Join us at the 2019 NBAA Business Aviation Taxes Seminar hosted in beautiful Marina del Rey, CA. This year’s agenda will focus on the recent Tax Reform legislation and the numerous implications to business aviation operations, including the buying and selling of aircraft. Jed Wolcott and Sue Folkringa will both be presenting. For the full agenda visit: https://nbaa.org/events/2019-business-aviation-taxes-seminar/program-schedule/
Friday, May 3 – 10:15 a.m. – 11:00 a.m.
Business Entertainment & Commuting
Presenters: Ruth Wimer, Winston and Strawn LLP; Sue Folkringa, Wolcott & Associates, P.A.
Businesses owning aircraft have enjoyed tax deductions for the full expenses related to the aircraft including depreciation, fees, fuel, and crew costs with the exception of travel related to the personal entertainment of certain officers and owners. Unfortunately, the 2017 Tax Cuts and Jobs Act has now added two additional categories of flights which are also not deductible: Commuting unrelated to security concerns and Business Entertainment. This session will provide a detailed analysis of which flights are included in these new categories and a reasonable approach to arriving at the amounts subject to disallowance, including all Congressional or Treasury guidance on the topic.
Friday, May 3 – 1:45 p.m. – 2:30 p.m.
Tax Challenges for Non-Traditional Structures (Hobby Loss & Passive Loss Limitations)
Speaker: Jed Wolcott, Wolcott & Associates, CPA’s, P.A.
Aircraft owned in non-traditional structures such as ‘the family office’, special purpose entities, or family trusts can face additional tax planning challenges as a result of the 2017 tax reform. This session will present the issues, identify scenarios and pitfalls to be aware of, and offer potential restructuring solutions.