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,

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.

DEFENDING YOUR AIRCRAFT DEDUCTIONS BEFORE THE IRS

Aircraft Deductions, Aircraft Income Tax

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.