This Holland & Knight alert explains the phasedown of bonus depreciation for aircraft beginning in 2023. Through 2022, bonus depreciation has been allowed for 100 percent of the cost of qualifying property (which generally...more
Beginning in 2018, Internal Revenue Code (I.R.C.) Section 274(l) disallows deductions for the cost of flights provided to an "employee" for commuting. While this deduction disallowance may apply to employees of Subchapter C...more
The National Business Aviation Association (NBAA) on Nov. 5, 2018, filed the attached comments with the Internal Revenue Service (IRS) regarding IRS Notice 2018-76, which generally permits the deduction of business meals and...more
The Internal Revenue Service (IRS) has released a Notice regarding the tax treatment of meals, and the National Business Aviation Association (NBAA) has submitted comments to the IRS regarding the proposed regulations on...more