Oct. 14, 2020
NBAA’s Virtual Aviation Tax & Transactions Review launched Oct. 13 with an informative live session on the complex issues surrounding tax depreciation and deductions for business aircraft.
Presented by industry veteran Keith Swirsky, president of Washington, DC-based GKG Law, the hour-long A to Z of Tax Depreciation for Aircraft Owners: How to Maximize Deductions and More webinar addressed of the complexities of the Modified Accelerated Cost Recovery System and the Alternative Depreciation System schedules for calculating tax depreciation, the importance of the Qualified Business Use test and how to structure operations to maximize allowable depreciation.
Swirsky also examined the intricacies of bonus depreciation, or immediate expensing, which thanks to NBAA’s advocacy efforts was extended and expanded to cover used aircraft as part of the 2017 Tax Cuts and Jobs Act.
During his hour-long session, Swirsky provided a comprehensive explanation of commonly misunderstood principles of aviation tax law, including the Qualified Business Use test which is necessary to qualify for accelerated depreciation. He also discussed a detailed analysis of how aircraft owners can benefit from bonus depreciation as well as best practices to avoid potentially costly depreciation recapture and the challenging impacts of passive loss limitations.
“This first live session of our Virtual Aviation Tax & Transactions Review demonstrated our ability to provide industry-leading content and engage with attendees even when we cannot meet in person,” said Scott O’Brien, NBAA senior director of government affairs. “With our six webinars, business aviation stakeholders can directly access experts in aviation tax planning and transactions to help them navigate these challenging issues.
“NBAA has brought together recognized leaders in their fields to provide a unique opportunity to the business aviation community to learn more about aircraft transactions, ownership structures and taxation, the ramification of the pandemic and the impact of the CARES Act in an easily accessed and format of live and recorded sessions,” O’Brien continued.
The Virtual Aviation Tax & Transactions Review comprises three live and three pre-recorded sessions. The live “Tax Tuesdays” sessions include interactive Q&A forums that provide attendees an opportunity to ask presenters about specific taxation and transaction issues. In addition to Swirsky’s detailed presentation on depreciation, these live webinars include Tax Aspects of a Successful Aircraft Transaction on Oct. 20 and CARES Act Business Tax Changes on Oct. 27.
The three pre-recorded webinars – Regulatory Aspects of a Successful Aircraft Transaction, Tools to Share Aircraft Costs and Increase Utilization, and Planning for Non-Business Use of Aircraft – were released Oct. 13 and are accessible now.
All six, hour-long sessions are eligible for continuing legal education credit and certified aviation manager recertification credit. The live sessions also may be applied toward a maximum of three hours of continuing professional education credit for certified public accountants.
The Virtual Aviation Tax & Transactions Review is part of NBAA GO, an interactive series of online programming aimed at business aviation professionals launched in April to keep the industry updated on best practices and new advancements and support the high level of professional development expected from NBAA.
International Business Aviation Council Ltd.