Oct. 28, 2020
NBAA is offering a comprehensive package of seminars examining tax and regulatory issues important to the business aviation sector with the completion of its Virtual Aviation Tax & Transactions Review.
With six professional development seminars, the review guides attendees through the complexities of depreciation, aircraft transactions, aircraft utilization, cost-sharing, the non-business use of aircraft and the intricacies of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
The hour-long sessions are eligible for continuing legal education credit and certified aviation manager recertification credit. Three presentations, which formed NBAA’s Tax Tuesdays series of live broadcasts, also may be applied toward a maximum of three hours of continuing professional education credit for certified public accountants that participated in the live events.
The Virtual Aviation Tax & Transactions Review is now available as a package through the NBAA Go portal, home to an interactive series of online programming that supports professional development and keeps the business aviation community updated on best practices and new policy developments.
The Virtual Aviation Tax & Transactions Review’s live broadcasts concluded Oct. 27 with an in-depth analysis of the CARES Act, which in addition to providing support through loan programs like the Paycheck Protection Program, also introduced some significant changes to business tax policies enacted by the Tax Cut and Jobs Act of 2017.
During the hour-long interactive CARES Act Business Tax Changes webinar, aviation experts John Hoover, partner at Holland & Knight, and Alvaro Pascotto, a veteran aviation attorney, guided attendees through changes to tax policies such as net operating losses and the disallowance of excess business losses made under the CARES Act and reviewed the impact of these changes on common aircraft ownership and operating structures.
The webinar also examined the suspension of commercial air transportation excise taxes by the CARES Act, a policy that has generated a lot of inquiries among NBAA’s members, particularly those interested in air charter operations, brokering and the sale of jet cards.
Hoover, who has been instrumental in leading NBAA’s tax policy efforts as chair of the association’s Tax Committee, delivered updates on the temporary suspension of commercial air transportation excise taxes, including insights into the Federal Excise Tax exception of management services and NBAA’s extensive comments as part of that rulemaking effort.
The CARES Act Business Tax Changes webinar also built on recent efforts by NBAA to obtain guidance from the IRS on a proposed rulemaking on the disallowance of deductions for commuting expenses that could have a significant tax impact on companies that operate business aircraft. Learn more about NBAA’s efforts.