Services That Are Available To Professionals of Aviation Accounting

When it comes to accounting professionals who are associated with the aviation industry, it would not be an overstatement to say that it is essential for them to have a complete understanding about how transactions happen when it comes to aircraft accounting and also how taxes are calculated in the same. When it comes to aircrafts, the owners and operators who have any sort of aircrafts in their fleet are required to deal with critical issues that are related to aviation tax and accounting. They need to keep a track of every transaction that is happening when it comes to the aircrafts and they also need to file for taxes and tax exemptions wherever applicable.
 
The account professionals who work with various matters related to aircraft accounting are supposed to have a comprehensive knowledge about the tax system that impacts the owners or the operators of the aircrafts on various kinds. Therefore, it is important to make use of the services that are provided by these professionals. Not only can they look after the tax system that impacts the owners or operators of these aircrafts, they can also look into the tax implications that impact the crew members of these aircrafts. Also, they can efficiently guide their clients about the complexities that are concerned with the tax system and are also able to help their clients with well-drawn out financial statements for them to make use from the same.

The aviation accounting professionals work closely to calculate the tax implications and accordingly prepare tax strategies to counter the impact as much as possible by making use of their knowledge of aircraft accounting. These accounting professionals are aware about the importance of proactive tax planning that is imminent due to the continuously fluctuating and changing tax environment. This proactive tax planning is prepared by keeping in mind the client’s changing requirements or the possibility of the changes that might happen in the future.

Not many people are aware about the same, but the aircrafts that are being used for business purposes have different tax liabilities from those that are used for personal use. This is the reason these aircraft accounting professionals need to maintain different records for the transactions associated with each one of them. Even if one aircraft is being used for both, personal as well as professional purposes, one needs to ensure that separate log sheet is being prepared for both categories of usage. A certified professional who works in the field of aviation accounting would be able to handle the tax strategies, and would also be able to the tax issues that might arise for different types of aircrafts that are being used by their client for different purposes. The budget for operating an aircraft is prepared by the certified professional only. For more information visit here: Advocate Consulting Legal Group, PLLC.

Main Features of The Aircraft Compliance Program of FAA

The primary objective of Aircraft Compliance program is to find out the complications that affects the safety of aircraft as well as the safety of the passengers, pilots or crew members. These issues usually result from the deviation from the standard of operation. The ‘Aircraft Compliance’ program does not just identify the complications that result from the digression of standard of operation. The Federal and State departments that supervise this program ensure that all types of non-conformity have been resolved as quickly, efficiently and effectively as possible. These are the two main objectives of the Aircraft compliance program.

The departments (federal and state) supervising the Aircraft Compliance program depend upon a collaborative approach to rectify the deviations. The collaboration is expected from the aircraft owners and operators. They have to be actively engaged in the compliance program in order to find the main reason behind digression from the standard of operation. The collaboration is expected in order to find the main reason behind the digression. The aircraft operators and owners are expected to maintain transparency when exchanging the information.

The goal of Aircraft Compliance program is to improve the safety and performance of individual aircraft owners and operators as well as the organizations that own aircraft. It is difficult for the Federal and State departments to establish a relationship of trust and mutual cooperation with the aircraft owners and operators when conventional regulatory model (focused on enforcement) is being used. The evolution of FAA’s ‘just culture’ has become possible with enforcement of Aircraft Compliance program. The practice of this culture encourages the aircraft owners and operators to disclose the non-conformities or errors on their own.
 
The practice of ‘just culture’ depends upon the mutual cooperation between the Federal and State authorities and the aircraft owners or operators. With introduction of Aircraft Compliance program, the aircraft owners or operators have opportunity to disclose the unintentional mistake on their own. However, they are expected to correct the mistake on time since any type of mistake (intentional or unintentional) reduces the safety of the people on board.

The Aircraft Compliance program of FAA was previously known as the Compliance Philosophy. This modification did not change their oversight processes and underlying principals which determine how this administration approaches the aircraft compliance program. The compliance program of FAA has become an integral part of their ‘risk management’ strategy. FAA is not going easy on aircraft compliance due to modifying their approach to oversight. It is important to remember that FAA is not hesitant to use the enforcement if the aircraft owners or operator are not participating in the Compliance Program. The non-complying aircraft owners or operators may receive civil penalties or have their certificate suspended. It is possible to avoid these outcomes by following the guidelines of FAA. For more information visit here: Advocate Consulting Legal Group, PLLC.