Tax Treatment of Airplane Purchases: Maximizing Deductions for Business Aircraft Expenditures

A live 110-minute CPE webinar with interactive Q&A


Tuesday, June 2, 2020 (in 1 day)

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

or call 1-800-926-7926
Program Materials

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 tax reform changes and incorporate tax savings strategies relative to purchasing a plane.

Description

Tax reform changes impact aircraft purchase and use. For example, new bonus depreciation rules allow an immediate 100% deduction of the purchase price of a new or used airplane. At the same time, taxpayers may no longer receive deferral benefits from like-kind exchanges of airplanes.

Further, business entertainment is no longer deductible, which could potentially diminish the business value of owning an airplane. Current owners or potential buyers of business use airplanes--and their tax advisers--must wade through the numerous changes and complexities of the tax act to determine their impact on business ownership of aircraft.

In addition to the tax reform changes, tax practitioners and owners need to consider the hobby loss rules, personal use calculations, and federal excise taxes; still, these are only a few of the federal tax issues to consider. State sales and use tax and state income tax differences must also be addressed.

Listen as our panel of experts discusses the tax considerations of owning a plane. They will guide you through the recent tax reform changes, minimizing upfront state and excise taxes, and on-going concerns, including imputing personal use and avoiding classification as a hobby loss.

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Outline

  1. Changes made by 2017 tax reform
  2. Planning strategies to optimize tax benefits of airplane ownership
  3. Federal excise tax
  4. State income and sales and use taxes

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 2020 aircraft acquisition

Faculty

Cheung, Daniel
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

Folkringa, Sue
Sue Folkringa, CPA, MTax, ATP, CFI-A/I

Aviation Taxologist
Wolcott & Associates

Ms. Folkringa has been the firm’s resident “Aviation Taxologist” since 2008.  She is a member of...  |  Read More

Kosnitzky, Michael
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

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