Category: Federal Taxation
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The aviation community had its own special fireworks display on July 4th, 2025, when Donald Trump signed into law his ‘One Big Beautiful Bill’ (OBBB), throwing a life-line to the aircraft sales and manufacturing community that had stalled somewhat in the last two years due to ongoing economic uncertainty. You can say what you will…
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The Western New York aviation community should be excited about this announcement!!!!
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On December 23, 2024, the Fifth Circuit Court of Appeals overturned the injunction imposed by the US District Court for the Eastern District of Texas prohibiting FinCEN, the Treasury Department agency tasked with enforcing the Beneficial Ownership Information Report (BOIR) filing, from enforcing the requirements to file the new report by the end of year…
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Federal, state, local and Tribal law enforcement will have direct access to the system! I cannot even imagine the nightmare this will create when an unethical individual with access to this system provides this confidential information to scammers. This system may open the floodgates to criminal activity rather than solve crimes.
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The bill HR 7024 seeks to reinstate 100% Bonus Depreciation for aircraft owners, with widespread industry impact. While passed in the House, it faces uncertainty in the Senate due to political agendas. Both parties seek to gain strategic wins, leaving the bill’s fate uncertain before the April 15th deadline.
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While many aircraft buyers in 2023 will be ‘stuck’ with 80% Bonus Depreciation for Aircraft they acquired this year, many taxpayers are unaware that they may still be eligible for the 100% Bonus Depreciation deduction. If you ordered an aircraft before January 1, 2023 and are taking delivery of the aircraft before January 1, 2024,…
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The year is quickly coming to a close (Good Riddance 2020) and so are the HUGE tax advantages that Congress granted to taxpayers considering an aircraft purchase. While, 100% Bonus Depreciation is not a new concept for educated aircraft buyers, the additional opportunities presented by the CARES Act, may have slipped past even the most…
