Inside Government Crackdown on Corporate Jet Tax Abuse

What this episode covers

The corporate jet industry is the latest to be targeted by the government's efforts to make the rich pay the taxes they owe. The IRS began an audit campaign in February to clamp down on executives abusing corporate jet tax breaks for personal use. President Joe Biden's proposed budget would tighten depreciation rules and increase the tax rate on private jet fuel, and Senate Democrats sent a letter urging the Treasury Department and Internal Revenue Service to change how corporate jet owners deduct certain costs. Bloomberg Tax reporter Erin Schilling spoke with Michael Kaercher, a senior attorney adviser at the Tax Law Center at New York University, about a regulatory change the IRS could pair with its enforcement efforts and why the industry has landed in the spotlight for tax reform. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

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Frequently Asked Questions

How long is this episode of Talking Tax?

This episode is 11 minutes long.

When was this Talking Tax episode published?

This episode was published on March 27, 2024.

What is this episode about?

The corporate jet industry is the latest to be targeted by the government's efforts to make the rich pay the taxes they owe. The IRS began an audit campaign in February to clamp down on executives abusing corporate jet tax breaks for personal use....

Can I download this Talking Tax episode?

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