NBAA Business Aviation Taxes Seminar

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Experts to Share Insights, Compliance Tips at NBAA Taxes Seminar

April 16, 2013

For aviation attorneys, accountants and flight department finance managers, staying up-to-date with the latest tax laws and regulations is a near-constant battle. State and federal legislation, shifting trends in Internal Revenue Service (IRS) audits and even regulations overseas – like the European Union’s Emissions Trading Scheme (EU-ETS) – all affect key decisions for owning and operating aircraft.

To help professionals grappling with these issues, NBAA brings together the leading experts in the industry to share their insights at the annual Business Aviation Taxes Seminar, with this year’s event set for May 3 in Washington, DC.

“This seminar brings together people well-known in aviation law and accounting to focus on tax issues in-depth,” said Scott O’Brien, NBAA senior manager of finance and tax policy. “It goes beyond the introductory materials and explores these issues at an intermediate-to-advanced level.”

Topics at this year’s seminar include: final entertainment-use regulations issued by the IRS, state-level tax treatment, bonus depreciation, federal excise tax (FET) as it applies to management companies and the EU-ETS.

The situation with EU-ETS right now is complicated, because “the EU made a ‘stop the clock’ announcement, creating a period of time when flights from outside the EU are not subject to the scheme, but intra-EU flights are,” said O’Brien. “The seminar will go into what that means for U.S.-based operators flying to, and within, Europe.”

On federal and state taxes, aviation attorneys will present their insights on the latest cases, and accountants will cover recent trends in audits of aircraft operations. For example, O’Brien said, states have been more actively looking into aircraft leasing company structures, and presenters will describe how to avoid common pitfalls in this area.

Operators also need to make sure they’re in compliance with final entertainment-use regulations issued by the IRS last summer, said O’Brien. “There are some important changes in the final regulations that operators and their advisors need to be aware of.”

The issue of FET potentially being applied to all fees paid to aircraft management companies will also be front-and-center. The seminar will cover NBAA’s efforts to address this issue with the IRS and ways to structure management agreements to limit audit risk.

“These are the issues practitioners face on a daily basis,” said O’Brien. “The seminar is an important networking and knowledge-sharing opportunity for anyone on the finance side of business aviation.”