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aviation cpa firm

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Aviation Accounting and Tax Services

Tax and accounting services for aircraft owners and operators

aviation accounting and tax servicesFractional ownership of an aircraft makes sense for many businesses because it affords them the benefit of access to an aircraft while alleviating some of the risk associated with owning this kind of expensive asset. If your business purchases a share of an airplane you’ll be eligible for special Federal tax breaks, but will need to implement careful record keeping procedures in order to justify these deductions to the IRS. Only an aviation CPA with real world industry experience can help your business find practical ways to manage the specialized accounting and bookkeeping needs that come with owning and operating an aircraft. With our assistance your business will keep costs on your airplane at a minimum through a blend of specialized aviation accounting services and tax planning techniques.

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. The IRS requires 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. 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 can 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 see how an experienced New York City CPA can handle all your aviation accounting needs and help you save money on taxes.

Tax Planning and Preparation Services

  • Managing tax liability of fractional ownership
  • Strategic tax planning for aircraft owners and operators
  • Tax preparation for aviation companies
  • Resolution of IRS aviation and aircraft-related tax problems
  • Sales and use taxes
  • Property taxes

Accounting and Bookkeeping Services

  • Accounting and bookkeeping for aviation activities
  • Business and personal use expense allocation
  • Financial statements
  • Aircraft and flight department operating budgets
  • Flight department cash flow management
  • Entity selection
  • Incorporation of special purpose companies
  • Litigation support

Acquisitions and Fractional Ownership

  • Aircraft acquisitions
  • Partnership and fractional ownership agreements
  • Exit strategies