Tax Treatment of Airplane Purchases: Maximizing Deductions for Business Aircraft Expenditures
Recording of a 110-minute CPE webinar with Q&A
This course will address tax considerations for 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 final regulations under Section 274(l) for transportation and fringe benefits and incorporate tax savings strategies relative to purchasing a plane.
Outline
- Changes made by 2017 tax reform
- Planning strategies to optimize tax benefits of airplane ownership
- Federal excise tax
- Final regulations 274(l) for transportation and commuting
- State income and sales and use taxes
- Best practices
Benefits
The panel will cover and address these and other issues:
- Structuring an aircraft purchase
- Calculating travel, meals, and entertainment deductions
- Sales and use tax planning
- Discerning hobby loss rules
- Commuting expenses
- CARES Act changes that may impact aircraft acquisition
Faculty
Daniel Cheung, CPA
Member
Aviation Tax Consultants
Mr. Cheung specializes in aviation tax compliance matters. He has established great working relationships within the... | Read More
Mr. Cheung specializes in aviation tax compliance matters. He has established great working relationships within the general aviation community with business aircraft owners, pilots and aircraft sales professionals. Mr. Cheung is a frequent speaker at aviation events and aviation tax conferences around the country and frequent contributor to aviation trade journals.
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Sue Folkringa, CPA, MTax, ATP, CFI-A/I
Aviation Taxologist
Aviation CPAs
Ms. Folkringa has been the firm’s resident “Aviation Taxologist” since 2008. She is a member of... | Read More
Ms. Folkringa has been the firm’s resident “Aviation Taxologist” since 2008. She is a member of the NBAA Tax Committee. Ms. Folkringa also serves on Florida Aviation Business Association’s (FABA) Board of Directors, and is a member of AOPA, EAA, AIPCA, FICPA, SFBAA and CalCPA. She is a frequent presenter at NBAA Tax Conferences and other industry events. No stranger to public speaking, Ms. Folkringa also co-presents the Wolcott & Associates aviation tax webinars which feature topics addressing financial and tax issues relative to aircraft owners, operators, financial and legal professionals.
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Michael Kosnitzky
Partner
Pillsbury Winthrop Shaw Pittman
Mr. Kosnitzky, co-leader of Pillsbury Winthrop Shaw Pittman’s Private Wealth practice, advises some of the... | Read More
Mr. Kosnitzky, co-leader of Pillsbury Winthrop Shaw Pittman’s Private Wealth practice, advises some of the world’s most well-respected individuals, families and privately held businesses, using a holistic risk-assessment approach to the law. He was recently named as a Lawdragon 500 Leading Lawyer for 2020 which honors him as one of the top 500 attorneys in the United States irrespective of practice area. Mr. Kosnitzky has also been recognized in various other publications including Chambers, Legal 500, Best Lawyers, Super Lawyers and as a Trust and Estates Trailblazer by the National Law Journal for his focus on where IRS policy is going and not necessarily where it stands today. His tax-minimizing strategies guide financial and strategic buyers in complex taxable and tax-free mergers and acquisitions; privately held businesses in estate tax-efficient succession planning; private investment funds in their choice of jurisdictions and structures; wealthy families in generational real estate income tax and estate tax planning; individuals and family offices regarding artwork and collectables; and ultra-high-net-worth individuals in U.S. and foreign trust matters. Mr. Kosnitzky, who is also a certified public accountant, is a prolific writer on diverse tax topics and the co-author of two treatises on S corporations. The S Corporation: Planning and Operation and The S Corporation Answer Book, both Wolters Kluwer publications.
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