IRS Targets Corporate Jet Usage in New Audits of Wealthy Taxpayers

The initiative aims to improve tax compliance and ensure fairness in the tax system, funded by the Inflation Reduction Act.

The IRS announces a new round of audits targeting the personal use of corporate jets by high-wealth taxpayers and corporations.
Audits will focus on inappropriate deductions, failure to allocate between corporate and personal usage, and failure to report personal usage as income.
The initiative is part of the IRS's efforts to improve tax compliance and is funded by the Inflation Reduction Act.
The IRS aims to ensure fairness in the tax system, with Commissioner Daniel Werfel emphasizing that everyone should play by the same rules.
The crackdown on corporate jet usage is expected to help close the tax gap and increase tax revenue from high-income groups.