Business Aviation Taxes, Regulatory & Risk Management Review
Business aviation professionals in flight departments, charter operations, and aircraft management companies must understand complex state and federal tax issues, and learn about federal, state and local regulations and tax changes. This five week online course will identify and explain these important topics through the use of recorded presentations from the 2012 Tax, Regulatory & Risk Management Conference and facilitated online discussions with presenters.
Attendees will watch the recorded presentation pertaining to the weekly topic on their own time prior to answering the discussion questions provided on Tuesdays and prior to participating in the live facilitated discussion of that topic on Thursdays from 1:00-2:00pm ET. The facilitated discussion will be recorded and available for Attendees who cannot attend during the live timeframe for their review, consideration, and comment.
Prerequisites:
NBAA is offering Complimentary On-Demand access to this 30 minute recorded presentation free to all Members even if they do not register for the VSG.
Background and Basics: FAA Operational and Regulatory Issues
Presented by Gary Garofalo, Garofalo Goerlich Hainbach PC
(30 Minutes in length)
After registering for the VSG, attendees will instantly get access to the VSG online classroom and will receive access to the entire set of recordings from the 2012 Conference which also include the following topics that will not be specifically covered:
- Advanced Personal Use,
- International Operational & Tax Issues,
- Background and Basics: Federal Excise Taxes,
- Understanding the IRS Final Regulations on Entertainment Use,
- State Tax Strategies and Resources,
- The Aircraft Transaction: Buying and Selling Traps and Best Practices
Prior to the first week, attendees will be invited to watch a recorded demonstration of the webinar software and learn how to:
- Fully engage in the online discussion with the presenters
- Watch a recorded webinar if you're unable to attend a live presentation
- Set-up your Virtual Study Group online profile
- Engage in online discussions.
The requirements group participants must meet to receive CAM credit also will be discussed. After viewing this webinar, attendees are encouraged to set up their online profiles and introduce themselves to the other course participants and presenters.
Target Audience:
The schedule for these series will be:
May 16: Background and Basics: Personal Use- Imputing Income and Deduction Limitations - Presented by Joanne Barbera, Barbera & Watkins, LLC
May 22: Advanced Personal Use: Aviation Reporting for Public Companies - Presented by Doug Stewart, AircraftLogs
May 30: Background and Basics: Ordinary and Necessary Use, Hobby Losses, Passive Losses, and At-Risk Rules - Presented by Alvaro Pascotto, Law Offices of Alvaro Pascotto and Jed Wolcott, Wolcott & Associates CPAs, P.A.
June 6: Advanced FET: Issues for Management Companies, Charter Operators and Brokers - Presented by John Hoover, Dow Lohnes PLLC
June 13: FAA/DOT Regulatory and Operational Issues - Presented by Eileen Gleimer, Crowell & Moring LLP and David Hernandez, Vedder Price PC
May 16: Background and Basics: Personal Use- Imputing Income and Deduction Limitations - Presented by Joanne Barbera, Barbera & Watkins, LLC
May 22: Advanced Personal Use: Aviation Reporting for Public Companies - Presented by Doug Stewart, AircraftLogs
May 30: Background and Basics: Ordinary and Necessary Use, Hobby Losses, Passive Losses, and At-Risk Rules - Presented by Alvaro Pascotto, Law Offices of Alvaro Pascotto and Jed Wolcott, Wolcott & Associates CPAs, P.A.
June 6: Advanced FET: Issues for Management Companies, Charter Operators and Brokers - Presented by John Hoover, Dow Lohnes PLLC
June 13: FAA/DOT Regulatory and Operational Issues - Presented by Eileen Gleimer, Crowell & Moring LLP and David Hernandez, Vedder Price PC
This virtual study group is designed for any business aviation professionals interested in expanding their knowledge and skills in aviation tax, operational and regulatory issues and is also applicable to any individual currently managing, or aspiring to manage, any aspect of business aviation operations, including flight department managers, pilots, maintenance managers and technicians, schedulers, dispatchers, flight attendants, aircraft management company executives, and charter operators.
Knowledge & Skills Objectives:
Attendees of this virtual study group will learn about and develop skill in:
1. Successfully navigate the often conflicting rules from agencies such as FAA, IRS and SEC.
2. Understand how various aircraft ownership and operating structures affect tax planning.
3. Track non-business use of an aircraft and understand IRS fringe benefit rules.
4. Calculate any potential entertainment use disallowance resulting from non-business use of an aircraft.
5. Calculate, collect and remit Federal Excise Tax (FET) for domestic and international charter flights.
6. Analyze important loss deduction issues such as hobby loss, passive activity and at-risk rules.
7. Understand the latest issues concerning FET applicability to aircraft management company arrangements.
8. Correctly report non-business use of an aircraft for SEC purposes.
9. Understand the requirements and methods of tax depreciation.
10. Utilize limited options for cost reimbursement allowed under Part 91 of the Federal Aviation Regulations.
11. Evaluate key employment issues when using independent contractors in business aviation.
12. Minimize state tax exposure and utilize the NBAA State Aviation Tax Report.
13. Plan for flights to the European Union by evaluating Value Added Tax and EU ETS implications.
14. Understand the current aircraft financing climate and review differences between loans and leases.
15. Identify changes from a tax, regulatory and risk management perspective to ensure compliance throughout the year.
2. Understand how various aircraft ownership and operating structures affect tax planning.
3. Track non-business use of an aircraft and understand IRS fringe benefit rules.
4. Calculate any potential entertainment use disallowance resulting from non-business use of an aircraft.
5. Calculate, collect and remit Federal Excise Tax (FET) for domestic and international charter flights.
6. Analyze important loss deduction issues such as hobby loss, passive activity and at-risk rules.
7. Understand the latest issues concerning FET applicability to aircraft management company arrangements.
8. Correctly report non-business use of an aircraft for SEC purposes.
9. Understand the requirements and methods of tax depreciation.
10. Utilize limited options for cost reimbursement allowed under Part 91 of the Federal Aviation Regulations.
11. Evaluate key employment issues when using independent contractors in business aviation.
12. Minimize state tax exposure and utilize the NBAA State Aviation Tax Report.
13. Plan for flights to the European Union by evaluating Value Added Tax and EU ETS implications.
14. Understand the current aircraft financing climate and review differences between loans and leases.
15. Identify changes from a tax, regulatory and risk management perspective to ensure compliance throughout the year.
CAM Credit:
Candidates for the NBAA Certified Aviation Manager (CAM) credential may earn points towards their CAM application or CAM re-certification by attending this virtual study group.
{P0} Member Price:
$399.00
Non-Member Price:
$599.00
