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Tax Accounting for Private Aircraft

TAX ACCOUNTING FOR PRIVATE AIRCRAFT

Cost Free
Presentation Length 1.0 hour

Recorded DateFebruary 20, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Private aircraft used in a trade of business pose a myriad of rules and regulations to comply with, not least of all are the tax rules.  Business use aircraft are Listed Property under Section 280F, facilities for purposes of applying entertainment limitations and transportation assets with a high likelihood of providing taxable transportation fringe benefits. This course will take a 30,000-foot view of the major income tax reporting issues that arise when a business owns, leases or charters private air transportation.

Learning Objectives:


  • Understand the various types of private air transportation and ownership options.

  • Recognizing competing regulatory stakeholders like the FAA.

  • Aircraft as depreciable listed property and the special rules for business use testing.

  • Reporting personal/non business use by owners and employees and their guests.

  • Income recognized by owners and employees.

  • Reimbursements to the business and the terrible consequences.

  • Reporting to other tax and non-tax regimes.

  • Calculating deduction limitations for entertainment use.

  • Learn differences in reporting based on the business’s tax return filing.

  • Other notable changes to aircraft tax reporting under the 2017 TCJA.

PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Afclogo

Glenn has over 25 years in general aviation where he has held tax, accounting and government affairs roles at Dassault Falcon Jet; client consulting responsibilities at RSM, US; and now as founder and President of Aviation Financial Consulting (AFC).

About Our Presenter

Afclogo
The Mission of Aviation Financial Consulting, LLC is to provide the general aviation community with the unique value of the Aviation CPA in tax and accounting, consulting and compliance with regard to; federal excise taxes, state sales taxes, personal/entertainment use income and deduction compliance, SEC reporting, GAAP tax accounting and acquisition/disposition planning.