The IRS on Wednesday unveiled plans for “dozens of new audits” of corporate jet usage as part of its increased scrutiny of large corporations, complex partnerships and top earners.
More than 10,000 corporate jets operate in the U.S., and the agency believes some companies overstate deductions while using aircraft for mixed business and personal travel. Plus, individuals may not be reporting personal trips via corporate jet as income, the IRS said.
The agency will begin with a round of three to four dozen audits of corporate jet usage, focused primarily on corporations and complex partnerships. But future exams could expand to individuals, depending on the findings.
IRS to crack down on corporate jets used for personal travel
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