Roles And Responsibilities of Aircraft Accounting Consultants

When you own an aircraft, you have no other choice but to deal with an array of critical accounting issues. In other words, it is to say that Aircraft Accounting is a crucial aspect of any aviation operation or business. It is utmost important for every aviation business existing in the United States to maintain compliance related to proper preservation of records. This bookkeeping is crucial to maintain transparency with both Federal and state tax authorities. In order to cut a long story short, if you own an aircraft you have to seek the professional expertise of individuals who have mastered the aspect of aviation tax and accounting. These professionals are your best bet not only to resolve the tax and revenue issues but also day to day operations of the business.  

Perhaps you already own an aircraft or planning to purchase one in near future. In both circumstances you require sound guidance of a competent and experienced Aviation Accounting consultant. This professional will provide crucial help on taxation issues. Taxation matters related to aircrafts are actually more complex than one may think. But when you have an experienced and skilled consultant on your side the entire aspect turns easy to handle. Professional expertise of the consultant not only makes the entire process of your tax reporting simpler but it also streamlines the aspect to enable you enjoy greater convenience. In short you just cannot do without the professional expertise and guidance of this category of professionals when you own or operate an aircraft.

The core responsibilities of an Aviation Accounting consultant also include managing the cash flow so that your aircraft operation does not face any roadblock or hindrance. As far as aviation companies are concerned, every such outfit must have a carefully customized as well as effective aircraft operations plan. Without such a foolproof and concrete strategy, the business will not sustain long. This category of consultants invariably contributes handsomely in formulating those plans or strategies.

The role and responsibility of an Aircraft Accounting and tax consultant is not only limited to planning the daily financial operations of your business. The professional also contributes heavily on designing and implement tax planning strategies for your business. The consultant would invariably leave no stone unturned to help the business receive the maximum tax benefits from relevant authorities. The information that is worth mentioning in the ongoing context is taxpayers who ride aircrafts for business purpose are awarded tax deduction. Even many successful businessmen and women cannot understand the intricacies involved in tax computational procedures of the Internal Revenue System or IRS. Only this particular breed of tax and accounting consultants can help entrepreneurs smoothly get along on that particular aspect. For more information visit here: Advocate Consulting Legal Group, PLLC.

Is Aircraft Compliance Program of FAA A Modified Approach To Oversight?

The aircraft compliance program of FAA is supposed to promote regulatory compliance and ensure highest level of safety for the passengers, operators and crew members of any aircraft. The primary objective of the compliance program is to identify the existing as well as the emerging safety issues. It is also used to manage the risk by controlling these issues. The aircraft compliance program enables FAA to determine whether or not the certificate holders, such as pilots and flight instructors, are maintaining compliance.

The aircraft compliance program also encourages the exchange of different types of information between the Federal Aviation Administration (FAA) and members of the aviation community (airlines operators or owners and operators of different types of aircraft). The aircraft compliance program allows FAA to understand and address the safety issues at the right time. The National Airspace System (NAS) also benefits from using the aircraft compliance program. It enables them to identify and resolve different types of safety issues. According to the aircraft compliance program, NAS participants are expected to use the safety management system in order to identify different types of risks.

There aircraft compliance program of FAA is different from the Enforcement program of FAA. The purpose of implementing the compliance program is to increase the safety of NAS. It is important to remember that FAA is not going easy on the compliance with the implementation of ‘aircraft compliance’ program. This is regarded as evolved approach to oversight. The legal enforcement actions of FAA result in suspension of the certificate of the members of aviation community, such as owners or operators of any aircraft or the airlines. FAA is not reluctant to implement the legal enforcement actions whenever it is necessary. FAA is going to apply them if any member of the aviation community does not or cannot comply.

The implementation of legal enforcement actions also becomes necessary if any member of the aviation community takes unnecessary risks when operating any type of aircraft. The Federal Aviation Administration does not tolerate any type of reckless behavior or intentional violation of the rules. The FAA has to use the legal enforcement actions in this scenario. The main objective of the aircraft compliance program is to quickly achieve compliance.

The aircraft compliance program is also implemented to eliminate the safety risks or to ensure that there is no possibility of deviation from the standards of operation. The aircraft compliance program is also used to ensure permanent changes and positive modifications. The legal enforcement actions are implemented when it is absolutely necessary with the introduction of aircraft compliance program. This is no longer the only method of addressing the noncompliance of the members of the aviation community. FAA has to move forward with the ‘legal enforcement’ actions if the compliance program cannot be implemented. For more information visit here: Advocate Consulting Legal Group, PLLC.