I had an opportunity to watch a You Tube video of President Ed Bolen’s discussion of the case for business aviation. This video was done last year on the Fox Business channel. Many corporations came under fire last year when government bailouts helped those companies continue to do business. The citizen auditors were out in full force calling for cutbacks and calling for “luxuries” such as corporate jets to be put aside and cut from the budgets of companies. As is always the case there is another side to the coin that many do not see and I think that this video gives us an idea of what that other side of the coin may look like.
I am going through a business jet report on the forecast of business jet sales and and state of the business put forth by the Teal Group and will be discussing some of the details of that report but this is perhaps a good place to start with reference to how the current state of business aviation has reached we hope the bottom. The No Plane No Gain program is a great source for business aviation industry information and is a good place to bookmark for those in the business of business aviation.
The National Business Aviation Association (NBAA) will be holding a tax seminar in Chicago tomorrow, June 4, 2010, at the Palmer House Hilton. The seminar is described as providing attendees with the following:
Attendees of this NBAA Business Aviation Taxes Seminar will learn how to:
- Maximize business aircraft tax planning while complying with the Federal Aviation Regulations.
- Understand the application of federal excise taxes on business aircraft operations.
- Learn how to deal with many of the unique accounting challenges facing business aviation departments.
- Understand how passive activity rules can limit the utility of aircraft-related deductions.
- Implement strategies for addressing state and local aviation taxes.
- Learn methods for coping with federal deduction disallowance rules.
- Avoid issues related to business aircraft ownership and operation that have arisen in business tax audits.
- Learn to plan ahead regarding tax issues in structuring the purchase and sale of business aircraft.
Knowledge of aviation tax issues is critical for owners and operators of business aircraft to ensure proper planning and compliance. The NBAA Business Aviation Taxes Seminar is designed to help accountants, attorneys, advisors and flight department personnel keep up with the latest tax and legal developments affecting business aviation. After an introduction to the aviation regulatory environment, knowledge of which is essential for proper tax planning, presenters will address a variety of current tax topics at an intermediate-to-advanced level. Ample time will be allowed for questions and answers following each presentation, and speakers will be available to answer additional questions at the end of the seminar.
As members of the NBAA, L&L International supports these initiatives by the organization and would love to know if anyone is attending and how well the seminar provided the above information.