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Tax officials are targeting corporate jets

Tax officials are targeting corporate jets

DTax authorities in the United States are investigating a serious suspect: managers use corporate jets for their leisure activities but save on taxes by recording the excursions as business trips. Under US law, managers and shareholders must tax the expenses of personal travel on company flights as income.

The Internal Revenue Service (IRS), US tax officials, has announced that it will conduct three to four dozen audits this spring, targeting corporate jets and their users. The campaign is part of efforts by the tax authorities to crack down on suspected tax evasion by high income earners.

AI should help tax investigators

The Anti-Inflation Act allocates $60 billion to strengthen the Treasury. Before the law was enacted, a decade of budget cuts plagued the agency with wealthy taxpayers who found sophisticated ways to hide or manipulate their income, the IRS said. She is now working hard to catch up.

The pursuit is complex and at the same time promising and the Commission announces further developments in areas where the Authority has not yet had sufficient resources. More efforts are currently being made to collect tax debt from billionaires. That means 1,600 millionaires have already amassed $482 million in income. The 75 largest partnerships in the US will also be targeted. Lawyers and doctors have formed large partnerships in the United States. Here, artificial intelligence is intended to help tax auditors detect anomalies in the balance sheet.

The Internal Revenue Service says it wants to expand audits of high-income taxpayers, making historically low audits among wealthy individuals and corporations a thing of the past. “We are ramping up staff and technology to ensure that high-income taxpayers, including partnerships, large corporations, millionaires and billionaires, pay what they owe under the law,” the agency said.

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