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 […]
All tax practitioners are aware how unyielding the tax code can be to those who lack sufficient planning and learn of the law’s arcane requirements only after the fact. One […]
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 […]
A notable milestone in the cat-and-mouse game of individuals seeking to minimize tax burden and Congress making new laws to end potential shelter activity is the Passive Activity Rule, which […]
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 […]
“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. […]
Aircraft Deductions, Aircraft Income Tax
Aircraft Income Tax, Passive Activity & Hobby Loss
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