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Fri, Feb 23, 2024

IRS Ramping up BizJet Audits

Increased Scrutiny Comes for Jet Owners in Crackdown On Leisure-As-Corporate Travel

The Internal Revenue Service will begin ramping up scrutiny on the use of corporate jets for flight departments around the country, hammering those who use their official corporate aircraft for decidedly non-corporate travel -- no matter what additional damage may result. 

The move comes courtesy of increased funding for the regulator, who will soon conduct somewhere around 'three to four dozen' audits of companies and operators. The audits specifically aim to suss out any of those fun non-business voyages claimed as a necessary business deduction. It's an easy political target to make, going after the "haves" in such a high-profile, successful niche. Nobody will spare too many tears over the hypothetical fat cats jetting out to Nice on the company jet in an election year, and it helps assuage fears that the IRS won't be using its budget increase to hunt down the middle class. 

“During tax season, millions of people are doing the right thing by filing and paying their taxes, and they should have confidence that everyone is also following the law,” said IRS Commissioner Danny Werfel. “Personal use of corporate jets and other aircraft by executives and others have tax implications, and it’s a complex area where IRS work has been stretched thin. With expanded resources, IRS work in this area will take off. These aircraft audits will help ensure high-income groups aren’t flying under the radar with their tax responsibilities.”

"The IRS continues to increase scrutiny on high-income taxpayers as we work to reverse the historic low audit rates and limited focus that the wealthiest individuals and organizations faced in the years that predated the Inflation Reduction Act,” Werfel said. “We are adding staff and technology to ensure that the taxpayers with the highest income, including partnerships, large corporations and millionaires and billionaires, pay what is legally owed under federal law. The IRS will have more announcements to make in this important area."

FMI: www.irs.gov

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