Program Schedule – 2022 NBAA Business Aviation Taxes Seminar
Review the schedule for the 2022 NBAA Business Aviation Taxes Seminar, taking place on Tuesday, June 21, in White Plains, NY. All events will take place at the Sonesta White Plains Downtown.
9:00-9:10 a.m. |
Welcome & Introduction |
9:10-10:00 a.m. |
Coordinating Aviation Tax Planning with FAA RegulationsMary Comazzi, Barnes & Thornburg LLP Learn about options and limitations associated with operating under FAA Part 91 and Part 135 for cost sharing and reimbursement. Focus on the design of aircraft ownership and operating structures to accomplish tax planning goals. Review common pitfalls encountered, including the flight department company trap, inadvertent wet leasing, and failure to retain operational control, when designing tax structures; and explore the similarities and differences between FAA’s language and understanding of commercial and non-commercial and the view of taxing authorities to avoid making incorrect assumptions in tax planning. |
10:00-10:50 a.m. |
Proactive Planning Strategies for Aircraft Depreciation DeductionsRobert Davis, Dixon Hughes Goodman LLP Analyze applicable tax depreciation schedules and why these issues often drive aircraft ownership structuring. Learn how business aircraft can qualify for bonus depreciation, the impact of the upcoming phase-down, and the differences between accelerated and straight-line schedules. Finally, understand potential limitations to depreciation deductions and why those must be addressed throughout aircraft ownership. |
10:50-11:15 a.m. |
Morning Break |
11:15 a.m.-12:00 p.m. |
Tax Cuts and Jobs Act Challenges for Business AviationAngel Houck, Houck & Christensen CPAs, LLC The Tax Cuts and Jobs Act introduced many changes that impact aircraft owners and their ability to deduct aircraft expenses. Learn about the new rules impacting business aviation, including the business interest expense limitation under Sec. 163(j), the excess business loss limitations under Sec. 461(l) and limitations for unreimbursed employee expenses and investment deductions. Understand how these play into other limitation rules, such as passive losses and net operating losses, and some planning opportunities to consider. |
12:00-1:15 p.m. |
Lunch |
1:15 p.m.-2:00 p.m. |
Compliance Best Practices for Commuting Deduction DisallowanceGlenn Hediger, Aviation Financial Consulting, LLC The Tax Cuts and Jobs Act of 2017 made employer costs of providing commuting benefits to employees no longer deductible. For taxpayers utilizing business aviation, it raised many unanswered questions. Learn about the IRS Final Regulations, challenging questions that still exist for business aviation and real-world compliance strategies. Review the areas of clarity and ambiguity in the final rulemaking. Analyze questions including: Where is an employee’s residence? What is the employee’s place of business? Who is an employee? How and what costs are allocated for disallowance? |
2:00-2:45 p.m. |
Best Practices for Working with Aircraft Management CompaniesMark Dennen, Solairus Aviation With new owners coming into business aviation, understanding best practices for selecting an aircraft management company is crucial. Learn about how management arrangements are structured and important contractual elements. Review common financial and third-party charter arrangements and strategies for communication between owners and the management company. Finally, obtain the latest on the federal excise tax exemption for certain aircraft owner payments to management companies. |
2:45-3:00 p.m. |
Afternoon Break |
3:00-3:45 p.m. |
State Sales and Use Tax Considerations for Aircraft OwnersVicky Boladian, Aerlex Tax Services Understand how state sales and use taxes apply in the context of acquiring and owning a business aircraft with a focus on multi-state aviation activities. Explore where sales and use tax planning fits into the aircraft acquisition process, including strategies for managing sales and use tax issues in connection with the aircraft acquisition and after operations commence. Through real-world examples, understand how aircraft operating in multiple states requires careful sales and use tax planning. |
3:45-4:40 p.m. |
Aircraft Related Disclosures for Public CompaniesJoanne Barbera, Barbera & Watkins, LLC Review the Securities and Exchange Commission (SEC) disclosure requirements for public companies related to business aircraft, including for aircraft personal use, commuting and related party agreements. Examples and recent enforcement activities will be discussed to develop compliance best practices. Also, learn about increased shareholder activism concerns and develop strategies to address compliance and related issues. |
4:40-5:00 p.m. |
Questions and Answers With Speakers |
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International Business Aviation Council Ltd.