Overview

• 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.