Effective January 19, 2021, new tax regulations clarify how the charter industry should address the Commercial Aviation Federal Excise Tax (“FET”) with managed aircraft. The new regulations will give the charter industry a new sales tool: charter flights for owners in their own aircraft will not be subject to FET.
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“No bucks, no Buck Rogers.” This quote from The Right Stuff neatly sums up the interrelationship between business aviation and the tax code. Many years ago, Bob Dole was a Senator from the airplane-building State of Kansas. Senator Dole was a commanding presence in the Senate, particularly when it came
When Does “Sharing” Become Illegal Charter? The FAA Reauthorization Act of 2018 contains a section entitled “Report on Illegal Charter Flights.” The law includes several requirements to identify and combat illegal charter flights. The FAA has been revising inspector guidelines. They even sent a letter to every pilot on record
Join 27,000 industry professionals for the most important three days of business aviation. Ranked as the sixth largest trade show in the United States, the Business Aviation Convention & Exhibition (NBAA-BACE) will be held Nov. 1-3, 2016, in Orlando, Florida, bringing together current and prospective aircraft owners, manufacturers and customers
The 2016 election season has arrived, and with it, private aircraft owners have a unique opportunity to contribute more than a completed ballot, and accept more than a campaign promise. FARs Part 91 generally prohibits an aircraft operator from charging for flights; however, section 91.321 provides an exception for operators
Before entering into an aircraft purchase agreement, it’s imperative to understand that sales and use tax requirements are state-specific. Failing to account and plan for sales and use taxes can result in an unexpected tax bill including substantial penalties and interest. Many states are increasingly prone to audit jet aircraft
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Every aircraft owner is potentially liable for a wide variety of state and local taxes: sales and use tax, income or franchise tax, personal property tax and/or registration tax. To make matters worse these tax laws vary from state to state, and can apply in multiple states. The attached article
Where an employee, or a guest of an employee, uses an aircraft for personal transportation, the fringe benefit rules generally require the employer to treat the value of such personal use as additional compensation to the employee. In the case of aircraft, the rules governing the calculation of these amounts