Business aircraft operations are regulated by numerous federal and state agencies that don?t always act in concert. This session will provide an introduction to the different regulatory schemes affecting business aviation that will be discussed in the seminar.
This session will address various non-commercial operating and leasing options such as time sharing, interchange, dry leasing, joint ownership, and fractional ownership. Other topics include the flight department company trap, truth in leasing and the use of management companies.
Attendees will receive an introduction to FAA charter rules. Learn about operating advantages and constraints under FAR Part 135.
This session will explore recent significant FAA and DOT regulatory developments and initiatives affecting business aviation.
Purchasers of aviation fuel pay federal and state fuel taxes, including the federal fuel excise tax. In addition, many aircraft operations, including charters, demonstration flights and time shares, are subject to the 7.5% transportation excise tax. This session will discuss how to determine when transportation excise tax is due, how to calculate the tax and how to claim a credit or refund for fuel taxes paid.
Learn how to get the most out of aviation insurance. This session will discuss key aviation insurance concepts, how to select a broker, the consequences of operating Part 91 from a ?flight department company,? insuring for diminution in value, and the underwriting climate on issues such as single pilot and older pilot operations.
Depreciation is typically the largest single tax-deductible expense related to ownership of an aircraft. Learn how depreciating an aircraft can save taxes, the latest on how to treat heavy maintenance shop visits, and how to avoid depreciation recapture by means of a like kind exchange.
A company making its aircraft available to an elected official or a candidate for an elected office is subject to a variety of regulations, including the FAA, Federal Election Commission, the IRS and Congress? ethics rules. Learn how to identify and comply with these regulations.
You can?t operate your aircraft unless it is properly registered! Learn about the pitfalls of improper registration of airframes, engines and security interests with both the FAA and the new international registry.
This optional session will provide insights from industry experts on dealing with the new international registry.
The IRS requires that owners and executives either pay for personal use or be taxed as having received a fringe benefit. This session will show you how to navigate through the personal use minefield without violating FAA rules or IRS requirements. Learn how and to what extent employees can pay for flights and how to impute income to employees using the SIFL formula.
The JOBS Act introduced significant limitations on the ability of companies to deduct aircraft expenses for tax purposes to the extent the aircraft is involved in non-business use. This session will provide an in-depth exploration of the new requirements and strategies for dealing with the latest IRS requirements. Special attention will be given to the treatment of spousal travel.
A panel of experts will discuss recent cases, proceedings and FAA initiatives regarding wet lease and operational control issues and the use of DBA?s on Operations Specifications.
Presentation includes in-depth discussion of ways to respond when IRS wants to initiate an excise tax audit and handling the follow-up tax case at the IRS Appellate Division; possible ways to reduce imposition of 20% accuracy and other penalties; update on ?hot? IRS issues on recent excise tax audits ; discussion of ways to expedite fuel tax refund claims and other Form 637 registration issues.
A brief overview of laws and regulations relating to state sales, use and property taxes, registration fees and other state taxes affecting business aviation operations, including consideration of issues such as nexus, interstate commerce and over-flight. The session will also provide an introduction to the Steamlined Sales Tax Project.
The use of independent contractors is common for aircraft operators who need crewmembers without making a long-term employment commitment. However, this might cause exposure to tax, workers' compensation and legal liabilities. This session will address these issues and provide insight on minimizing risks.
In many situations, IRC passive activity loss limitations can severely affect utilization or timing of the losses. This presentation explains when passive losses may apply and offers suggestions about how to avoid the passive loss limitations.
An exploration of reporting and corporate governance issues faced by publicly traded companies operating aircraft, including the latest SEC requirements concerning disclosures of executive compensation and related party transactions, and compliance with the Sarbanes-Oxley Act.
This session will review key federal tax legislative and regulatory developments, as well as new IRS administrative and court decisions, of interest to business aircraft owners and operators.
A panel of industry experts answers your questions about tax, risk management and regulatory issues affecting business aircraft.
