The agency will review business expense claims for private travel.
The Internal Revenue Service (IRS) announced that they are proceeding with tax audits to review the accuracy of filings for the use of business aircraft. The agency will mainly focus on large corporations and high-income individuals, especially business executives.
It is legal for CEOs to use company aircraft for personal flights. However, some use company aircraft to fly to vacation destinations. The IRS is looking into the practice of claiming private flights as non-taxable business expenses and reviewing the accuracy of complex business expense filings.
“With expanded resources, IRS work in this area will take off. These aircraft audits will help ensure that high-income groups aren’t flying under the radar with their tax responsibilities,” IRS Commissioner Danny Werfel stated.
As the Lord Leads, Pray with Us…
- For Commissioner Werfel to be prudent as he heads the IRS.
- For IRS personnel as they review the tax filings of business executives for irregular or illegal claims.
Sources: Reuters, Wall Street Journal
