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You are here: Home / YouTube / What is FET?

Written by jonl

What is FET?


 

Transcript:

FET is Federal excise tax, and it’s another tax to be mindful of when you’re owning or operating a business aircraft. Federal excise tax applies to the purchase or sale of air transportation services. It’s very commonly charged if you buy a commercial air ticket, or if you’re chartering an aircraft or selling charter services on your aircraft, FET would almost always apply. FET however can also apply to certain part 91 operations of an aircraft if aircraft transportation services are being sold. The definition of the sale of aircraft transportation services can differ on the FAA side of things and the IRS side of things, so it’s very important that when you structure how aircraft expenses are paid, and who is paying those expenses and how they’re billed, that you be mindful of not exposing yourself to FET that otherwise shouldn’t apply.

Filed Under: YouTube Tagged With: fet

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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.