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Listen to our newest episode of our podcast, In the vault with ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø, with ·¡±ô¾±³ú²¹²ú±ð³Ù³óÌý³¢â€™H´Ç³¾³¾±ð»å¾±±ð³Ü from the ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Banking & Capital Markets Tax practice, along with John Tomaszewski and Kira Bivans from the ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Global Reward Services Tax practice. During the podcast, they discuss the IRS's new audit campaign focusing on the personal use of business aircraft owned or leased by large corporations, partnerships, and high-income taxpayers. This comes in response to the increased use of employer-provided aircraft since the COVID pandemic. Listen as Liz, John, and Kira navigate the intricate tax implications of employer-provided aircrafts for banks, offering valuable insights on:

• Tax consequences for employees using corporate aircraft for personal purposes, emphasizing the importance of detailed flight logs to support the tax treatment of each flight.
• The methods for valuing personal use of employer-provided aircraft and the special rules and exceptions for imputing income for this fringe benefit.
• Tax deduction implications for the company providing the benefit and other considerations such as bonus depreciation, sales and use tax implications, and the importance of having a corporate aircraft policy.
• Next steps corporate tax departments should consider in light of these developments.