Accountancy

April 8, 2014 - 2:45pm

Flight Dept Advantage (FDA), a provider of start-up and operational services for flight departments, launched a program that “relieves an aircraft owner of all direct obligations related to payroll taxes, benefits and workers compensation while addressing IRS, FAA and other regulatory pitfalls.” Called FDA HR Advantage, it works with clients’ professional advisors to create a customized solution specific to each aircraft owner’s operation, business structure and goals.

October 23, 2013 - 3:30am

As most NBAA attendees will attest, the safe and legal operation of an aircraft is a complex task. With a seemingly endless list of agencies to answer to, it is all too easy for something to fall through the cracks. Aviation law specialist Advocate Consulting Legal Group (Booth No. C9314) assists its clients in developing and implementing entity structures and contractual arrangements to maximize tax savings, while complying with FAA, DOT and state regulatory requirements.

August 4, 2013 - 12:15am

Wisconsin MROs have once again been foiled in their attempt to get the state legislature to exempt private aircraft maintenance and modification from the 5.5-percent state sales tax. While the tax does not apply to aircraft operated under Part 121 or 135 certificates, it does apply to those operating under Part 91.

May 7, 2013 - 1:45pm

Macquarie Infrastructure, the parent company of Atlantic Aviation, announced its first-quarter financial results last week, posting a 3.2-percent increase in Atlantic’s GA jet fuel sales on a same-store basis, over the opening quarter of last year. The chain’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 6.9 percent year-over-year. Macquarie expects to complete refinancing of Atlantic’s long-term debt this month, a move the company expects will give it more resiliency in case of another downturn in GA activity.

January 8, 2013 - 3:50pm

Despite his rhetoric during a presidential debate that “corporate jets” should not get tax breaks, President Obama signed a bill–the American Taxpayer Relief Act of 2012–last week that extends the 50-percent accelerated depreciation for capital goods, notably including business aircraft, through the end of this year.

September 2, 2012 - 2:55am

Owners and operators of business aircraft were disappointed last month when the IRS issued final regulations disallowing certain deductions for “entertainment” use of company aircraft.

The provisions were originally contained in the “American Jobs Creation Act of 2004.”

Under the new rules, the difference between the actual cost of personal entertainment flights provided for “specified individuals” and the amount included as income for the individual is disallowed as a deduction to the corporation.

June 24, 2011 - 3:59am

Fourteen charter operators and four auditing companies met early last month to discuss whether there should be a single audit standard for the charter and fractional-share industry. The meeting was organized by the Air Charter Safety Foundation, which developed the ACSF industry audit standard and is proposing that this be the sole standard used for auditing charter companies.

April 12, 2011 - 10:30am

ACSF Seeks Support for Single Audit Safety Standard

September 28, 2010 - 11:46am

The Senate last month passed its version of bonus depreciation legislation, much to the satisfaction of general aviation groups. The House of Representatives passed similar legislation in June.

August 26, 2010 - 12:21pm

Although support for accelerated depreciation for major equipment purchases is growing, Congress left for its summer recess without making it so. Last month, NBAA senior vice president for government affairs Lisa Piccione told the Greater Washington Business Aviation Association (GWBAA) that NBAA has joined 80 other business organizations in pushing to see accelerated depre ciation renewed in pending legislation in the Senate.

 
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