Expense

September 4, 2014 - 2:25am

Tax laws that affect business aircraft owners are constantly changing, and a new law this year makes the process of complying with these tax laws even more complex. Dean Sonderegger, director of product management at Bloomberg BNA Software, explained the new law and how his company’s software helps owners keep track of tax implications to ensure that they meet the legal requirements and don’t pay more tax than is necessary.

August 7, 2014 - 2:25pm

Revenue at Berkshire Hathaway’s service business, which includes NetJets and FlightSafety International, rose by $507 million, to $4.9 billion, during the first half of the year, while profits climbed by $72 million, to $605 million. NetJets accounted for nearly a third of this revenue increase, thanks to higher flight services revenue attributable to more flight hours, as well as better rates and product mix changes. FlightSafety’s revenue also climbed due to increased simulator training activity.

April 8, 2014 - 2:45pm

Flight Dept Advantage (FDA), a provider of start-up and operational services for flight departments, launched a program that “relieves an aircraft owner of all direct obligations related to payroll taxes, benefits and workers compensation while addressing IRS, FAA and other regulatory pitfalls.” Called FDA HR Advantage, it works with clients’ professional advisors to create a customized solution specific to each aircraft owner’s operation, business structure and goals.

October 22, 2013 - 8:25pm

Just a year old, the Jet Professionals (Booth No. N2129) professional employers organization (PEO) service is making a difference for its clients, the company said here at the NBAA show.

The PEO service is targeted for small and medium-size aviation businesses, one example being Short Hills Aviation Services, a jet charter and management services company (Booth No. C12240). Short Hills reported at NBAA 2013 that it has increased employee retention and modernized its benefits communication program, all while reducing benefits and payroll costs by 20 percent.

January 29, 2013 - 3:25pm

Details from more than 3,000 pages of expenses charged to the Ontario government’s troubled air ambulance service, Ornge, by former CEO Dr. Chris Mazza have been made public. Mazza was fired last February in the wake of performance and financial irregularities at the company. Between 2005 and 2007, his expenses totaled more than $121,000, and his pace of spending increased in subsequent years.

October 19, 2010 - 4:13pm

AircraftLogs has announced several improvements to the expense-tracking capability of its Web-based data-management software. In addition to being able to post expenses from the expense log as usual, users can now elect to post them on the trip sheet page.

October 13, 2010 - 12:17pm

Tired of lugging around slippery bundles of receipts and having to figure out what they were for and when and where you generated that expense for that painful aspect of business travel, the expense report? Gorilla Expense, a new NBAA exhibitor at Booth No. 4641, has developed software to make the expense process easier.

May 15, 2008 - 5:01am

Under a provision of President Bush’s economic stimulus package, purchasers of new aircraft can take a first-year depreciation deduction of 30 percent for the taxable year in which it is placed in service. H.R.3090, “The Job Creation and Worker Assistance Bill of 2002,” included a 30-percent bonus depreciation provision on the value of certain capital assets for 36 months.

February 1, 2007 - 5:05am

Although an article in The Washington Post last month implied that the Internal Revenue Service now sanctions the extensive personal use of company aircraft by owners and employees while the company takes a full deduction for the costs of owning and operating the airplane, several aviation tax attorneys counter that it merely sheds new light on the way the IRS views such matters.

October 9, 2006 - 5:52am

At press time, the Internal Revenue Service had yet to officially publish IRS Notice 2005-45, Deductions for Entertainment Use of Business Aircraft. This notice is intended to provide aircraft operators guidance on revised rules for computing the deductible amount of expenses for personal use of a corporate aircraft.

 
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