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Tax authorities target corporate aircraft

Tax authorities target corporate aircraft

DrUS tax authorities are investigating a serious suspicion: managers use company aircraft for their leisure activities, but book the flights as business trips and thus save taxes. Under US law, directors and shareholders must tax the costs of private trips on company aircraft as income.

The Internal Revenue Service (IRS), America's tax authorities, announced that it will conduct between three and forty audits this spring, targeting corporate aircraft and their users. This campaign comes within the framework of the efforts made by the tax authorities to put an end to suspected tax evasion by those with higher incomes.

AI should help tax investigators

The inflation reduction law allocates $60 billion to strengthen the treasury. The IRS said that before the law was passed, a decade of budget cuts prevented the agency from keeping up with the wealthiest taxpayers, who found increasingly sophisticated ways to hide or manipulate their income. Now she is working hard to catch up.

The Authority announced further progress in areas whose endeavors are considered complex and promising at the same time, and where the Authority so far lacks sufficient resources. Increasing efforts are now being made to collect tax debts from millionaires. This means that 1,600 millionaires have already collected $482 million in revenue. The 75 largest partnerships in the United States will also be targeted. Lawyers and doctors have built great partnerships in the USA. Here, AI aims to help tax investigators spot discrepancies in balance sheets.

The Internal Revenue Service says it wants to expand audits of high-income taxpayers, making the historic decline in the number of audits among the wealthiest individuals and organizations a thing of the past. “We are increasing the workforce and technology to ensure that the highest-income taxpayers, including partnerships, large corporations and millionaires and billionaires, pay what they owe under the law,” the agency said.

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