Tag

Corporate Jets

All articles tagged with #corporate jets

business1 year ago

Boeing CEO Curtails Corporate Jet Use to Demonstrate Restraint

Boeing's new CEO, Kelly Ortberg, has significantly reduced the use of the company's corporate jets as part of a broader cost-cutting initiative amid financial struggles and a recent strike. Executives are now required to fly economy on commercial flights, signaling a shift towards frugality and shared sacrifice. Ortberg's measures include job cuts and potential asset sales to streamline operations and reduce costs, reflecting his management ethos of creating a leaner organization.

business1 year ago

IRS Intensifies Crackdown on Abusive Corporate Jet Tax Deductions

The Internal Revenue Service (IRS) is set to crack down on corporate jet owners who abuse the tax code by claiming millions of dollars in deductions on airplanes used for personal travel, using new data analytics tools developed with funds from the Inflation Reduction Act of 2022. This initiative comes as the agency faces pressure to demonstrate effective use of its $80 billion in funds and aims to address the estimated $700 billion per year tax gap through increased audits of companies and wealthy individuals.