IRS Countersues NetJets, Seeking $367M in Excise Taxes

The IRS has countersued NetJets for more than $360 million in alleged uncollected excise taxes. In November, NetJets sued the federal government for what it said were wrongfully imposed taxes, interest and penalties totaling more than $642.7 million. NetJets claimed that as a manager of private aircraft, it was not required to pay a “ticket…

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IRS FET Tax Plan Now Under Congressional Scrutiny

Rep. Thomas Petri (R-Wis.) sent a letter early last week to Dave Camp, chairman of the House Ways and Means Committee, asking for clarification of Congress’s intent on applying the Federal Excise Tax (FET) to managed aircraft. “There is concern that as a result of a recent Chief Counsel Advice memo,” he wrote, “the IRS…

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