Prepare Your Flight Department Now For Tax Filing

Fortune favors those who are prepared – especially for filing taxes. And now, according to experts, is the time for flight departments to work on their tax liability. “Maybe you need to have some more business flights in order to make sure you qualify for accelerated depreciation for example,” said CPA Sue Folkringa. “Now is the perfect time to look through those flight logs and do some planning for the next month and a half.” Also, there are new tax provisions if your aircraft was damaged by Hurricanes Harvey or Irma, said CPA Angel Houck, and out-of-pocket expenses may be deductible.

Podcast Episode

September 15, 2020

Reduced Business Travel Due to COVID-19 May Result in Depreciation Recapture

As a direct result of COVID-19, business closures and travel restrictions, aircraft purchased in 2020 could be ineligible for bonus depreciation, and depreciation recapture could be triggered on aircraft purchased in prior years.
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August 26, 2020

NBAA Seeks to Preserve Commuting Deductions in Comments to IRS

NBAA has asked that the Internal Revenue Service employ a more equitable approach to avoid double taxation and retain critical deductions for business travel.
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July 30, 2020

NBAA Welcomes Proposed IRS Rules on Excise Taxes for Aircraft Management Companies

The IRS is publishing a notice of proposed rulemaking to provide regulations in response to a legislative exemption from excise taxes on aircraft management services paid by aircraft owners.
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May 18, 2020

How the CARES Act Federal Excise Tax Suspension Applies to Business Aviation

On a May 15, 2020, NBAA News Hour webinar, industry experts discussed the suspension of FET – and how it applies – in detail.
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