Eric Cartwright
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The IRS May Target Your Aircraft
The IRS is increasing audit activity of individuals and companies with corporate aircraft, with a specific focus on high net worth owners. Owners should review their position and ensure records are up to date and accurate.
IRS HEIGHTENS SCRUTINY ON AIRCRAFT
Corporate jet usage continues to have the attention of the IRS. With the Internal Revenue Service increasing audit activity of individuals and companies with corporate aircraft, we urge you to review your position and ensure that your records are up to date and accurate in light of the increased likelihood of audits.
The IRS's focus is specifically targeting high net worth owners. When it comes to tax planning, it is good to be conservative. You should consider an internal audit of your deductions previously taken to ensure they are in compliance with the applicable laws and regulations.
To read the IRS position directly please see the following link: