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
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Thinking of operating an aircraft in a sole-purpose company to minimize liability? Think again. One of the most frequently-violated FAA regulations is found in one of the most well-known, but misinterpreted, provisions. As a general rule, Federal Aviation Regulation (FAR) Part 91 operators may not charge or accept reimbursement for
For U.S. Operators, charging someone for a ride in the company jet is a subject thick with claims and counterclaims, ignorance and outright bad behavior. The arguments are old, but some of the consequences are new. Today, the IRS may be more likely than the FAA to punish practitioners of
The IRS finally issued regulations interpreting the provisions for disallowing deductions attributed to aircraft used for entertainment. The final regulation generally follows the proposed regulations, but there are new provisions. Click here to download full news blast.
An Analysis of the Recent IRS Chief Counsel Advice Asserting that Management Companies are Subject to Transportation Tax
On March 9, the IRS Office of Chief Counsel released a Chief Counsel Advice (CCA) which concluded that an aircraft owner who hired a management company to help operate and maintain the aircraft owed transportation tax on the amounts paid to the management company for management and pilot services. This
For more than 20 years, tax advisors have anxiously awaited the end of October, when they could start making the aircraft fringe benefit calculations for the year. While these rules have remained essentially unchanged, they are not the kind of subject that is easy to remember. This article provides you
A few seasons ago, Congress and the press gang-tackled the general aviation community with the Anti-Sutherland legislation. Now the states and airlines seem to want to join in the fun, trying to tackle general aviation on a number of state tax issues. Click here to download full article.
The regulations governing entertainment flights provide a mixed bag of options. Until the IRS adopts final regulations. taxpayers can rely on any of three different sets of rules to calculate disallowed deductions : the old rules, IRS Notice 2005-45 and the proposed regulations. Click here to download full article.