Hire The Best Aviation Consultants For Aircraft Compliance

Owning and operating an aircraft involves a number of financial and operational issues. Right from the day-to-day operational planning to account needs to tax returns, aircraft compliance according to the state and federal rules and regulations is a must. Without an expert aviation accounts and tax consultant, it is difficult for aircraft owner to manage the financial issues of their aircraft. The best aviation consultants work with their clients and their advisors. The team ensures smooth business operation and maximum tax benefits. 

Aviation compliance specialists offer tax, legal and aircraft compliance services for the following clients-

•    Aircraft owners, buyers, sellers and operators
•    Pilots, flight attendants and crew members
•    Corporate flight departments
•    Aviation support companies
•    Foreign owners of aircrafts registered in the US

Integrated service: Tax, legal and compliance

Any reputed aviation consultant firm offers integrated service including Tax, Legal and Compliance. The aviation consultant ensures that the process of aircraft buying or selling is streamlines and all processes are designed and implemented without violating aircraft compliance guidelines set up by the regulatory authorities. The most common problem faced by each aircraft owner or operator is the overlapping of FAA (Federal Aviation Administration), DOT (Department of Transportation) and TSA (Transportation Security Administration) guidelines.

Ownership structure

Determining the most suitable ownership structure for an aviation business is very crucial because this can significantly impact the financial issues. Hiring a knowledgeable and experienced aviation consultant to determine the entity(s) structure is crucial because it lays the foundation for the deductibility of the aircraft expenses in future. To ensure aircraft compliance is not violated, aviation consultants work before and during the purchase process to implement the best entity structure for the aircraft owner and operator. The entity structure could include-

•    Individual-owned aircraft
•    Aircraft with multiple owners
•    Fractional aircraft interests
•    Aircrafts of the flight departments
•    Aircraft holding companies
•    Foreigner owned N-registered aircraft

What compliance specialists provide

To ensure aircraft compliance is not violated, the aviation consultants provide-

•    Simplified flight log program for the clients or their advisors to maintain detailed flight information. The information is needed for compliance adherence.
•    Evaluate sales and use tax and implements methods to minimize it.
•    Analyze clients needs and offer the best suggestions to minimize any unintended tax

Aircraft owners and operators need certified and skilled aviation tax consultants right from the beginning. The consultants have been working in the aviation sector for years and they know how to handle operational and financial needs of an aircraft operation. Not hiring an aviation consultant can cost you dearly and you may face operational and financial issues at every step of business. For more information visit here: Advocate Consulting Legal Group, PLLC.

For Aircraft Compliance, Do You Need Professionals To Handle The Issue?

If you are planning to buy a business aircraft you should know the tax issues associated with the purchase. You must hire an aviation tax lawyer to ensure aircraft compliance of your business aircraft. Aviation business owners find the FAA (Federal Aviation Administration, DOT (Department of Transportation) and TSA (Transportation Security Administration) rules and regulations very conflicting and they do not know how to manage the financial aspect of their aviation business. Tax consultants who have specialized knowledge in aviation accounting and taxes help clients in managing their financial and tax needs.

Responsibilities of aviation tax consultants

 Aircraft operation business management is time-consuming and complex. The operation needs integration of different issues including-

•    Federal tax rules
•    Rules and regulations of DOT
•    Federal Income Tax
•    State sales and use tax
•    Interstate liability issues
•    Aircraft economic issues

An aviation tax consultant firm offers tax, legal and aircraft compliance services in an integrated form. Clients get a customized solution for acquiring a business aircraft. Aviation tax consultants also manage tax issues and aviation compliance needs so that business can have hassle-free day-to-day operation and also move forward.

The services of aviation tax consultants include design, implementation and monitoring of an aviation operational/ownership structure that is best suited to the owner’s specific needs. Aviation tax consultants work with other advisor services of the aviation business and compliment them. Together with the aircraft business advisors, the aviation tax consultants develop an aircraft plan and integrate this plan into the overall business planning, prepare the required documents and coordinate the plan execution. With an experienced aviation tax consultant, aircraft owners need not bother about day-to-day operations, financial needs and aircraft compliance standards.

Having the best aviation consultant from the first day is beneficial in many ways. Aviation tax professionals who have been working in this field are well aware of the industry standards and how it works.

How the process works?

Each aviation business has its own requirement. Aviation consultants provide client-specific solutions. At first, an interview session is arranged where aircraft compliance specialist assess different business issues such as where to hanger the aircraft, tax advantages and other necessary business factors. After clients requirements are understood clearly, the aviation tax attorneys will do the following-

•    Determine the best entity structure for the aircraft ownership
•    Create the legal entities required for the aircraft ownership structure
•    Create and review legal documents or contract including aircraft lease document, operation agreement and purchase agreement
•    Keep all documents needed by the Federal Aviation Administration and other regulating authorities

Aviation law is a specialized area and aviation business and aircraft owners must hire certified aviation consultants to manage their regular operations, financial needs and compliance requirements. For more information visit here: Advocate Consulting Legal Group, PLLC.