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SIFL AND COST DISALLOWANCE: REPORTING PERSONAL USE OF BUSINESS AIRCRAFT

Cost Free
Presentation Length 1.5 hours

Recorded DateJanuary 9, 2014
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

Learn the rules and techniques for calculating the tax consequences from the personal use of company aircraft. Includes using spreadsheets to track flights and prepare tax computations. Participants will gain an in-depth practical understanding of how to analyze, calculate, and minimize the cost limitations and learn the rules and techniques for calculating the taxable benefit from the personal use of company aircraft.

Learning Objectives

  • A practical discussion on calculating and reporting SIFL imputed employee and guest flight benefits

  • Learn how to use the seat-mile, seat-hour, and flight-by-flight reporting rules to comply with reporting requirements for non-business flights

  • Includes using spreadsheets to track flights and prepare tax computations

  • Develop planning strategies to minimize the tax consequence of the final entertainment use regulations

  • Learn how to meet IRS final regulation requirements for entertainment cost disallowance and calculate disallowance under all four IRS-approved methods

Not logged
PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Jed Wolcott is a Certified Public Accountant, licensed pilot and President of Wolcott & Associates, P.A., a CPA firm with a practice limited to aviation. Jed received a Bachelor of Science degree from Franklin University in Columbus Ohio, and a Masters of Business Administration from the University of Dayton. Prior to forming Wolcott & Associates, P.A. Jed’s experience included corporate officer positions with major fixed based operators, regional commuter airlines, and CFR Part 135 charter operators. He is a member of the National Business Aviation Association Tax Committee and speaks regularly at NBAA Tax Conferences and Tax Forums, AOPA Summits, and other events.

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Sue Folkringa is a Certified Public Accountant and has been Wolcott & Associates, P.A.’s resident “Aviation Taxologist” for over 5 years. She is a licensed commercial pilot and proud owner-pilot of a Comanche aircraft. Sue holds a Masters of Business Administration, Accounting and Finance and a Bachelor of Business Administration, Accounting from Grand Valley State University, and is in the process of earning her Masters in Taxation from Florida Atlantic University. She is a member of NBAA, AOPA, EAA, AIPCA, FICPA and CalCPA and is also a frequent presenter at NBAA Tax Conferences, AOPA Summits and other industry-related events.

About Our Presenter

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Wolcott & Associates, P.A. is a full-service CPA firm with a practice limited to aviation. Our services include preparation of aircraft-related federal and state tax returns, aviation financial reporting, structuring aircraft purchases and sales, IRS and state aircraft audit defenses and related aviation tax and financial matters. We are an aviation dedicated group of CPAs and professionals helping you to identify, protect and preserve tax deductions for your aircraft.