As we find ourselves in the first quarter of 2021, many private companies and individuals operating general aviation aircraft, or considering adding general aviation aircraft to our business operations, find ourselves uncertain regarding the year ahead. With clear political change in Washington, coupled with fewer conferences and face-to-face meetings, the uncertainty of 2020 maintains a cloud over early 2021 planning. It is essential to remember that general aviation aircraft continue to serve a vital role in growing and maintaining business operations in challenging times,
By: Suzanne Meiners-Levy
Understanding the Value of Equipment Expensing and Carryback Net Operating Losses
In uncertain times, businesses and individuals often delay large purchases and investments they had long anticipated, and that will ultimately serve the long-term interest of the company, for fear of uncertain outcomes or with a mistaken belief that it is not the right time. In our practice, where we interact with over 1,500 general aviation owners and operators on an on-going basis,
As we approach the last quarter of 2019, market indicators support the possibility of a very strong year-end in aircraft transactions. If you have not purchased or sold an aircraft since the passage of the Tax Cuts and Jobs Act (TCJA) of late 2017, a review of how changes in the tax law may impact transactions for the balance of the year is in order. Similarly, if you are contemplating selling your aircraft, upgrading, bringing in a partner,
Bankruptcy Court Affirms a Taxpayer’s Ability to Take General Aviation Deductions for Aircraft that Supports Another Business
General aviation owners and operators are well acquainted with the ability of aircraft to build, support, and grow business operations of all sorts. The clients of our firm conduct myriad business operations ranging from farming to consulting, oil and gas to software, entertainment to medicine. They are as diverse as the economy itself. Meeting travel needs and allowing flexibility are essential roles for general aviation aircraft,
During past budget shortfalls, aircraft have been the target of securing additional revenues through the aggressive collection of sales, use, and property tax.
The portability of aircraft can make it easy to avoid sales tax on the purchase by closing in a jurisdiction with little or no tax, or an applicable exemption, but that is only the first step. Use tax generally becomes a significant hurdle in the state or states in which the aircraft is based.