IRS EXPANDS AIRCRAFT TAX EXAMS – HOW SHOULD YOU PREPARE?
The Internal Revenue Service appears to be taking increased interest in aircraft owners’ income tax returns. It may be a result of bonus depreciation, enhanced expensing, or targeting high income taxpayers; but regardless of the trigger, exams appear with increasing frequency and greater depth of review.
THE LAW AND JUDICIAL PRECEDENT GENERALLY REMAINS UNCHANGED.
Of course, an aircraft is not unlike any other business tool.