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The IRS will pursue business private jet usage in a new round of audits on high-wealth taxpayers
Associated Press ^ | February 21, 2024 | Fatima Hussein

Posted on 02/21/2024 11:51:39 AM PST by Olog-hai

First, there were trackers on Taylor Swift and other celebrities’ private jet usage. Now, there will be more scrutiny on executives’ personal use of business aircraft who write it off as a tax expense.

IRS leadership said Wednesday that the agency will start conducting dozens of audits on businesses’ private jets and how they are used personally by executives and written off as a tax deduction — as part of the agency’s ongoing mission of going after high-wealth tax cheats who game the tax system at the expense of American taxpayers.

The audits will focus on aircraft used by large corporations and high-income taxpayers and whether the tax purpose of the jet use is being properly allocated, the IRS says.

“At this time of year, when millions of hardworking taxpayers are working on their taxes, we want them to feel confident that everyone is playing by the same rules,” IRS Commissioner Daniel Werfel said on a call with reporters to preview the announcement. Tax season began Jan. 29. […]

There are more than 10,000 corporate jets in the US., according to the IRS, valued at tens of millions of dollars and many can be fully deducted. …

(Excerpt) Read more at apnews.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Editorial; Front Page News; Government; Politics/Elections
KEYWORDS: defundirs; fourthamendment; illegalsurveillance; irs; privatejets
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To: Tell It Right

Usually, I like your posts, but who did you have in mind?

I have worked and saved hard to have my retirement be without income. I know that I wouldn’t appreciate an audit, though I don’t live in a cardboard box.


21 posted on 02/21/2024 12:23:52 PM PST by Empire_of_Liberty
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To: Olog-hai

Go after execs and celebrities who take private jets to Global Warming conferences.


22 posted on 02/21/2024 12:26:53 PM PST by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
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To: Zathras

>>Unless you are a RAT donor.

Or an illegal immigrant - for them, everything is free, there are no consequences, and no laws apply.


23 posted on 02/21/2024 12:27:30 PM PST by qwerty1234
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To: Empire_of_Liberty
I guess I should clarify. I meant people before retirement age who claim they're not making enough money to pay taxes, but are evidently living in nice homes and driving nice cars. The knowledge that only 45% of income earners pay income taxes bothers me, since I've paid income taxes since I was 18.

But if we're talking about things like Roth IRA withdrawals (non-taxable income) no audit needed. Like you, I've slowly positioned my wife and I to have little taxable income in retirement.

24 posted on 02/21/2024 12:31:25 PM PST by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: Olog-hai

My time is so valuable, I should be able to deduct it as an expense anytime I use it. And don’t ask me to pay for any carbon offsets either. That’s only for the little people.


25 posted on 02/21/2024 12:37:19 PM PST by smokingfrog ( sleep with one eye open (<o> --- )
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To: Olog-hai
IRS leadership said Wednesday that the agency will start conducting dozens of audits on businesses’ private jets...

There are more than 10,000 corporate jets in the US., according to the IRS,...

They've got to show all those extra hires are being put to effective use.

26 posted on 02/21/2024 12:41:26 PM PST by AF_Blue (My decision-making skills closely resemble those of a squirrel when crossing a road)
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To: Nextrush
From what I’ve seen, Trump has had that all covered for years.

His jet is owned by one of his many companies: Trump Air (I think)

When he uses it for travel, the cost is billed to the business entity related to the travel: managing his properties; making campaign appearances, etc.

27 posted on 02/21/2024 12:44:43 PM PST by Alberta's Child (If something in government doesn’t make sense, you can be sure it makes dollars.)
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To: TermLimits4All

The article has to bring up the fact that the Tax Cuts and Jobs Act, passed during the Trump administration, allowed for 100% bonus depreciation and expensing of private jets ….


28 posted on 02/21/2024 12:46:52 PM PST by smokingfrog ( sleep with one eye open (<o> --- )
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To: Olog-hai

The IRS will pursue business private jet usage in a new round of audits on high-wealth Republican taxpayers


29 posted on 02/21/2024 12:49:04 PM PST by PIF (They came for me and mine ... now its your turn)
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To: SkyDancer

FYI


30 posted on 02/21/2024 1:34:15 PM PST by mabarker1 ( (Congress- the opposite of PROGRESS!!! A fraud, a hypocrite, a liar. I'm a member of Congress!!!)
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To: Olog-hai

Impose carbon taxes on John Lurch Kerry, Mayor Bloomberg, AL Gore, Bill Gates, Bronco Bama, and Taylor Swift, based on their jet travel.

To save the planet, don’t you know.


31 posted on 02/21/2024 2:07:34 PM PST by grey_whiskers ( The opinions are solely those of the author and are subject to change without notice.)
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To: Olog-hai

Teri Heinz probably owns the jet, IIRC.


32 posted on 02/21/2024 2:27:21 PM PST by ptsal (Vote R.E.D. >>>Remove Every Democrat ***)
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To: All
Would they come after me???


33 posted on 02/21/2024 2:29:30 PM PST by BipolarBob (I aim to misbehave.)
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To: BipolarBob

Is Trailer Swift farting into her microphone in that pic?


34 posted on 02/21/2024 2:30:14 PM PST by Sirius Lee (Next week on The Bickersons... )
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To: Olog-hai

Won’t this PO all Biden’s billionaire donors? Or are they making an exemption for travel to a climate change horror conference?


35 posted on 02/21/2024 2:39:11 PM PST by NetAddicted (MAGA2024)
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To: Olog-hai

Teri Heinz probably owns the jet, IIRC.


36 posted on 02/21/2024 3:38:31 PM PST by ptsal (Vote R.E.D. >>>Remove Every Democrat ***)
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To: Zathras

“Unless you are a RAT donor.”

Good point, they’ll find that 90% (at least) of their targets have made the proper donations to the DNC, so this is a big nothing.


37 posted on 02/21/2024 4:24:55 PM PST by BobL (Trump gets my vote, even if I have to write him in; Millions of others will do the same)
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To: Olog-hai

SEEMS to me that Taylor is TRAVELING between appearances.

SHE reports her income-—Her jet would be necessary to get to appearances.


38 posted on 02/21/2024 5:09:58 PM PST by ridesthemiles
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To: I want the USA back

I’ve heard that - somewhere...


39 posted on 02/21/2024 5:29:05 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: Dan in Wichita

Has anyone committed FRAUD by over valuing their paintings?


40 posted on 02/21/2024 5:29:43 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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