The current Standard Industry Fare Level (SIFL) rates in effect through June 30 are: 0 to 500 sm–$0.2031; 501 to 1,500 sm–$0.1548; and more than 1,500 sm–$0.1489. The SIFL terminal charge is $37.12. SIFL fees are used to satisfy IRS requirements for operators to compute the value of non-business transportation aboard employer-supplied aircraft.
“The FAA, and the IRS…they really don’t think alike,” began tax attorney Gary Garofalo, first speaker at the NBAA Federal Aviation Tax Forum in Arlington, Va., on May 7. Some 80 specialists, accountants and financial officers attended the most advanced forum the NBAA tax committee has held on aircraft taxation.
A letter from the Internal Revenue Service (IRS) can cause any taxpayer’s heart to skip a beat. For aircraft operators, whose main focus of government compliance is the FAA, it can be easy to overlook the many nuances of the federal and state tax codes to ensure all taxes are being paid.