NBAA to stage seminars on aviation tax and transactions
The National Business Aviation Association (NBAA) will be running a series of virtual professional development seminars, under its NBAA GO initiative, addressing common questions and concerns surrounding aircraft transactions and ownership structures and taxation, including the impacts of Covid-19.
Beginning October 13th, the Virtual Aviation Tax & Transactions Review will encompass a series of three live and three pre-recorded sessions featuring recognised leaders in aviation tax planning and transactions for an interactive analysis of critical tax and regulatory issues for aircraft owners/operators.
“The Virtual Aviation Tax & Transactions Review offers business aviation stakeholders an important opportunity to benefit from the expertise of NBAA Tax Committee members in navigating often conflicting FAA regulations and tax law,” said Scott O’Brien, NBAA’s senior director of government affairs. “Through these interactive sessions, we look forward to providing tax planning and regulatory compliance strategies that also take into account the recently passed CARES Act.”
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed by President Donald Trump on March 27, 2020.
The sessions will include:
•The A to Z of Tax Depreciation for Aircraft Owners
•Tax Aspects of a Successful Aircraft Transaction
•CARES Act Business Tax Changes
Pre-recorded sessions will provide information about common regulatory and tax questions regarding different uses of business aircraft, for attendees to review later. Read more details about this sessions below and via this link.
Meanwhile, Corporate Jet Investor’s CJI Aircraft Transaction Masterclass, featuring interactive training sessions, may be found here.
NBAA live sessions will include:
The A to Z of Tax depreciation for aircraft owners: How to maximise deductions and more – Tuesday October 13th at 2:30 pm (EDT): During this session, attendees will learn how to determine the applicable depreciation schedules for business aircraft, including the potential availability of immediate expensing, and structure operations to maximize depreciation deductions.
Tax aspects of a successful aircraft transaction – Tuesday October 20th at 2:30 pm (EDT): This live session will offer guidance to identify federal tax concerns for common aircraft ownership structures, and understanding of basic aircraft depreciation and the importance of state sales tax and use planning when acquiring aircraft
CARES Act Business tax changes – Tuesday October 27th at 2:30pm (EDT): This session will provide high-level understanding of tax policy changes under the CARES Act such as net operating losses (NOLs); disallowance of excess business losses; and suspension of certain federal excise taxes and their impact on common aircraft ownership and operating structures.