Tax Treatment of Airplane Purchases After Tax Reform: Maximizing Deductions for Business Aircraft Expenditures
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will address the effect of the 2017 tax reform on aircraft purchase and use. Purchasing an airplane has provided substantial tax savings in the past. While tax reform reduced or eliminated some deductions, others have increased significantly, leaving tax professionals and owners with much to consider. The panel will discuss the recent tax reform changes and incorporate tax savings strategies relative to purchasing a plane.
Outline
- Prior tax treatment of business ownership of aircrafts
- Changes made by the tax reform act
- Planning strategies to optimize tax benefits of airplane ownership
- Lease vs. purchase
- Ownership through holding company
- Avoiding hobby loss rules
- Federal excise tax
- State income and sales taxes
Benefits
The panel will cover and address these and other issues:
- Structuring an aircraft purchase
- Calculating travel, meals and entertainment deductions
- Determining state sales tax liability
- Discerning hobby loss rules
- Calculating personal use
Faculty
Brent K. Beissel
Atty
Reed Smith
Mr. Beissel is a member of the firm's State Tax Group. He currently focuses his practice on Pennsylvania,... | Read More
Mr. Beissel is a member of the firm's State Tax Group. He currently focuses his practice on Pennsylvania, Massachusetts, and New Jersey Sales and Use and Income Tax issues. Mr. Beissel has a particular focus on the taxation of software and emerging technologies. Brent has also focused his efforts on expanding the firm’s niche practice related to the taxation of natural gas drilling and extraction in the Marcellus Shale region of Pennsylvania.
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David P. Dorner
Partner
Reed Smith
Mr. Dorner’s primary practice includes tax controversy, including federal and state tax audits, appeals,... | Read More
Mr. Dorner’s primary practice includes tax controversy, including federal and state tax audits, appeals, administrative hearings, conciliation and mediation conferences and judicial litigation at all levels throughout the U.S.Over the past 20 years, he has represented and counseled businesses and individuals on all forms of federal, state and local taxes, including corporate and individual income, franchise, federal excise, sales, use, and personal and real property taxes. In addition to tax litigation, Mr. Dorner also has substantial experience in the area of taxation of aircraft and aviation regulatory law. In addition, he has written numerous articles on taxation and is a frequent lecturer and guest speaker for various organizations on a wide range of federal and state taxes and aircraft regulatory topics.
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Ruth M. Wimer
Partner
Winston & Strawn
Ms. Wimer is an attorney and a CPA with nearly 30 years of experience previously serving as a senior partner in the... | Read More
Ms. Wimer is an attorney and a CPA with nearly 30 years of experience previously serving as a senior partner in the national tax department of a Big Four accounting firm. She has extensive experience advising clients on complex compensation tax issues, including reporting and withholding and also advises on large deduction timing issues in connection with mergers and acquisitions. Ms. Wilmer’s practice includes structuring optimum ownership of private aircraft and business jets, factoring in deduction and income inclusion for personal use, excise tax, depreciation, SEC, Standard Industry Fare Level, and FAA issues. She frequently resolves a gamut of compensation issues such as employment taxes, stock options, Section 162(m), Section 83, deduction limitations, the entertainment disallowance, and a wide variety of fringe benefits, including health insurance.
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