The 2017 Tax Cuts and Jobs Act provides a wonderful opportunity for business aircraft purchasers of both new and pre-owned aircraft to take 100% bonus deprecation on the aircraft purchase […]
After years of debate, tax reform has arrived. The late-year 2017 passage and signing of the Tax Cuts and Jobs Act (TCJA) has reshaped the business and individual tax landscape. […]
Second in a series of articles on “How to Survive an IRS Audit of your Aircraft” There are many valid business reasons to separate aircraft ownership from the operating […]
When a financed aircraft is owned in a special-purpose company, which lacks assets other than the aircraft, it is typical and understandable for the financing bank to insist that, in […]
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 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, […]
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. […]
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