Resources For Financial Advisors

June 23, 2020 in Buying Aircraft, CPAs, Pilots

The Easy Way to Buy Your First Jet

Thinking about Buying your First Jet? When you buy your first jet, save time and money by utilizing processes and techniques that others successfully utilized to purchase and operate their first plane.  Use these processes and…
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March 17, 2020 in Attorneys, CPAs, State Taxes

Is your Aircraft Sales Tax Plan Complete?

Long gone are the days when a buyer could purchase an aircraft in a sole purpose Delaware entity, close in Connecticut, and ignore sales tax and use tax in other states with little chance of being…
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February 4, 2020 in Attorneys, CPAs, Regulatory Issues

Allocate the Costs of an Aircraft

When considering how to allocate the costs of an aircraft, owners must be aware of both tax and FAA requirements. Satisfying your tax and business goals, without addressing the FAA requirements, may result in compliance issues.…
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January 14, 2020 in Aircraft Registration, Attorneys, CPAs, Pilots

Aircraft Registration – Schedule an Annual Compliance Check

Were the annual reports timely filed with the Secretary of State for all entities in the chain of ownership of the aircraft?  Were the annual reports timely filed with the Secretary of State for all entities…
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December 11, 2019 in CPAs, Federal Taxes

Federal Excise Tax (FET) & Managed Aircraft

FET on Business Aircraft Flights While Congress clarified some aspects of the applicability of the Federal Excise Tax (FET) to business aircraft, there are still instances where the tax applies to certain types of flights. The…
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November 13, 2019 in Aircraft Registration, Attorneys, CPAs, Pilots

Is Your Flight Operation in Legal and Regulatory Compliance?

Facts Change Risk can be introduced into a flight department by any change, whether it is new personnel, new aircraft, or a business change to the entities that own or operate the aircraft.  Best practice is to…
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October 13, 2019 in CPAs, Operating Regulations, Pilots

Questions to Ask if You Have an Aircraft Dry Lease

Review Your Facts & Your Leases Check your business entities and financial operations for any changes which may affect your compliance with the Federal Aviation Regulations (FARs), tax and regulatory requirements.   What Information Do You…
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August 6, 2019 in Attorneys, CPAs, Federal Taxes, Regulatory Issues, State Taxes

Personal Use of Business Aircraft – Know the Rules

Personal Use of Company Aircraft If an executive of a publicly traded company uses a company aircraft for personal use, there are many factors to consider and several governmental agencies to satisfy.  Although there is one…
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May 1, 2019 in Attorneys, Buying Aircraft, CPAs, Selling Aircraft

Beware of “Form” Agreements for Aircraft

Form Agreements - Definition & Use By their very nature “form agreements” do not contain the negotiated terms, or specific business needs, of the parties involved with the agreement. The language is often simple, and not…
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March 1, 2019 in Attorneys, CPAs, Operating Regulations

Do You Have A Sole Purpose Flight Department Company?

Facts Change. It is a best practice to revisit this question every year. Although the FAA's general position has remained the same for decades, the FAA issued another written interpretation in December 2017 repeating its prohibition on…
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October 10, 2018 in CPAs, How to Articles, Operating Regulations, Pilots

How Does the FAA Define a Dry Lease?

Do you know what a dry lease means to the FAA?  Many people believe it means a lease of an aircraft without fuel.  However, the real definition of a dry lease is a lease of an…
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August 14, 2018 in CPAs, Federal Taxes

New Tax Law Could Have Positive Effect for Corporate Jets

A Puget Sound Business Journal article suggests that the new tax law may help increase business aircraft purchases. Buyers of new aircraft, and for the first time buyers of pre-owned aircraft as well, will be entitled…
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July 10, 2018 in Attorneys, CPAs, Fractional/Jetcards, Regulatory Issues

Don’t Share your Aircraft with a Jerk

(Playing Nice – Balancing Costs and Scheduling Priorities) Buy a plane and control costs by sharing the aircraft with another business owner.  Intriguing, but do you work and play well with others? You recently expanded and…
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July 3, 2018 in Aircraft Registration, Buying Aircraft, CPAs

Why you Should Check your Aircraft Title for Mechanic’s Liens

Check your aircraft for mechanic's liens at the FAA registry.  Aircraft owners and operators must confirm the aircraft management company is using the funds received from the owners and operators to satisfy invoices of vendors for…
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May 30, 2018 in CPAs, Operating Regulations

The CFO and the Standard Form Aircraft Charter Agreement

The "Standard" Management/Charter Agreement Should be Reviewed for Business Terms & Legal Risks Topics to Review Determining which charter or management company should be hired to charter and manage the company jet or the CEO’s jet…
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March 6, 2018 in Aircraft Registration, Attorneys, CPAs

Considering Joint Ownership of an Aircraft?

If you are exploring ways to own an aircraft and limit expenses, one option to consider is joint ownership of the aircraft. FAR 91.501 - Joint Ownership Defined Under FAR 91.501(c)(3) “A joint ownership agreement means…
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February 20, 2018 in Aircraft Registration, Attorneys, CPAs

Corporate Restructuring – Before you Know It the Aircraft is Grounded

Many businesses, large and small, restructure their ownership, management and operations.  This may occur for tax or economic reasons and the corporate jet is usually not a factor when making the restructuring decision. Industry Best Practices…
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February 13, 2018 in CPAs, Operating Regulations, Pilots

Regulatory Issues in Sharing Your Aircraft

Do you own a jet and want to let your friends use the aircraft and pay you to cover costs (not to make a profit)?  There are several options to help meet your goals.  Regulatory compliance…
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January 2, 2018 in Attorneys, CPAs, Operating Regulations, Pilots

Avoid Increasing Risk When Segregating Business Jet Liabilities

Be Aware of FAA Regulations to Reduce Risk of Non-Compliance Corporations which own or operate business jets want to minimize liability and protect the rest of the corporate assets from liability due to aircraft ownership and…
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Protect Your Investment with Jetstream

Buying or selling an aircraft can create a legal nightmare for business owners who don’t anticipate the kinds of problems that can arise. You don’t want to wait until a dispute arises about the condition or history of an aircraft, or damage to an aircraft occurs that may or may not be covered by insurance. That is why it’s important that you retain legal representation from an experienced aviation attorney.

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