“Complex areas of tax law, which are prone to errors, are major points of contention for IRS auditors. Experts believe that acquiring automated tax reporting software could reduce the potential for human error, lessen the administrative load and provide a secure repository for this heavily scrutinized information.” MySky co-founder and CEO Christopher Marich, and aviation tax manager Letwan Sutton, shared their insights into the ongoing IRS audits of private jet taxation, lessons to be learned for the wider industry, and how advanced AI software could resolve time consuming reporting issues. Read the full article, “IRS Private Jet Audits may Provide Lessons For Europe” in Aviation Week Network: https://lnkd.in/eZN6zKxp #IRSAudit #PrivateJet #AviationTax #BusinessAviation
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Manager of Aviation Tax at MySky | NBAA Top 40 Under 40 | NBAA YoPro Council Member
I recently had the opportunity to contribute to an Aviation Week Network column discussing the IRS's crackdown on private aircraft. While some believe these audits are an elaborate scheme to influence public perception during an election year, others argue that there has been widespread malpractice in this area of the tax code. As a specialist in this part of the tax code, I have assisted in developing software to help corporations alleviate these concerns. If your organization is facing similar challenges, let's connect! #IRSaudits #Businessaviation #Aviationtax
Viewpoint: IRS Private Jet Audits May Provide Lessons For Europe
aviationweek.com
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On Wednesday, the leaders of the IRS announced a new initiative to conduct increased audits on the utilization of private jets owned by businesses, specifically focusing on their personal usage by executives. While this update has raised awareness, it's important to emphasize that there have been no changes to the reporting requirements. For those adhering to proper procedures, there is no cause for concern. While we cannot prevent IRS audits, we can proactively prepare for them. We recommend utilizing tax reporting software like Flight Tax Systems to stay compliant and be ready for any potential audit scenarios. Flight Tax Systems is an innovative solution created by the seasoned aviation tax professionals at Aviation CPAs. This cutting-edge tool streamlines flight tracking and reporting through user-friendly input features and automated calculations. Designed to align seamlessly with IRS rules, it navigates complex regulations and flight scenarios effortlessly. The platform meticulously documents both business and non-business aircraft use, ensuring compliance with IRS substantiation requirements. Experience the convenience of consolidating contemporaneous records effortlessly, all in one centralized space. Elevate your aviation tax management with a solution that's both reliable and user-friendly. www.flighttaxsystems.com ✈️📊 #bizav #AviationTax #BizAvTax #AviationCPAs https://lnkd.in/enag3cTE
IRS to go after executives who use business jets for personal travel in new round of audits
apnews.com
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Leaving on a Jet Plane: Increased IRS Scrutiny on Use of Corporate Aircraft https://bit.ly/4cD7Edp #tax #corporatetax #privateplane
Leaving on a Jet Plane: Increased IRS Scrutiny on Use of Corporate Aircraft
natlawreview.com
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Leaving on a Jet Plane: Increased IRS Scrutiny on Use of Corporate Aircraft https://bit.ly/4cD7Edp #tax #corporatetax #privateplane
Leaving on a Jet Plane: Increased IRS Scrutiny on Use of Corporate Aircraft
natlawreview.com
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The #IRS has launched an audit campaign focusing on aircraft usage by large corporations, partnerships, and high-income individuals to ensure proper allocation between business and personal uses. Learn more about how companies may prepare in our alert. #CorporateAircraftUsage #AircraftEmissions #Tax
IRS increases focus on business aircraft use
dlapiper.com
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The #IRS has launched an audit campaign focusing on aircraft usage by large corporations, partnerships, and high-income individuals to ensure proper allocation between business and personal uses. Learn more about how companies may prepare in our alert. #CorporateAircraftUsage #AircraftEmissions #Tax https://lnkd.in/dgfVKhjF
IRS increases focus on business aircraft use | DLA Piper
dlapiper.com
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The #IRS has launched an audit campaign focusing on aircraft usage by large corporations, partnerships, and high-income individuals to ensure proper allocation between business and personal uses. Learn more about how companies may prepare in our alert. #CorporateAircraftUsage #AircraftEmissions #Tax
IRS increases focus on business aircraft use
dlapiper.com
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The #IRS has launched an audit campaign focusing on aircraft usage by large corporations, partnerships, and high-income individuals to ensure proper allocation between business and personal uses. Learn more about how companies may prepare in our alert. #CorporateAircraftUsage #AircraftEmissions #Tax
IRS increases focus on business aircraft use
dlapiper.com
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The #IRS has launched an audit campaign focusing on aircraft usage by large corporations, partnerships, and high-income individuals to ensure proper allocation between business and personal uses. Learn more about how companies may prepare in our alert. #CorporateAircraftUsage #AircraftEmissions #Tax
IRS increases focus on business aircraft use
dlapiper.com
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The #IRS has launched an audit campaign focusing on aircraft usage by large corporations, partnerships, and high-income individuals to ensure proper allocation between business and personal uses. Learn more about how companies may prepare in our alert. #CorporateAircraftUsage #AircraftEmissions #Tax
IRS increases focus on business aircraft use
dlapiper.com
