Federal and State Tax Issues
Our tax practice offers focused representation to a broad range of individuals, closely held businesses and Fortune 500 companies on state, federal, and international aviation related tax matters.
Our practice includes counseling clients in structuring their aircraft acquisition, ownership and operations to maximize tax planning opportunities with respect to federal taxation including depreciation and tax-deferred exchanges as well as state sales and use tax matters. We also represent clients in federal aviation excise tax controversies.
Tax Topics
State Sales and Use Tax
1. What are state sales tax, use tax, property tax, and registration fees or tax?
2. When are each of these state taxes applicable?
3. Could I owe state tax to more than one state?
4. Can I legally minimize my state taxes?
5. Is the average state sales and use tax really 6%?
6. Does it matter where my entity is formed?
7. Does it matter where my aircraft is hangared?
8. Will a state department of revenue ever know where my aircraft is registered or where it is hangared?
IRS Excise Tax Audits
1. What do I do if I receive a Notice of Deficiency?
2. Do I need outside assistance with my Federal Excise Tax Audit?
3. How do I file for a refund of Federal Excise Taxes paid?
4. Can I appeal an assessment of Federal Excise Taxes?
Federal Excise Tax
1. Which Part 91 operations are subject to the Federal Excise Tax?
2. Do you know that penalties for failure to collect and remit Federal Excise Tax can be equal to 100% of the tax?
1031 Like Kind Exchange
1. What is a 1031 like-kind exchange?
2. Is it important that all of the IRS rules and regulations are followed?
3. What state tax issues apply?
4. Can I really defer income/capital ains tax on the sale of my aircraft?
5. What happens if I am beyond an IRS timeline?
Depreciation
1. Can the aircraft owner deduct any depreciation on its tax returns?
2. Can the aircraft owner utilize MACRS or must it utilize straight line depreciation?
3. Over what period of time can the aircraft be depreciated?
4. Will depreciation be affected if the aircraft is used a significant portion of
time for personal trips?
5. If I have a fully depreciated aircraft can I defer any gain on the sale with a 1031 like-kind exchange?
|
Taxes
