Contact: Dan Hubbard, 202-783-9360, dhubbard@nbaa.org
Washington, DC, Sept. 28, 2020 – The National Business Aviation Association (NBAA) announced today an informative series of upcoming NBAA GO virtual professional development seminars addressing common questions and concerns surrounding aircraft transactions, ownership structures and taxation, including the ramifications from COVID-19 pandemic.
Beginning Tuesday, Oct. 13, the Virtual Aviation Tax & Transactions Review will encompass a series of three live and three pre-recorded sessions featuring recognized leaders in aviation tax planning and transactions for an interactive analysis of critical tax and regulatory issues for aircraft owners and operators.
“The Virtual Aviation Tax & Transactions Review offers business aviation stakeholders an important opportunity to benefit from the expertise of NBAA Tax Committee members in navigating often conflicting FAA regulations and tax law,” said Scott O’Brien, NBAA senior director of government affairs. “Through these interactive sessions, we look forward to providing tax planning and regulatory compliance strategies that also take into account the recently passed CARES Act.”
Live sessions will include:
The A to Z of Tax Depreciation for Aircraft Owners: How to Maximize Deductions and More – Tuesday, Oct. 13 at 2:30 p.m. (EDT): During this session, attendees will learn how to determine the applicable depreciation schedules for business aircraft, including the potential availability of immediate expensing, and structure operations to maximize depreciation deductions.
Tax Aspects of a Successful Aircraft Transaction – Tuesday, Oct. 20 at 2:30 p.m. (EDT): This live session will offer guidance to proactively identify federal tax concerns for common aircraft ownership structures, and understanding of basic aircraft depreciation and the importance of state sales tax and use planning when acquiring aircraft
CARES Act Business Tax Changes – Tuesday, Oct. 27 at 2:30 p.m. (EDT): This session will provide high-level understanding of tax policy changes under the CARES Act such as net operating losses (NOLs); disallowance of excess business losses; and suspension of certain federal excise taxes and their impact on common aircraft ownership and operating structures.
In addition, pre-recorded sessions will provide detailed information about common regulatory and tax questions regarding different uses of business aircraft, for attendees to review at their convenience:
Regulatory Aspects of a Successful Aircraft Transaction: This session will examine tax planning strategies that can have unforeseen regulatory consequences. Attendees will also gain an understanding of the differences between operating under FAR Part 91 or Part 135.
Tools to Share Aircraft Costs and Increase Utilization: To effectively use a business aircraft, there is often the need to share costs or utilize the aircraft across various companies. This session will examine shared use models and how to structure them to ensure regulatory compliance.
Planning for Non-Business Use of Aircraft: When non-business travel occurs, there are complicated tax regulations to comply with and detailed recordkeeping requirements. During this session, attendees will learn how to analyze non-business use flights to determine how they are treated for fringe benefit purposes, and SEC compliance.
Live sessions will include interactive Q&A forums providing the opportunity for attendees to ask presenters about specific taxation and transaction issues. Each hour-long session is eligible for continuing legal education (CLE) credit and CAM recertification credit, while the live sessions may also be applied toward continuing professional education (CPE) credit for CPAs.
Learn more about the Virtual Aviation Tax & Transactions Review and register for these sessions
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Founded in 1947 and based in Washington, DC, the National Business Aviation Association (NBAA) is the leading organization for companies that rely on general aviation aircraft to help make their businesses more efficient, productive and successful. The association represents more than 11,000 company and professional members and provides more than 100 products and services to the business aviation community, including the NBAA Business Aviation Convention & Exhibition (NBAA-BACE), the world’s largest civil aviation trade show. Learn more about NBAA at nbaa.org.
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