HomeFinance NewsPersonal financeIRS Jets Under Fire: Cracking Down on Corporate Elite's Lavish Lifestyle Exposed!

IRS Jets Under Fire: Cracking Down on Corporate Elite’s Lavish Lifestyle Exposed!


IRS to begin ‘dozens of new audits’ of corporate jets in crackdown of corporations, higher earners


The Internal Revenue Service (IRS) plans to conduct dozens of new audits of corporate jet usage to ensure compliance with tax rules.

The audits will focus on large corporations, complex partnerships, and high earners who may be overstating business deductions or not reporting personal trips taken on corporate jets as income.

The IRS will start with a few dozen audits and may expand to individuals depending on the results.

The aim is to ensure that high-income groups are paying their fair share of taxes and to combat tax evasion.

These audits are part of a broader effort to address the estimated $688 billion tax gap between taxes owed and paid.

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    “Business use of corporate aircraft can be a legitimate deduction, but there needs to be a clear breakdown of business versus personal travel and “record-keeping can be challenging,” IRS Commissioner Danny Werfel told reporters Wednesday on a press call.”

    “The agency’s latest plans are part of a broader effort to collect unpaid taxes by reversing “historically low audit rates” of large corporations, complex partnerships and higher earners, as Werfel discussed during a House Ways and Means Committee hearing last week.”


    “The IRS plans “dozens of new audits” of corporate jet usage as part of its increased scrutiny of large corporations, complex partnerships and top earners.”

    “The agency believes some companies overstate business deductions when using corporate aircraft for mixed business and personal travel.”

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