Here's How Private Jet Owners Should Prepare for Possible IRS Audits

Business Aviation attorney John Hoover recently participated in a National Business Aviation Association (NBAA) webinar focused on the IRS' plan to target private jet owners for audits. The event was covered in a Forbes article that summarized the speakers' insights and advice for owners. Mr. Hoover emphasized the importance of beginning to prepare now, saying a robust description of the business purpose of each flight should be mandatory. Because audits go back three to six years and memories fade quickly, adding details as close to the time of flight is possible is important, and it's not too late to include 2023 travel as part of the year-end tax process. Above all, he stated, proper documentation can reduce unnecessary follow-up questions from auditors. He also said he believes the IRS will focus on commuting and travel expenses by executives to second homes, testing the allowability of such flights under remote work circumstances. 

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