What are your chances for being audited?—IRS's...
(Excerpts from a recent article by Thompson Reuters) IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2011 activities. As this article explains, the data book provides valuable information about how many tax returns IRS examines (audits) and what categories of returns IRS is focusing resources on, as well as data on other enforcement activities such as...
This was a recent presentation I was invited to make at a major aircraft manufacturer’s sales team meeting. Just click the grey right arrow to load. Then keep clicking the grey arrow or select “More” and “Auto Play”
Are iPads Legal in the Cockpit?
A client of mine recently asked me if the FAA restricted the use of iPads and iPhones in the cockpit of his private aircraft. iPads and other tablets are so prevalent in today’s cockpits, that many of us may assume they have the FAA’s seal of approval. (we will discuss iPhones in another post) After all, any visit to Sporty’s Pilot Shop will turn up dozens of accessories and apps designed for...
The trouble with my life is that I do not think I am cut out to sit behind a...– Howard Hughes
Buying an aircraft? Don't forget the sales tax.
If you are in the market to purchase an aircraft, there are many considerations: the purchase agreement, the inspection, how to structure your ownership interest, and how to utilize federal income tax deductions. In the midst of all this planning, be careful not to overlook the most costly potential transaction fee: sales tax. Most states, counties and municipalities charge a sales tax on an...
The bureaucracy is expanding to meet the needs of the expanding bureaucracy.– Oscar Wilde
White House proposes Aviation User...
Like a weed that reappears every spring, aviation’s age-old foe has appeared again: a per-flight user fee proposal. The latest proposal comes from a White House who, let’s be honest, has not been the greatest friend to the aviation community. President Obama is proposing a $100 fee for every flight departure. This would be in addition to the taxes and fees already levied on every...
Flying may not be all plain sailing, but the fun of it is worth the price– Amelia Earhart
Hello and welcome to Flying Legal
Our mission is to provide you a view from our unique perspective on the aviation industry. We will consider aviation legislation and regulation, significant cases and events, and occasionally sneak in some sharp wit as only a pilot-lawyer can. Being part of the aviation community is an exciting, albeit sometimes daunting, journey. As we begin this broadcast, we hope to become your ATIS of...
Great Tax News for Business Aviation!...kind of
The recently enacted Worker, Homeownership, and Business Assistance Act of 2009 extends the loss carryback rules. Under this new Act, a US company may now take losses generated in either 2008 or 2009 (not both) and apply them to offset income earned in prior years, all the way back to 2004. How does this help aviation? Well, if a company purchased an aircraft in 2008 or 2009, depreciation...