IRS announces plans to begin audits on personal use of business aircraft
Part of ongoing efforts to improve tax compliance by large corporations, large partnerships, and high-income taxpayers
Part of ongoing efforts to improve tax compliance by large corporations
The IRS yesterday announced plans to begin dozens of audits on business aircraft involving personal use, which also has been reported in several mainstream news sources.
According to the IRS release—IR-2024-46 (February 21, 2024)—the audits are part of ongoing efforts to improve tax compliance by large corporations, large partnerships, and high-income taxpayers.
The IRS also stated that it will be using advanced analytics and resources funded under H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)) to more closely examine this area, which has not been closely scrutinized during the past decade as agency resources fell sharply.
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