NBAA has announced a series of upcoming NBAA GO virtual professional development seminars addressing common questions and concerns surrounding aircraft transactions, ownership structures and taxation, including the ramifications from COVID-19 pandemic.
Beginning 13 October, the Virtual Aviation Tax & Transactions Review will encompass a series of three live and three pre-recorded sessions featuring recognised leaders in aviation tax planning and transactions for an interactive analysis of critical tax and regulatory issues for aircraft owners and operators.
“The Virtual Aviation Tax & Transactions Review offers business aviation stakeholders an important opportunity to benefit from the expertise of NBAA Tax Committee members in navigating often conflicting FAA regulations and tax law,” says Scott O'Brien, NBAA senior director of government affairs. “Through these interactive sessions, we look forward to providing tax planning and regulatory compliance strategies that also take into account the recently passed CARES Act.”
NBAA has also unveiled a new series of educational programming to address common issues facing leaders of small flight departments and to provide guidance to newer managers for supervising and growing their flight operations.
Developed by NBAA's small flight department subcommittee, the new NBAA Small Operator Learning Series offers contributions from seasoned business aviation leaders on matters including operational excellence, management practices and financial considerations. All programming is available free for NBAA members to review at their convenience, on their schedule.
“We developed this new resource as a single point where small operators may learn from experts, review best practices and receive professional guidance on handling a range of different scenarios that often carry unique considerations for smaller flight operations,” comments NBAA operations and member services specialist Hunter Watson.
Finally, NBAA has joined with NATA in submitting detailed comments on a notice of proposed rulemaking (NPRM) regarding an industry-championed legislative exemption from US federal excise taxes (FET) on aircraft management services paid for by aircraft owners.
“We thank the IRS and the Department of the Treasury for their work on this important rulemaking, especially in light of the challenges stemming from COVID-19,” says NBAA president and CEO Ed Bolen. “Our industry secured a significant victory for aircraft owners and management companies through tax reform, and we look forward to working with the IRS on a final rule that provides clear guidance and follows congressional intent.”
“We are encouraged by the IRS response to our request for clarification of the tax exemption for aircraft management services. This rulemaking represents another milestone in our successful campaign to ensure appropriate application and understanding of the tax laws,” adds NATA president and CEO Timothy Obitts. “Aircraft owners and their service providers need specific guidance to comply and administer these provisions. We look forward to continuing our collaborative efforts with the agency in this area.”