By Molly McMillin, The Weekly of Business Aviation, April 18, 2022 (Original Article) This article has been republished with permission from the author and Aviation Week Network. The fast rise in […]
Aircraft operators can control liability exposure through ownership structures, contractual agreements, insurance, and ensuring compliance with FAA regulations. How you plan for liability protection will often provide protection for key corporate and personal assets.
Owning and operating a business aircraft can serve as an incredible time saver, connecting you to your products, clients, colleagues and project more effectively and efficiently. However, those clear skies can get significantly more troubled when an IRS audit requires your full time and attention. While there is no way to insulate yourself from the possibility that the IRS will choose to examine your business aircraft, the following are a few simple steps that may decrease the likelihood of examination, or make any resulting exam less painful and disruptive to your business operations.
There is no magic bullet that insulates you from undergoing a tax audit, or that makes a personal aircraft that is outside a business context tax deductible. The above information, however, provides a few concrete steps that you can take to help ensure that the business aircraft that you are operating continues to make business easier and more efficient, rather a source of a headache with the IRS.
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By Molly McMillin, The Weekly of Business Aviation, April 18, 2022 (Original Article) This article has been republished with permission from the author and Aviation Week Network. The fast rise in […]
Join us April 12th at 11AM ET to gain unrivaled insights into the business of aircraft transactions Our very own Suzanne Meiners-Levy will take part in a discussion regarding the […]
Although the global pandemic has recently disrupted business travel, there is no doubt that efficient and flexible air travel is an essential business need. As more entrepreneurs and businesses recognize […]
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