Legal Update | Increased IRS Scrutiny on Use of Personal and Business Aircraft ...Middle East

On February 21, 2024, the Internal Revenue Service (IRS) announced plans to conduct dozens of audits on the use of business aircraft by large corporations, partnerships, and high-income individuals as part of its “campaign” to address what it perceives as a likely area of noncompliance. This plan comes on the heels of increased IRS enforcement using new funding provided by the Inflation Reduction Act. Increased scrutiny on the use of business aircraft has significant implications for both the companies as well as the executives, employees, and shareholders using the aircraft, and will potentially subject many to liability. The IRS audits will focus on ensuring that companies have properly

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