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 ...
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.
Go after execs and celebrities who take private jets to Global Warming conferences.
>>Unless you are a RAT donor.
Or an illegal immigrant - for them, everything is free, there are no consequences, and no laws apply.
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.
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.
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.
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.
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 ….
The IRS will pursue business private jet usage in a new round of audits on high-wealth Republican taxpayers
FYI
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.
Teri Heinz probably owns the jet, IIRC.
Is Trailer Swift farting into her microphone in that pic?
Won’t this PO all Biden’s billionaire donors? Or are they making an exemption for travel to a climate change horror conference?
Teri Heinz probably owns the jet, IIRC.
“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.
SEEMS to me that Taylor is TRAVELING between appearances.
SHE reports her income-—Her jet would be necessary to get to appearances.
I’ve heard that - somewhere...
Has anyone committed FRAUD by over valuing their paintings?
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