IRS to audit corporate jet owners for personal travel deductions using new data analytics tools.
The IRS will crack down on corporate jet owners abusing tax codes by claiming millions in deductions for airplanes used for personal travel. The agency will use new data analytics tools developed with $80bn from the Inflation Reduction Act of 2022 to determine when executives or company officials use corporate planes for vacations and private trips. The IRS plans to initiate dozens of new audits focusing on large companies, partnerships, and wealthy taxpayers.
February 21, 2024
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