Internal Revenue Service

November 17, 2011 - 3:28pm

Four of NetJets’ subsidiaries–NetJets Aviation, NetJets International, NetJets Large Aircraft and Executive Jet Management (EJM)–are suing the U.S. government over a $642.7 million IRS tax bill for past federal excise taxes (aka “ticket tax”) and assessed penalties and interest.

March 30, 2009 - 5:04am

In addition to the costs of acquisition, prospective buyers must consider the costs–especially insurance and taxes–they will incur once they own the aircraft. To that end, aircraft management contracts with well thought-out insurance provisions should be integral to the aircraft acquisition process, said Bill Kingsley, an account executive with the Addison, Texas-based brokerage AirSure.

September 24, 2008 - 5:29am

When the FAA called in March for public comment on its notice of proposed rulemaking (NPRM) on ADS-B equipage, it was with the understanding that there was wide user community acceptance of the system as the vital stepping stone to modernizing the National Airspace System. Everyone appeared to agree that ADS-B would be an essential element in the agency’s NextGen project.

November 27, 2007 - 7:07am

With the beginning of this month marking the halfway point in the 90-day public comment period on the FAA’s notice of proposed rulemaking (NPRM) to regulate fractional- ownership operations under Part 91 Subpart K and make some modifications to Part 135, much of the early criticism by some NBAA members about the rule and the position taken by their association seems to have ebbed, or at least given way to more reasoned discourse.

October 4, 2007 - 11:51am

“The FAA, and the IRS…they really don’t think alike,” began tax attorney Gary Garofalo, first speaker at the NBAA Federal Aviation Tax Forum in Arlington, Va., on May 7. Some 80 specialists, accountants and financial officers attended the most advanced forum the NBAA tax committee has held on aircraft taxation.

July 3, 2007 - 5:11am

The Internal Revenue Service (IRS) issued a notice of proposed rulemaking (NPRM) relating to the “deductions for entertainment use of business aircraft.” If the NPRM

June 21, 2007 - 10:19am

The Internal Revenue Service (IRS) issued a notice of proposed rulemaking (NPRM) last week relating to the “deductions for entertainment use of business aircraft.” If the NPRM is made a final rule as proposed, the method of calculating deductions relating to the use of a private aircraft for entertainment purposes will change.

May 8, 2007 - 11:46am

A Notice of Proposed Rulemaking (NPRM) seeking to make major changes to Parts 61, 91 and 141 closes for comments today. Among the proposed changes is the addition of training standards for night vision goggles and the combination of simulator training regulations into one section. At press time there were almost 200 comments posted to the docket, including comments from training providers CAE SimuFlite and FlightSafety International.

April 25, 2007 - 10:26am

On Monday (June 13), the Internal Revenue Service is scheduled to officially publish IRS Notice 2005-45, Deductions for Entertainment Use of Business Aircraft. This notice will provide revised guidance to aircraft operators on the deductible amount of business expenses for use of a corporate aircraft for "entertainment" (personal use) that were imposed by the American Jobs Creation Act of 2004.

April 16, 2007 - 11:34am

Companies that allow executives or their families and guests to fly on their aircraft for certain personal reasons will most likely be adversely affected by IRS Notice 2005-45’s deduction limitations.

 
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