The purchase or sale of any major asset requires advance planning on many levels. If that asset is an aircraft, whether for personal or business use, the transaction can often be more complicated than others. Aviation accounting and tax involve regulations and compliance issues other fields don’t. That’s where Messina & Associates can help. We offer a wide range of financial planning, tax and accounting-related services for aircraft owners.
If you own or manage an aviation operation, you have unique FAA and IRS considerations. Accountants who aren’t familiar with those requirements may not be able to help you make the best financial and tax-related decisions. Our team has the experience and knowledge you need to optimize your finances and minimize your tax burden.
Read on for an overview of the services and skills the Messina & Associates team can bring to your aviation situation.
Tax Services for Aircraft Owners and Operators
State and federal tax concerns are an important part of any aviation purchase or sale. Our experienced team can help you manage the sales tax, property tax and federal excise tax burden of a purchase. We also specialize in the preparation of federal and state tax returns that involve aircraft or aviation-related businesses.
Aircraft and aviation operations services we provide include:
Pre- and post-acquisition federal and state tax planning
Tax considerations for aviation operations
Sales and use tax deferment or elimination
Preparation of federal and state tax returns for individuals and businesses that include aviation components
Proper application of depreciation, bonus depreciation and passive activity rules
Avoiding hobby loss rules for business owners
IRS and state tax audit preparation and presentation
Accounting Services for Aircraft Owners and Operators
As an aircraft owner and operator, you have accounting concerns beyond taxes. First, proper structuring of the purchase of your aircraft is key to maximizing the financial benefit you can receive. If you own one or more aircraft, you also know how complex IRS, FAA and DOT regulations can be. Accountants who are unfamiliar with these nuanced rules may not be able to help you make the best decisions regarding ownership and management of your aircraft. Our team has personal experience with aviation management and operations. That means we’re here to guide you through all the business and financial complexities of aircraft ownership..
Aviation accounting services include:
Creation of FAA and IRS-compliant ownership and operating structures
Accounting and financial management services for aircraft owners and aviation operators
FAA transaction records requirements advice
Aircraft acquisition and sale deal structuring