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Inflation Reduction Act (IRA) › Recordkeeping Requirements › Tax Audits

Holland & Knight LLP

IRS Announces New Campaign to Audit Personal Use of Business Jets

Holland & Knight LLP on

The IRS announced a new campaign to audit high-net-worth taxpayers claiming business deductions for the use of private jets. Using some of the $80 million allocated for enhanced enforcement in the Inflation Reduction Act of...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Ramps Up Audits on Corporate Aircraft Use for High-Net-Worth Individuals and Affiliated Entities

Pillsbury Winthrop Shaw Pittman LLP on

The Internal Revenue Service (IRS) is increasing audits on corporate aircraft use for high-net-worth individuals, large corporations and complex partnerships as part of its new initiative using Inflation Reduction Act funding...more

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