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IRS to conduct audits on business jets' personal use as tax deductions

The IRS will be conducting audits on businesses' private jets to ensure that executives are not abusing tax deductions. The audits will focus on large corporations and high-income taxpayers, examining whether the tax purpose of the jet use is properly allocated. IRS Commissioner Daniel Werfel emphasized the importance of everyone playing by the same rules during tax season. The audits aim to prevent high-income groups from evading their tax responsibilities. Currently, there are over 10,000 corporate jets in the U.S., many of which can be fully deducted. The Tax Cuts and Jobs Act allowed for 100% bonus depreciation and expensing of private jets, which further incentivized taxpayers to write off the cost of aircraft. The IRS plans to use resources from the Inflation Reduction Act to closely examine private jet usage. The audits may increase in the future depending on the initial results and the IRS's hiring of more examiners. Mr. Werfel stated that while not everyone is evading taxes, there is still work to be done to ensure tax compliance.

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