- What is Business Aviation?
- Flight Department Administration
- Aircraft Operations
- Professional Development
- News & Publications
- Products & Services
All events will be held at the Marriott Metro Center, Washington, DC, 775 12th Street, NW, Washington, DC 20005 (800) 228-9290 or (202) 737-2200.
Friday, May 3, 2013
- 8:00 a.m. – 8:05 a.m.
- Welcome and Introduction
Presented by: Cliff Maine, Barnes & Thornburg, LLP and Sean Fitzgibbons, Wal-Mart Corporation
- 8:05 a.m. – 8:45 a.m.
- The Critical Few: 91 vs. 135, Leases, and the “Flight Department Company”
Presented by: Gary Garofalo, Garofalo Goerlich Hainbach PC and Jeff Wieand, Boston Jet Search
- Review of key differences between Parts 91 and 135 of the FARs.
- When is it permissible to receive reimbursement for flights conducted under Part 91?
- What is the “flight department company trap” and why does it pose problems under Part 91?
- What are the differences between a “wet” and “dry” lease?
- 8:45 a.m. – 10:00 a.m.
- Maximizing Business Deductions while Avoiding Trouble
Presented by: Keith Swirsky, GKG Law, P.C.
- Distinguish between trade or business expenses, expenses for the production of income, and hobby expenses, and learn when is each deductible.
- When are aircraft expenses considered non-deductible entertainment, recreation or amusement expenses?
- What is the "Leasing Company Trap" and how can you avoid falling into it?
- What are the "Passive Loss" and "At Risk" rules, and when are they relevant?
- 10:00 a.m. – 10:30 a.m.
- Morning Break
- 10:30 a.m. – 11:30 a.m.
- State Tax Considerations for Structuring Aircraft Ownership and Operation
Presented by: Michael Cosby, Husch Blackwell LLP and Phil Crowther, Jackson & Wade, L.L.C.
- Learn about common state sales and use tax exemptions applicable to aircraft and how to utilize the NBAA State Aviation Tax Report.
- What are state tax limitations on application of use tax to aircraft not “purchased for use” in the state?
- Review federal constitutional limitations on taxation of non-resident aircraft.
- What is the impact of recent attacks by state taxation authorities on leasing companies?
- 11:30 a.m. – 12:00 p.m.
- Planning Your Approach: Balancing Tax Goals with FAA Regulations
Presented by: Joanne Barbera, Barbera & Watkins, LLC
- Spot problems and create solutions for single purpose entity structures.
- Identify advantages and avoid pitfalls of aircraft leasing structures.
- Explore aircraft management company arrangements.
- 12:00 noon – 1:15 p.m.
Lunch is included in the Registration fee.
- 1:15 p.m. – 2:15 p.m.
- Compliance Strategies: Personal and Entertainment Use Flights
Presented by: Jed Wolcott, Wolcott & Associates
- What has changed now that IRS has issued final regulations on the entertainment use cost disallowance?
- Learn how to use the seat-mile, seat hour, and flight-by-flight reporting rules to comply with reporting requirements for non-business flights.
- Develop planning strategies to minimize the tax consequence of the final entertainment use regulations.
- Review IRS documentation standards and learn how to maintain required information in case of an audit.
- 2:15 p.m. – 3:00 p.m.
- An Emerging Tax: The European Union Emissions Trading Scheme
Presented by: Martina Becher, TAG Aviation
- How does the European Union “stop the clock” announcement and EU ETS prohibition act impact compliance responsibilities for operators?
- What does the process of trading actual emissions credits look like?
- Are there estimates on what the EU ETS will actually cost flight departments?
- Is progress being made at ICAO to develop a global plan to curb greenhouse gas emissions?
- 3:00 p.m. – 3:30 p.m.
- Afternoon Break
- 3:30 p.m. – 4:10 p.m.
- Bonus Depreciation: Potential Opportunities in 2013 and 2014?
Presented by: Rick Farley, PricewaterhouseCoopers
- Details on potential bonus depreciation opportunities in 2013 and 2014.
- Review general requirements for bonus depreciation.
- Learn about recent IRS tax court and audit cases in the area of bonus depreciation.
- Review 50% and 100% bonus depreciation opportunities for 2013 and 2014.
- 4:10 p.m. – 5:20 p.m.
- Understanding Federal Excise Tax Exposure for Management Companies
Presented by: Eileen Gleimer, Crowell & Moring and John Hoover, Dow Lohnes
- Explanation of potential FET liabilities arising from the use of aircraft management companies.
- Potential structuring arrangements to minimize possible excise tax risk.
- Update on IRS excise tax audits after Chief Counsel Advice 2012-10026.
- Status of NBAA efforts to protest the Chief Counsel Advice and seek improved guidance from IRS.
- 5:20 p.m. – 5:30 p.m.
- Closing Remarks
Additional sponsorship opportunities are available. Please contact NBAA via firstname.lastname@example.org to learn how you can become an important sponsor of the 2013 NBAA Business Aviation Taxes Seminar.
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