IRS Circular 230 Notice: Pursuant to Sections 10.35(b)(4) and (5) of IRS Circular 230 (31 CFR Part 10), if and to the extent that this communication (including any attachments, blog posts, or comments) contains any tax information, we advise you that such tax information is not intended to be used, and cannot be used, by you for the purpose of avoiding any U.S. tax and/or penalties that may be imposed on you, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed herein. Nor can any blog post be relied upon as tax advice for the viewer. This blog is intended to provide information on key topics in the accounting industry for discussion purposes and AeroCPA encourages you to discuss specific questions and issues with your tax advisor and/or legal counsel.

About AeroCPA

In today's world we have a laundry list of rules and regulations from several different federal, state and local agencies that need to be considered when accounting for private aircraft. These agencies range from the Federal Aviation Administration (FAA), Internal Revenue Service (IRS), Securities and Exchange Commission (SEC), Department of Transportation (DOT) and the list goes on and on...

 

AeroCPA would like all aircraft owners to be able to maximize their tax savings while minimizing tax and regulatory risk. AeroCPA specializes in assisting with tax and accounting services specific to the aviation industry. We work closely with aviation attorneys to ensure that the aircraft ownership structure is legal and provides the best possible tax situation for the aircraft owner(s). We are here to help with your SIFL/personal income inclusion calculations as well as helping calculate and gather data for the IRS entertainment disallowance calculations under IRC 274.

 

AeroCPA understands the value of private aircraft operations and helps aircraft owners to plan accordingly and avoid some common situations that result in adverse tax effects.

Expertise

  • Federal Excise Tax

  • Personal Use Regulations and SIFL Calculations

  • 274 Entertainment Disallowance Compliance & Planning

  • Depreciation and Capitalization

  • State and Local Sales Tax

  • Income Tax Planning

  • Acquisition, Dispositions and Distribution Planning

  • General Aircraft Tax Planning and Cash Flow Forecasting

  • Compliance Reviews of Client Provided Calculations

  • Evaluating Federal Aviation Regulation's effect on Tax and Accounting Related Issues - Including FAR Part 135, Part 91, Part 121 and Fractional Programs under FAR 91 Subpart K

Affiliations

 

AICPA -Association of Internaional Certified Public Accountants
NBAA - National Business Aviation Assoc
NAFA - National Aircraft Finance Assoc
CABA - Coloado Aviaton Business Association
Wyomin Society of CPAs