NBAA welcomes action from the Internal Revenue Service (IRS) suspending tax assessments that could be applied to aircraft management companies during federal excise tax audits, giving the agency time to work with industry on additional guidance. "We applaud this decision by the IRS as it addresses an issue that has caused unprecedented concern about potential retroactive and future tax liabilities throughout the business aviation community," said NBAA President and CEO Ed Bolen. Review the press release.
The FAA announced that it will soon release a new notice extending the compliance date for the contract flight instructor and check-airman training records review currently outlined in FAA Notice 8900.208. Part 121 and 135 operators and Part 91K program managers now have until Sept. 30 to ensure the contract flight instructors and check airmen they have nominated have records showing completion of at least one air carrier or program manager's initial training and qualification curriculum as a flightcrew member for the respective FAR part. Learn more.