Rx for tax headaches: LAS

 - July 25, 2007, 5:31 AM

The tax committee of the NBAA will host two events in conjunction with its 57th annual meeting and convention in Las Vegas in October. The NBAA 13th Annual Tax, Regulatory & Risk Management Conference (previously known as the NBAA Tax Conference) is scheduled for October 10 and 11 at the Las Vegas Hilton. In addition, the risk-management working group of the tax committee will host “NBAA Insurance & Risk Management in Today’s Environment” on October 12 in the Las Vegas Convention Center.

The two-day tax seminar is designed to provide flight department personnel and their accountants/attorneys a basis for understanding how the appropriate tax laws and regulations apply to business aviation operations.

The first day of the conference will focus on the following topics: FAR Part 91/135 issues; flight department company problems; introduction to the new fractional regulations–Part 91 Subpart K; personal use of corporate aircraft; SEC and other public company issues; depreciation, including bonus depreciation; like-kind exchanges; and aircraft registration issues.

The second day of the conference will focus on financial risk management and aviation insurance topics; introduction to state and local taxes; property tax, registration fees and non-resident aircraft issues; current state tax developments; tax implications of financial structures; passive activity losses; federal excise taxes; international issues (VAT, cabotage and so on); and leasing and ownership structures.

The insurance and risk-management session will have a panel of insurance experts to discuss a variety of hot topics, including claims handling, war-risk insurance, the emerging very light jets (VLJs) and FBO ground handling. The two-hour session will close with a question-and-answer session on any insurance topic.

The annual tax conference costs $700 for NBAA members and $825 for nonmembers, and includes admission to the NBAA Convention. The two-hour insurance and risk-management panel discussion on October 12 is complimentary for all convention attendees.