The National Business Aviation Association (NBAA) is\nquestioning the Internal Revenue Service\u2019s plan, announced this week, to \u201cbegin\ndozens of audits\u201d of business aircraft use by American companies and\nentrepreneurs. <\/p>\n\n\n\n
\u201cToday\u2019s announcement by the IRS amounts to nothing more\nthan an audit in search of a problem, and an attempt to broadly paint with a\nnegative brush the thousands of U.S. companies of all sizes that rely on\nbusiness aircraft to effectively compete in a global marketplace,\u201d said NBAA\nPresident and CEO Ed Bolen.<\/p>\n\n\n\n
\u201cIt is difficult to understand why the agency is suggesting\nthat these companies \u2014 some of the most respected, well-managed businesses in\nthe world \u2014 are not in compliance with applicable tax laws,\u201d Bolen added. \u201cFor\ndecades, studies have shown that companies utilizing business aircraft to\nsuccessfully address some portion of their transportation challenges\nconsistently outperform comparable companies without the asset.\u201d <\/p>\n\n\n\n
Business aviation is critical to the economy and communities\nacross the U.S., supporting 1.2 million jobs and contributing $250 billion to\nGDP. The aircraft help companies optimize efficiency, productivity, flexibility\nand competitiveness.<\/p>\n\n\n\n
Companies that use business aviation are expected to operate\nin full compliance with tax laws and applicable Securities and Exchange\nCommission rules. Directors at publicly traded companies routinely approve use\nof the aircraft, including for non-business reasons, by key personnel, and some\nbusinesses mandate that certain employees travel aboard company airplanes in\nall circumstances, out of safety and security concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Business Aviation Association (NBAA) is questioning the Internal Revenue Service\u2019s plan, announced this week, to \u201cbegin dozens of audits\u201d of business aircraft use by American companies and entrepreneurs. \u201cToday\u2019s announcement by the IRS amounts to nothing more than an audit in search of a problem, and an attempt to broadly paint with a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[115,90],"tags":[],"class_list":["post-27934","post","type-post","status-publish","format-standard","hentry","category-national-news","category-news-release"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/27934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/comments?post=27934"}],"version-history":[{"count":1,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/27934\/revisions"}],"predecessor-version":[{"id":27935,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/27934\/revisions\/27935"}],"wp:attachment":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=27934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=27934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=27934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}