinguishing their personal from business use. The IRS reportedly began their hunt with some well known individuals and big company names out in the California business scene, largely checking jet usage from around 2022. That period saw explosive private aircraft activity around the world, as those who had access to private flight avoided the cattle car experience of COVID-era airline travel.

Now, those in the know recommend that jet owners get their ducks in a row in preparation for some good ol' government inspections. The IRS is reportedly looking for a whole lot of documentation with each request, including charts, journal entries, account balances, and the employment info of everyone involved. Some lawyers working through the early batch of audits note that the IRS is expecting documentation that even the most wealthy operators may not have on hand - and that means they'll be stuck begging the auditor for mercy. 

And for many aircraft owners, the viability of their entire scheme rests upon the many tax breaks and depreciation compensators available under the right circumstances. Losing some of those could make the ownership experience far too expensive to continue, not to mention any monetary penalties the IRS would impose -- and of course, the effects on aviation and the massive economy built upon it, will suffer.

The news is a helpful reminder to those in the private jet industry, though it could equally apply to pretty much any sufficiently large or expensive flight department. Mining operators and their company King Air won't necessarily be safe from the audits, by any means, and with the crosshairs set upon them by a White House anxious to make political points, the industry can do nothing but prepare for the worst.

FMI: www.nbaa.org

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