The U.S. Internal Revenue Service (IRS) issued a press release on February 21, 2024, announcing its plans to initiate a campaign conducting "dozens of audits" of large corporations and high-income taxpayers, focusing on their...more
The Federal Aviation Administration (FAA) published a Notice of Proposed Rulemaking (NPRM) in June for alternative certification standards for pilots operating powered-lift aircraft, as well as specific operating rules for...more
The flight department company trap is a unique facet of aviation law that takes the liability protection of a Limited Liability Company (LLC) and turns the LLC into a liability itself. If your aircraft is owned by an LLC and...more
The Tax Cuts and Jobs Act (TCJA), enacted in 2018, extended bonus depreciation through 2026 and increased first-year bonus depreciation to 100 percent for assets placed in service after September 27, 2017. While the buyers of...more
The Federal Aviation Administration (FAA) issued the final rule for the establishment of a new electronic pilot records database (PRD) on May 25, 2021, with the goal of providing transparency on pilot training deficiencies,...more
The answer is, most likely, yes. There are many reasons people track private aircraft – because they are aviation enthusiasts, to snag a lead on a news story, to gain market intelligence on a competitor, or to leverage money...more