Tue, Jan 12, 2021
IRS Finalizes Rules for Aircraft Management Tax Exemption
The IRS has finalized regulations intended to clarify how the exemption from commercial transportation excise taxes for aircraft management services is applied.
NATA is reviewing the regulations and will provide detailed analysis to the membership.
In late September 2020, NATA joined with the National Business Aviation Association in submitting comments on the notice of proposed rulemaking.
“We are pleased that the IRS seemed to listen to and adopt many of our recommended changes to the rules. We look forward to participating in future projects to provide additional guidance referenced by the IRS,” stated NATA Senior Vice President Ryan Waguespack.
Providers of aircraft management services are encouraged to review the pre-publication version of the final rules. The regulations are planned to take effect as soon as they are scheduled for publication in the Federal Register, likely before the end of this week.
The 76-page IRS document simply summarizes its effort by noting, "This document contains final regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air. Specifically, the final regulations relate to the exemption for amounts paid for certain aircraft management services. The final regulations also amend, revise, redesignate, and remove provisions of existing regulations that are out-of-date or obsolete and generally update the existing regulations to incorporate statutory changes, case law, and other published guidance. The final regulations affect persons that provide air transportation of persons and property, and persons that pay for those services."
More News
Say Altitude Used by ATC to ascertain an aircraft's specific altitude/flight level. When the aircraft is climbing or descending, the pilot should state the indicated altitude round>[...]
Aero Linx: European Air Law Association (EALA) EALA was established in 1988 with the aim to promote the study of European air law and to provide an open forum for those with an int>[...]
From 2023 (YouTube Version): The Life, Death, Life, Death, and Life of a Glorious Warbird In 1981, business-owner Jim Tobul and his father purchased a Chance-Vought F4U Corsair. Mo>[...]
Also: USCG Retires MH-65 Dolphins, Irish Aviation Authority, NATCA Warns FAA, Diamond DA42 AD This summer, history enthusiasts will have a unique opportunity to experience World Wa>[...]
Also: WACO Kitchen Bails, French SportPlane Mfr to FL, Dynon-Advance Flight Systems, Innovation Preview Bobby Bailey, a bit of a fixture in sport aviation circles for his work with>[...]