An Army of IRS Agents?

The news cycle has been filled with reports of increased IRS enforcement budgets and armies of new business auditors tasked with recovering hundreds of millions of dollars in lost tax revenues. Such reports often make business owners nervous and even hesitant to take deductions to which they are entitled. With careful planning and recordkeeping, there is little reason to fear an IRS exam. General aviation aircraft continue to serve a vital role in growing and maintaining business operations across industries, and powerful purchase incentives codified in the Tax Cuts and Jobs Act of 2017 have translated into significant tax deductions worthy of a strong defense. This article provides three tips for making sure that you are prepared to defend your aircraft deductions.