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.