Advocate Consulting Legal Group, PLLC - The Aviation "TLC" Provider

Toll Free: 888.325.1942 | info@advocatetax.com
  • Aircraft Income Tax
    • SIFL
    • Aircraft Income Tax Online Tools
    • Aircraft Income Tax
  • Aircraft State & Local Tax
    • Aircraft State & Local Tax Online Tools
    • Sales & Use Taxes Articles
  • Aircraft Operations & Law
    • Aircraft Operations & Law Articles
  • YouTube Library
  • Flight Logs
  • About Us
    • Our Team
    • Employment Opportunities
    • Service Agreements
    • Service Delivery – FAQ
    • Contact Us
You are here: Home / Display Location / LowerLeft

Five TCJA Tips for Year-End Closings in 2019

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,

 » Read more about: Five TCJA Tips for Year-End Closings in 2019  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Aircraft Income Tax Tips, Aircraft Operations & Law, Aircraft Operations & Law Tax Tips, LowerLeft, Tax Planning Tagged With: #businessflying, #tax

Tax Reform 201: Aircraft Acquisition and the “Leasing Trap” in a World of 100% Bonus Depreciation

The 2017 Tax Cuts and Jobs Act provides a wonderful opportunity for business aircraft purchasers of both new and pre-owned aircraft to take 100% bonus deprecation on the aircraft purchase price in the year of acquisition pursuant to Section 168(k), provided that the aircraft is placed in service for business use in that year. This purchase incentive, designed to spur economic activity in equipment sales, can serve as a valuable tool to free up capital and encourage business investment and activity.

 » Read more about: Tax Reform 201: Aircraft Acquisition and the “Leasing Trap” in a World of 100% Bonus Depreciation  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Aviation News, LowerLeft, Tax Planning Tagged With: advocate consulting, aircraft bonus depreciation, aircraft depreciation, aircraft tax

TAX COURT EMPHASIZES AIRCRAFT RECORDKEEPING

“T and E and out by three,” is a long-standing adage among IRS agents, reflective of the fact that Congress has elevated the recordkeeping requirements for travel and entertainment expenses, and auditors honed-in on these technicalities may be able to make quick adjustments leading to hefty tax bills.  The rules do not uniquely target aircraft.  Instead, all travel deductions—irrespective of the means of transportation—are subject to enhanced documentation requirements.  Failing to meet these technicalities can mean disallowance of expense deductions,

 » Read more about: TAX COURT EMPHASIZES AIRCRAFT RECORDKEEPING  »

Filed Under: Aircraft Deductions, Aircraft Income Tax, Front Page, LowerLeft Tagged With: advocate consulting, aircraft tax, aviation tax, economic profit expectation, irs audit, ordinary and necessary

Latest Article

Advocate Shareholder quoted as Aviation Tax Expert by the Wall Street Journal

Title: Tax Change Helps Executives Afford Pricier Planes

Author: Rachel Feintzeig – Sept. 12, 2018

Source: Wall Street Journal

The recent changes to the tax code are giving business executives a new perk: the opportunity to deduct the entirety of a corporate-jet purchase.

President Trump signed more than 100 changes to the U.S. tax code into law at the end of last year. Among them: The price of a new or used airplane purchased by a company can be a 100% write-off against its earnings.

 » Read more about: Advocate Shareholder quoted as Aviation Tax Expert by the Wall Street Journal  »

Upcoming Events

  1. Lawyer Pilot Bar Association – Winter 2020 Convention

    March 4, 2020 - March 8, 2020
  2. 2020 NBAA West Palm Beach Regional Forum

    January 29, 2020
  3. 2020 HAI Heli-Expo

    January 27, 2020 - January 30, 2020

View All Events

Contact Us

Toll Free: 888-325-1942
Email: info@advocatetax.com


Advocate Consulting Legal Group, PLLC. 3555 Kraft Rd. Suite 240 Naples, FL 34105 and 1300 N. Westshore Blvd. Suite 220 Tampa, FL 33607. Suzanne Meiners-Levy, Esq. (239) 213-0066. Tax Disclosure. We inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under federal tax laws, specifically including the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.Privacy Policy. Terms of Use.