 Articles and Presentations To download an article, you must be a NAFA member and be logged in. Back to Article Overview Tax Related An Update on Sales and Use Tax Planning for Aircraft Purchases (Including California, New York, and Florida) October 2009 Report By Keith G. Swirsky, Esq. GKG Law, P.C. “The economic downturn has affected most areas of public and private life including state budgets. California, for example, was only recently able to…” Taking the Headache Out of Aircraft Tax Audits (download) February 2009 Report By Keith G. Swirsky, Esq. & Brian J. Heisman GKG Law, P.C. “Imagine this: you get back to your office after a trip on your corporate jet. You sit down at your desk ready to start your busy work week only to find that while you were gone you received an audit letter from the IRS.” Minimizing the Impact of the Personal Use Disallowance Rules October 2008 Report By Keith G. Swirsky, Esq. GKG Law, P.C. “A company that owns its own aircraft is able to capitalize on the deductions that make ownership advantageous. Many times the company will determine it necessary that…” Extreme Caution Advised! Properly responding to State Sales and Use Tax audits of aircraft acquisitions and ownership May 2008 Report By Stuart Schabes & Christopher Younger Ober Kaler "…state sales and use tax audits are fraught with many potential complex tax compliance pitfalls. If you are unfortunate enough to receive a notice of other inquiry from a state taxing authority regarding potential liability…" IRS Income Tax Audits Are Increasing: What should you do when you receive an audit notice? April 2008 Report By Stuart Schabes & Christopher Younger Ober Kaler "Perhaps you recently received an IRS audit letter involving your aircraft purchase, and a tax period in which you deducted aircraft related expenses from your…" Tis the Season for Giving: Maximize Your Aircraft Charitable Deductions January 2008 Report By David G. Shannon Galland, Kharasch, Greenberg Fellman & Swirsky, P.C. "Many companies have excess capacity with their corporate aircraft and generously allow their employees the use of the aircraft for charitable purposes. However, most companies are unaware…" New Federal Excise Tax Liabilities for Whole Aircraft Operations Under FAR Part 91 and for Fractional Ownership January 2008 Report By Keith G. Swirsky Galland, Kharasch, Greenberg Fellman & Swirsky, P.C. "There is a common perception among industry professionals and aircraft owners that Federal Excise Taxes (FET) are not applicable to FAR Part 91 operations for whole aircraft owners and that the fractional aircraft programs collect all applicable FET…" The New Rules for Personal Use of Business Aircraft: What You Need To Know and Do August 2007 Report By Gary Horowitz, Special Counsel Wiley Rein LLP "In recent years, the media, U.S. Internal Revenue Service and U.S. Securities and Exchange Commission have expressed some disapproval of private aircraft use by businesses. There is a general perception that personal use of business aircraft is extravagant…" Minimizing Sales Tax Exposure In Aircraft Acquisitions September 2006 Report By Keith G. Swirsky & Christopher B. Younger Galland, Kharasch, Greenberg, Fellman & Swirsky, P.C. "As we described in our series of "Mission Possible" articles, which World Aircraft Sales magazine published in its recent editions, one of the primary considerations when structuring the acquisition of a business aircraft is…" Properly Structuring The Acquisition & Operation Of Business Aircraft - Part 1 September 2006 Report By Keith G. Swirsky & Christopher B. Younger Galland, Kharasch, Greenberg, Fellman & Swirsky, P.C. "Just as it takes planning and teamwork to save the world from evildoers, properly structuring the acquisition and operation of business aircraft requires planning, communication and…" Properly Structuring The Acquisition & Operation Of Business Aircraft - Part 2 September 2006 Report By Keith G. Swirsky & Christopher B. Younger Galland, Kharasch, Greenberg, Fellman & Swirsky, P.C. "The acquisition and operation of business aircraft requires planning, communication and an experienced business aviation team that can handle…" Maximizing Corporate Aircraft Tax Deductions Under the Jobs Creation Act October 2005 Report By Keith G. Swirsky & Christopher B. Younger Galland, Kharasch, Greenberg, Fellman & Swirsky, P.C. "On May 27th, 2005 , the IRS issued Notice 2005-45 ("Notice"). The Notice provides guidance on Section 274(e)(2) of the Internal Revenue Code, which was amended by…" IRS Publishes Guidance for Calcuulating Disallowance of Expense Deductions for Recreational Use of Corporate Aircraft May 2005 Report By Keith G. Swirsky, Esq. & Troy A. Rolf, Esq. Galland, Kharasch, Greenberg, Fellman & Swirsky, P.C. "If you use your company's business aircraft for recreational travel, the American Jobs Creation Act of 2004 (the "Act"), signed into law by President Bush on October 22, 2004 raised your taxes." Charging for Use of Corporate Aircraft: Federal Exercise Taxes (download) February 2003 Newsletter By Troy A. Rolf, Esq. Galland, Kharasch, Greenburg, Fellman & Swirsky, P.C. "Determining whether a flight is commercial or noncommercial for purposes of determining applicability of Federal Air Transportation Exercise Taxes (a.k.a. "FET") is no always a simple or straightforward task." Conducting A Reverse Tax-Free Exchange Under the Safe Harbor Guidelines (download) February 2003 Newsletter By Keith G. Swirsky, Esq. Galland, Kharasch, Greenburg, Fellman & Swirsky, P.C. "While the courts and the IRS have long sanctioned deferred like-kind exchanges where there is a gap in time of up to six months between an aircraft owner's sale of an existing aircraft (the "trade-in aircraft") and its purchase of a new aircraft, until recently, there has been significant uncertainty about whether the owner may acquire a new aircraft before..."
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