The IRS will pursue business private jet usage in a new round of audits on high-wealth taxpayers

Associated Press ^ | February 21, 2024 | Fatima Hussein

[Empire_of_Liberty]

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.

[Opinionated Blowhard]

Go after execs and celebrities who take private jets to Global Warming conferences.

[qwerty1234]

>>Unless you are a RAT donor.

Or an illegal immigrant - for them, everything is free, there are no consequences, and no laws apply.

[Tell It Right]

I guess I should clarify. I meant people before retirement age who claim they're not making enough money to pay taxes, but are evidently living in nice homes and driving nice cars. The knowledge that only 45% of income earners pay income taxes bothers me, since I've paid income taxes since I was 18.

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.

[smokingfrog]

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.

[AF_Blue]

IRS leadership said Wednesday that the agency will start conducting dozens of audits on businesses’ private jets...

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.

[Alberta's Child]

From what I’ve seen, Trump has had that all covered for years.

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.

[smokingfrog]

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 ….

[PIF]

The IRS will pursue business private jet usage in a new round of audits on high-wealth Republican taxpayers

[mabarker1]

FYI

[grey_whiskers]

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.

[ptsal]

Teri Heinz probably owns the jet, IIRC.

[BipolarBob]

Would they come after me???

[Sirius Lee]

Is Trailer Swift farting into her microphone in that pic?

[NetAddicted]

Won’t this PO all Biden’s billionaire donors? Or are they making an exemption for travel to a climate change horror conference?

[ptsal]

Teri Heinz probably owns the jet, IIRC.

[BobL]

“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.

[ridesthemiles]

SEEMS to me that Taylor is TRAVELING between appearances.

SHE reports her income-—Her jet would be necessary to get to appearances.

[Elsie]

I’ve heard that - somewhere...

[Elsie]

Has anyone committed FRAUD by over valuing their paintings?