Aviation Accounting Services
Accounting for the aviation industry is unique and Mark E. Feinsot, CPA offers expertise in this area. With a background as a chief pilot, Mark Feinsot knows what's involved in owning and operating an aircraft. This experience coupled with the skills of a Certified Public Accountant equals the right firm for aviation accounting services. Our CPA firm will maintain your books in line with governmental regulations so you can stay in compliance, minimize taxes, and avoid problems with the IRS.
Accounting for Aircraft Owners
The IRS requires that aircraft owners maintain detailed flight and passenger records on all flights throughout the year. You’ll need to account for the purpose of the flight, how many people were on board, where it went, and how many miles were traveled.
Proper business use of an aircraft is the key to claiming operating losses and depreciation deductions on your taxes without raising a red flag to the IRS. In general, if your aviation business gets classified as a hobby by the IRS they won’t allow you to take any losses. To satisfy the IRS, your business needs to treat this activity like a standalone business including separate bookkeeping, financial data, and budgets. We understand how to manage this documentation and will help keep it organized and up to date so your business is able to claim as many deductions as possible at the end of the year.
Call us today at (212) 631-0320 for a free consultation and tell us about your aviation accounting needs.
Accounting for aircraft owners and operators:
- Accounting and bookkeeping for aviation activities
- Business and personal use expense allocation
- Financial statements
- Compliance reviews
- Aircraft and flight department operating cost analysis
- Cash flow management
- Entity selection
- Incorporation of special purpose companies
- Litigation support
Aircraft acquisitions and fractional ownership:
- Aircraft acquisitions
- Partnership and fractional ownership agreements
- Exit strategies
