02/22/2024

In New Round of Audits, the IRS Will Pursue Business Private Jet Usage

The agency is cracking down on high-wealth taxpayers' misdeeds

First, there were trackers on Taylor Swift and other celebrities' private jet usage. Now, there will be more scrutiny on executives' personal use of business aircraft who write it off as a tax expense.

On Wednesday, Internal Revenue Service (IRS) leadership said that the agency will start conducting dozens of audits on businesses' private jets and how they are used personally by executives and written off as a tax deduction — as part of the agency's ongoing mission of going after high-wealth tax cheats who game the tax system at the expense of American taxpayers.

The audits will focus on aircraft used by large corporations and high-income taxpayers and whether the tax purpose of the jet use is being properly allocated, the IRS says.

Please select this link to read the complete article from The Associated Press.