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You are here: Home / Archives for irs audit

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,

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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

IRS EXPANDS AIRCRAFT TAX EXAMS – HOW SHOULD YOU PREPARE?

IRS EXPANDS AIRCRAFT TAX EXAMS – HOW SHOULD YOU PREPARE?

The Internal Revenue Service appears to be taking increased interest in aircraft owners’ income tax returns. It may be a result of bonus depreciation, enhanced expensing, or targeting high income taxpayers; but regardless of the trigger, exams appear with increasing frequency and greater depth of review.

THE LAW AND JUDICIAL PRECEDENT GENERALLY REMAINS UNCHANGED.
Of course, an aircraft is not unlike any other business tool.

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Filed Under: Aircraft Income Tax, Tax Planning Tagged With: at risk basis, grouping activities, grouping election, hobby loss, irs audit, IRS examination, ordinary and necessary

DEFENDING YOUR AIRCRAFT DEDUCTIONS BEFORE THE IRS

Aircraft Deductions, Aircraft Income Tax

Filed Under: Aircraft Deductions Tagged With: aircraft tax, aviation tax, economic profit expectation, grouping election, hobby loss, irs audit, ordinary and necessary, passive activity

Latest Article

Corporate Jet Investor Town Hall – Finance, Tax and All That Jazz (Webinar Replay)

View a replay of the town hall by clicking the video above, or following the link here.

As you know, these are unprecedented times for business aviation. We invite you to join the Corporate Jet Investor Town Hall as a way of staying connected and informed during this period.

Moderated by Alasdair Whyte, co-founder Corporate Jet Investor, each week CJI will tackle a different issue or topic through the knowledge of as many expert participants as possible.

 » Read more about: Corporate Jet Investor Town Hall – Finance, Tax and All That Jazz (Webinar Replay)  »

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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.