Tax Treatment of Airplane Purchases: Withstanding New IRS Scrutiny of Personal Use, Maximizing Business Deductions
Note: CLE credit is not offered on this program
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. The panel will discuss the recent IRS initiative targeting the personal use of airplanes, the final regulations under Section 274(l) for transportation and fringe benefits, and incorporating tax savings strategies relative to purchasing and operating a plane.
Outline
- Tax guidelines relative to operating and purchasing aircraft
- Planning strategies to optimize tax benefits of airplane ownership
- IRS examinations of personal use of airplanes
- Federal excise tax
- Final regulations under 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
- Preparing for IRS audits of personal use of aircraft
- Calculating travel, meals, and entertainment deductions
- Sales and use tax planning
- Discerning hobby loss rules
- Commuting expenses
Faculty
Letisha D. Bivins
Principal
GKG Law
Ms. Bivins received her LL.M. in taxation from the University of Florida Levin College of Law, where she was a Graduate... | Read More
Ms. Bivins received her LL.M. in taxation from the University of Florida Levin College of Law, where she was a Graduate Tax Scholar. She received her J.D. from Florida State University College of Law in 2003 and was a member of the Trial Advocacy Team. Ms. Bivins has been involved in all aspects of state and federal tax examinations, including representing clients during the examination process; negotiating with IRS and state revenue personnel to resolve tax assessments; and representing clients before the U.S. Tax Court and state courts and administrative tribunals.
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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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