News & Analysis as of

Internal Revenue Service Excise Tax Aviation Industry

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Kohrman Jackson & Krantz LLP

Scrutiny on Personal Use of Business Jets Intensifies: IRS to Conduct Audits

Initially, tracking systems were employed to monitor the private jet usage of celebrities like Taylor Swift. Now, similar scrutiny will extend to executives who utilize business aircraft for personal purposes while claiming...more

Holland & Knight LLP

IRS Issues Favorable Tax Regulations on Management Company Exception to FET

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Over the past few years, the Internal Revenue Service (IRS) has worked to issue final regulations that provide guidance to aircraft management companies and aircraft owners regarding their federal excise tax (FET)...more

Holland & Knight LLP

IRS Set to Publish Final Rule on Federal Excise Tax

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The Internal Revenue Service (IRS) is expected soon to publish its final rule on federal excise tax (FET) exemption for aircraft management companies and owners. The IRS pre-published final rules incorporate several...more

Cozen O'Connor

New Guidance on Tax Holiday Suspension for Air Transportation Federal Excise Tax

Cozen O'Connor on

As previously reported, one of the benefits from the Coronavirus Aid, Relief, and Economic Security (CARES) Act was that the 7.5 percent air transportation federal excise tax (FET) that applies to commercial operations,...more

Holland & Knight LLP

NBAA, NATA Submit Comments to IRS on Excise Tax Exemption for Business Aircraft Management Services

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The National Business Aviation Association (NBAA) joined with the National Air Transportation Association (NATA) to submit to the Internal Revenue Service (IRS) and the U.S. Department of the Treasury on Sept. 29, 2020,...more

Holland & Knight LLP

IRS Provides Guidance with FAQs on Federal Excise Tax Suspension Reporting

Holland & Knight LLP on

The Internal Revenue Service (IRS) has released a series of frequently asked questions (FAQs) regarding the federal excise tax (FET) holiday for commercial aviation operations created by the Coronavirus Aid, Relief, and...more

Holland & Knight LLP

NBAA Article, Webinar Address CARES Act and Its Impact on Business Aviation

Holland & Knight LLP on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) suspended federal excise taxes (FET) for commercial aviation operations until Dec. 31, 2020. A National Business Aviation Association (NBAA) article, "What...more

Burns & Levinson LLP

What's Happening in Business Aviation? May 2013

Burns & Levinson LLP on

This edition of the Burns & Levinson Business Aviation Report covers new developments in the following areas of business aviation: • Rentals from leasing aircraft may be subject to the new 3.8 percent tax on net...more

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