Hire An Expert Aviation Tax Consultant To Minimize Aircraft Deduction

Aircraft operators and owners find it difficult to manage their business operation without having an experienced aviation CPA. Aircraft tax consultants help business owners and operators in structuring aircraft sales and purchases, federal and state tax returns related to the aircrafts, financial reporting for the aviation business, handle audits of IRS and state. Aircraft owners get confused because of the conflicting rules and regulations of IRS, FAA and DOT. Hiring a competent aviation CPA helps aviation business owners and operators in compliance issues and resolves the conflicts of IRS and FAA rules and regulations and also enjoy minimal aircraft deduction. 

The clients of an aviation CPA included-

•    Aircraft buyers, sellers, owners and operators
•    Pilots, flight attendants and other crew members
•    Corporate flight departments
•    Foreign owners who have US registered aircrafts
•    Flight training schools
•    Part 135, air taxi operators
•    Part 121, 129 Airlines

Aircraft use and sales tax

When purchasing an aircraft, owners have to face aircraft deduction in the form of use and sales tax. If the aircraft is used outside the base state, owners have to pay multiple local and state use and property taxes. An experienced aviation tax consultant knows how to minimize aircraft deduction using proper tax planning.  Exemption of sales and use tax is possible through-

•    Resale exemption
•    Causal sale
•    Corporate transactions
•    Common carrier exemption

Tax returns

A certified aviation tax consultant must be hired to prepare aircraft tax returns because it is a key to aircraft deduction. The aviation tax consultant works with the accounting professionals and other staff members of the company to present the personal, business or charter use of the aircraft so that the business enjoys maximum tax benefits.

An aviation tax attorney prepared tax returns for-

•    Individuals
•    Partnerships
•    S-corporations
•    C-corporations
•    LLCs (Limited Liability Companies)
•    Fuel Tax refund
•    Federal excise tax returns

Audits

If you have received an audit notice from a taxing authority, you will definitely need a competent aviation tax consultant to defend you and help you navigate through this audit. An aviation tax consultant is well aware of this industry so will understand the issues raised by the taxing authority immediately and help client give the best response to the audit. An experienced tax consultant has experience in the Federal Excise Tax audits, State sales tax audits and Federal income tax audits both for the corporate and person.

With proper application of IRS guidance during tax planning, aircraft deduction can be optimum ensuring maximum tax benefits. For a business aircraft, deductions are allowed for compensatory aircraft use. An aviation CPA can maximize your tax benefits while ensuring compliance with the state and federal rules and reduced audit risk. For more information visit here: Advocate Consulting Legal Group, PLLC.

Why Is It Important To Know Aircraft Compliance Law?

Aviation companies, airports airlines, and private aircraft owners have unique business and legal requirements. Some of these needs are routine requirements but some are unanticipated. So, professionals with sound knowledge and experience in aircraft compliance are in high demand. Aviation attorneys are experienced in all types of legal issues faced by aircraft owners, airlines, airports, and operators. Aviation attorneys also offer services to all those involve in aviation-related operations and services. Aviation law is a highly specialized area that addresses critical issues related to aircraft ownership and operation, policies and procedures, compliance regulations and other relevant issues. 

Every aviation business is different so personalized approach is needed to provide the best solution for daily and long-term operational and legal solutions. Thus, aircraft compliance is never violated. The knowledgeable and experienced aircraft attorneys provide hands-on advices to their clients by taking solution-oriented approached so that they have long-term relationships with their clients in the aviation industry.

Aircraft attorneys have sound knowledge and years of experienced in local, state, and federal legal rules and regulations applicable to aviation businesses, aircraft owners, airports and airlines. Services offered by the aviation attorney are-

•    FAA (Federal Aviation Administration) regulatory compliance
•    DOT (Department of Transportation) regulatory compliance
•    Develop and implement airport policies, rules, regulations and ensure aircraft compliance
•    Negotiate and implement airline use and lease agreements
•    Prepare and implement public bid procedures, contract administration, etc
•    Airport governance
•    Prepare and implement leases, development agreements, property management, disposition, licenses etc.
•    Structure corporate aircraft purchase and ownership
•    Develop aircraft operation and charter operations
•    Handle aircraft accident claims
•    Handle different types of litigation and resolve disputes

Clients served

•    Individual aircraft owners operating one or more aircrafts
•    Airports operated by airport authorities and municipalities
•    Small and large corporations having n-house flight departments
•    Flight-training schools

Why hiring professionals in mandatory?

Hiring professional aviation tax consultants is mandatory because they know how to deal with various issues related with aviation business. Hiring professionals for aircraft compliance, tax and accounting and other business needs is beneficial because-

•    Professionals are involved in different aviation organizations so they remain updated with the latest changes in this industry and help their clients better.
•    Professionals take comprehensive and dynamic approach. They can efficiently and effectively handle even complexities of overlapping state and federal laws related to aviation business.
•    Aviation attorneys can handle matters related to business and finance, construction, real estate, government relations, environment, and others

It is a difficult task to handle aviation business unless you have the best professionals to advice you. Aviation tax attorneys help businesses to adhere to aircraft compliance and also minimize tax deductions without violating local, state and federal rules. For more information visit here: Advocate Consulting Legal Group, PLLC.