AVIATION TAX PLANNING – How does Advocate Consulting Legal Group, PLLC integrate with my current accounting / legal team that knows my business?
Aircraft operation planning is unique because it requires the integrating of Federal Aviation Regulations, Department of Transportation Regulations, federal income tax issues, state sales and use tax issues, interstate liability issues, and aircraft economic issues.
We do not compete with your other advisor’s services; we compliment them. By working with your advisors, Advocate develops an aircraft plan, integrates it into your overall planning, drafts necessary documents, and coordinates its execution.
Our services are designed to provide aviation “TLC”. By providing Tax, Legal, and Compliance services in a single engagement, we strive to streamline the process of acquiring a business aircraft and managing the tax concerns and compliance needs on a go forward basis. With this aim in mind, we provide a flat fee three-year contract to each client that is aircraft specific. Our services include the design, implementation, and monitoring of an ownership/operational structure that best suits the owner’s specific needs.
Our engagements commence with an interview conducted by an attorney/accountant/compliance specialist team to consider available tax advantages, based on the intended use of the aircraft, where it will be hangared and other key factors. After becoming familiar with the client and their needs, the lawyer assigned will then begin the legal work – identifying the proper entity structure to own your aircraft, creating any necessary legal entities, drafting or reviewing any relevant contracts including purchase agreements, operating agreements, aircraft leases, management agreements and the like, and filing all documentation required to comply with the FAA and other regulatory/taxing authorities.
In order to facilitate compliance, we provide our clients with access to our proprietary flight log program, which allows them (or their advisors) to record flights as they occur and helps capture all of the essential information for on-going regulatory compliance. We assist with establishing record-keeping protocols, calculating sales and use tax, and determining the tax consequences of personal use. The tool also allows us to provide clients with tailored advice about their use profile and make suggestions to decrease any unintended tax consequences.
When tax returns are needed for the aircraft ownership entity, we will prepare them. Additionally, we strive to work seamlessly with a client’s other advisors, providing counsel and advice on the impact of aircraft deductions on related business tax returns. Although we conduct tax planning reviews during each year of an engagement, our clients may contact us freely at no additional cost. If a tax examination notice is received, either from the IRS or from state or local taxing authorities, our in-house team of audit attorneys stand ready defend deductions related to the aircraft up to the administrative appeal level at no additional charge.
This is a highly specialized area of the law; make certain your advisor is an attorney who understands aviation tax. Our legal department assists in new aircraft acquisitions nearly every day. Our accounting department deals in aviation tax compliance and examinations daily; our law firm serves over 1,500 aviation clients.
Aircraft Tax Compliance General Aviation Law
Aircraft Audit Defense Aircraft Entity Structuring and Planning
Aircraft Depreciation Calculations Aircraft Agreement Drafting and Review
Fringe Benefit – SIFL Calculations FAA Compliance
Passive Activity & Hobby Loss Aircraft Registration
Sales and Use Tax Planning Part-91 and Part-135 Operations
California Interstate-Exemption Assistance Aircraft Co-ownership
Personal Use of Aircraft Fractional Aircraft
Advocate Serves Hundreds of Aircraft Operators Throughout the Country