Purchasing an aircraft will mean that you will need to comply with aircraft tax codes. If you’re unfamiliar with this territory an aviation lawyer can help. A general tax accountant is not recommended.
The lawyer or accountant specializing in aircraft law provides several benefits that a general professional won’t or has no knowledge of. This includes the following benefits:
Minimizing liabilities to the IRS by filing correctly and with the proper tax structures. This can be accomplished by specifying depreciations and other expenses of operations. The attorney will need to prove to the IRS that the ship, which is otherwise known as an aircraft has been used in business. This can be done by specifying the miles, routes and receipts from passengers or your own business travels.
There are many other ways to generate income from your aircraft when it’s not in use, such as collaborating with piloting schools. The aviation sales lawyer can help to calculate the accurate amounts of income tax during filing season. As with high tax debts, your lawyer may be able to negotiate the amounts owed so that only a fraction of the cost if due. This can help out in times of preventing tax liens or placing a hold on the company’s account until taxes are settled.
Your lawyer can furthermore help with different aspects of the law so as to prevent any penalties that would break your company’s reputation. It takes years of dedication to build up, and one glitch alone could cause ruin.