Deducting Aircraft Expenses? Detailed Tax Calculations Now Mandatory New IRS regulations effective in 2013 and forward require taxpayers claiming deductions for aircraft to undertake detailed calculations to determine what […]
On January 2, 2013, Congress completed passage of a bill addressing, at least in part, the so-called “fiscal cliff” of impending tax changes slated to occur at the end of […]
On August 1, 2012, the Department of Treasury published final regulations addressing the negative tax impact of entertainment use of business aircraft. These new regulations solidify into law a legal […]
For owners of business aircraft who find themselves flying fewer hours per year than their aircraft can reasonably support, an attractive option is often to contract with a Part 135 […]
Economic Stimulus Incentives Apply to 2012 New Business Aircraft Deliveries New aircraft purchases and new equipment purchases for used aircraft are subject to a special 50% bonus depreciation allowance in […]
“T and E and out by three,” is a long-standing adage among IRS agents, reflective of the fact that Congress has elevated the recordkeeping requirements for travel and entertainment expenses, […]
Introduction A federal excise tax of 7.5% (plus a small, per-head fee) applies to amounts paid for transportation by air if the trip begins and ends within the United States, […]
First in a Series – Federal Income Tax Examinations Introduction There has been an increase in federal income tax audit activity for high net-worth individuals and profitable small businesses. […]
The best way to protect your aircraft deductions is travel for business and thoroughly and consistently retain documents you can use on audit to show (1) the business reason for […]
Getting the most out of the 2010 Tax Relief Act.
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