Thursday, May 5
Welcome Reception for Attendees and Speakers
6:00 p.m. – 7:30 p.m.
Friday, May 6
Registration and Continental Breakfast
8:00 a.m. – 8:30 a.m.
Welcome and Business Aviation Advocacy Update
8:30 a.m. – 8:50 a.m.
Presented by: Scott O’Brien, NBAA
Learn about the latest political issues impacting business aviation on Capitol Hill. From efforts to privatize the air traffic control system with funding from user fees to changes to air transportation taxes, there are significant political issues facing the industry.
Analyzing the Business Aircraft Market: What is the New Normal?
8:50 a.m. – 9:15 a.m.
Presented by: Dean Roberts, Rolls-Royce North America
Understand how the business aircraft market continues to evolve with the U.S. market gaining strength while foreign markets face new challenges. Also, learn about trends in aircraft residual values, forecasts and predictions from the OEMs and opportunities in the market.
Emerging Federal Tax Policy Issues for Business Aviation
9:15 a.m. – 10:15 a.m.
Presented by: Gary Gasper, Washington Counsel Ernst & Young; John Hoover, Cooley LLP
Analyze the latest federal tax issues impacting aircraft owners/operators and their advisors, including a potential trap for related party lease structures and federal excise tax considerations for aircraft management companies. Review how the rulemaking process within the government functions and receive an update on bonus depreciation.
10:15 a.m. – 10:45 a.m.
Lease Accounting Update: Impact on Business Aircraft Lessees
10:45 a.m. – 11:15 a.m.
Presented by: Glenn Hediger, Aviation Financial Consulting, LLC
Participate in a discussion on how changes to lease accounting standards from FASB will impact business aircraft lessees. Receive answers to questions on how the changes will apply to lease terms, balance sheets and the timeline for implementation of the new standards.
Challenging Aircraft Ownership and Operating Scenarios
11:15 a.m. – 12:15 p.m.
Presented by: Jed Wolcott, Wolcott & Associates, P.A. (moderator); Sue Folkringa, Wolcott & Associates, P.A; Angel Houck, CliftonLarsonAllen LLP; Alvaro Pascotto, The Law Offices of Alvaro Pascotto
Review how a business aircraft not owned and operated in a traditional corporate structure presents unique structuring challenges. How are reimbursements for aircraft use handled, and what is the impact of related party leasing or chartering? Analyze federal and state tax issues that come into play, including passive activity losses, federal excise taxes, deductibility and state sales/use tax.
12:15 p.m. – 1:15 p.m.
Advanced Calculations for Non-Business Aircraft Use
1:15 p.m. – 2:30 p.m.
Presented by: George Rice, Rice and Associates
Through real world scenarios, understand how SIFL fringe benefit and entertainment use disallowance calculations apply to complex flight scenarios, including intermediate stops, non-business trips that depart from/return to different destinations and deadhead flights. Also learn about entertainment use issues including depreciation elections, interest tracing rules and how the regulations match up with reality.
2:30 p.m. – 3:00 p.m.
Impact of Non-Business Use at Aircraft Disposition
3:00 p.m. – 3:45 p.m.
Presented by: Sarah Caplan and E. J. Mitchell, Deloitte LLP
Understand how non-business use over the life of an aircraft can have complex implications at disposition. Review the potential need to bifurcate business basis/proceeds and personal use basis/proceeds when the aircraft is disposed of and strategies for calculating these gains and losses. Also review the latest IRS guidance on this topic which can lead to additional questions and considerations.
Proactive Planning for Federal and State Tax Audits
3:45 p.m. – 4:45 p.m.
Presented by: Keith Swirsky, GKG Law
Obtain a first hand look at the challenging federal and state tax audit issues that aircraft owners/operators and their advisors must be prepared for. From issues for structures involving leasing companies and special purpose entities to challengers for aircraft management companies and individual owners, this session will cover the most common federal audit issues. Also learn how states aggressively pursue audits related to leasing structures and nexus, and the need to account for these issues when creating an aircraft ownership and operating structure.
4:45 p.m. – 5:00 p.m.
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