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Owning an aircraft can save company executives time and add prestige to brands. But companies should carefully review the tax consequences, which can be substantial depending on how the aircraft agreement is organized. One...more
Initially, tracking systems were employed to monitor the private jet usage of celebrities like Taylor Swift. Now, similar scrutiny will extend to executives who utilize business aircraft for personal purposes while claiming...more
Over the past few years, the Internal Revenue Service (IRS) has worked to issue final regulations that provide guidance to aircraft management companies and aircraft owners regarding their federal excise tax (FET)...more
The Internal Revenue Service (IRS) is expected soon to publish its final rule on federal excise tax (FET) exemption for aircraft management companies and owners. The IRS pre-published final rules incorporate several...more
As previously reported, one of the benefits from the Coronavirus Aid, Relief, and Economic Security (CARES) Act was that the 7.5 percent air transportation federal excise tax (FET) that applies to commercial operations,...more
The National Business Aviation Association (NBAA) joined with the National Air Transportation Association (NATA) to submit to the Internal Revenue Service (IRS) and the U.S. Department of the Treasury on Sept. 29, 2020,...more
The Internal Revenue Service (IRS) has released a series of frequently asked questions (FAQs) regarding the federal excise tax (FET) holiday for commercial aviation operations created by the Coronavirus Aid, Relief, and...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) suspended federal excise taxes (FET) for commercial aviation operations until Dec. 31, 2020. A National Business Aviation Association (NBAA) article, "What...more
On March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” (the “Act”) was signed into law. This bulletin focuses on those aspects of the Act that address aviation industry relief,...more
The novel coronavirus (COVID-19) pandemic has wreaked havoc on the global aviation industry. Fueled by numerous travel bans and closed borders, international and domestic airlines have seen a drastic plunge in demand for air...more
• Family offices are increasingly involved in structuring and managing the ownership or use of private aircrafts for business and personal travel. • The optimal structure will vary depending on a number of factors,...more
As noted in Part 1 of this series, Federal Aviation Administration (FAA) rules govern the ownership, operation and use of private aircraft. Most private aircraft are operated under Part 91 or Part 135 of the Federal Aviation...more
This paper will describe the basics of aircraft transactions, including aircraft sale, purchase and ownership issues and how current aviation practitioners can expand their practice area to include aircraft transactions, pull...more
This edition of the Burns & Levinson Business Aviation Report covers new developments in the following areas of business aviation: • Rentals from leasing aircraft may be subject to the new 3.8 percent tax on net...more