Corporate Jet Use by Ultra-Wealthy Is Latest IRS Crackdown Push

The IRS is bringing the hammer down on the ultra-wealthy’s abuse of tax breaks on the use of corporate jets.

The agency will begin three to four dozen new audits this spring to parse through situations where inappropriate deductions were made and where personal travel by jet wasn’t logged as income. While the cost of using a corporate aircraft is generally deductible for business purposes, some have blurred the lines between business and personal travel to get more in tax savings.

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