Corporate Jet Tax Breaks at Risk in IRS Probes of Personal Use
Tax attorney Lee Meyercord and Business Aviation attorney John Hoover were mentioned in a Bloomberg Tax article discussing the Internal Revenue Service's (IRS) initiative to prevent tax abuse by wealthy individuals. The agency is auditing corporate jet use because it suspects personal use of the jets, which means companies could be taking advantage of tax breaks they shouldn't be. As Mr. Hoover explained, the audits will likely tackle 2021 and 2022 tax returns. Ms. Meyercord added the audits she's observing are associated with bonus depreciation or hobby loss rules.
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