WASHINGTON – Thanks to new resources from the Inflation Reduction Act (IRA), the Internal Revenue Service (IRS) yesterday launched a new initiative to pursue the abuse of corporate jets for personal use. This new IRS initiative will focus on aircraft usage by large corporations, complex partnerships and high-income taxpayers and whether the use of corporate jets is being properly allocated for tax purposes between business and personal use.
The IRA is enabling the IRS to ensure wealthy taxpayers and large corporations pay the taxes they owe after decades of the agency being starved of resources. Yesterday’s announcement to prevent abuse of corporate jets follows a suite of enforcement efforts targeted at wealthy taxpayers and large corporations, including expanded audits of the biggest corporations and complex partnerships; a focus on foreign-owned corporations that underpay their U.S. taxes; and a campaign to collect tax debt from 1,600 millionaires with at least $250,000 in back taxes that has recovered more than $500 million to date.
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