Corporate Jet Industry Pushes Back on IRS Audit Campaign

Most companies that use jets in business spend a lot to make sure they comply with the tax code, making the IRS’s warning shot last week about stepped-up auditing of their use unlikely to touch most of those traveling on corporate aircraft, tax practitioners said.

This recent effort is a smaller part of the IRS’s larger push to crack down on wealthy individuals and companies that aren’t paying what they owe and lower the tax gap—or the difference between taxes paid and taxes owed—which currently sits at about $688 billion from the 2021 tax year.

But the agency is still ...