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

July 27, 2022

Latest Tax, Regulatory Changes Detailed in NBAA’s Personal Use of Business Aircraft Handbook

NBAA has released a comprehensive update to its Personal Use of Business Aircraft Handbook, which provides valuable tax and regulatory compliance strategies when a company makes an aircraft available for non-business use.
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June 2, 2022

Aircraft Operators Need to Comply With Both FAA and IRS Regs

Tax and legal experts will share cost sharing and reimbursement options and limitations associated with aircraft operated under Parts 91 and 135 during the June 21 NBAA Business Aviation Tax Seminar in White Plains, NY.
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October 21, 2021

IRS Provides Continued Flexibility on SIFL Rates

The IRS will continue to allow taxpayers to use alternative Standard Industry Fare Level rates for the second half of 2021, from July 1 to Dec. 31, 2021.
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September 17, 2021

IRS Releases Guidance on Entertainment Disallowance for Sole Proprietors

In this members-only resource, NBAA Tax Committee member John Hoover explains the impact of the April 2, 2021 IRS chief counsel advice memorandum for sole proprietor structures and discusses reasonable allocation methods for mixed-purpose flights.
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