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Aircraft acquisition entity selection and formationOur entity selection consulting will help you to make a wise decision and enable us to achieve your tax and economic goals. Our first step is to sit down and review your needs. Every individual who is planning to purchase an aircraft needs to take responsibility for compliance with state and local tax laws. Every state is in the process of changing their laws and enforcement methods, so the rules that will apply to your next or upcoming purchase may not be in place today. In order to save time, fees and frustration, we request your assistance and cooperation. We suggest that you rid yourself of friendly advice from people who purchased aircraft in the past and complied with the old law, or have simply not yet been caught. Almost every state has a web site with questions and answers and downloadable forms. After reading the results of your search for the words “Use Tax”, we suggest you make an anonymous phone call to the Department of revenue person that handles compliance audits and ask about proposed changes in the law that will apply to your next transaction. An educated client is a good client. The more you know the easier it will be to help you do the right thing. Of course we will confirm the law that applies to you at the time of the transaction and your research will remove us from being the messenger. You should also remember to check the law in any other state where you plan to hangar or operate your aircraft in the first year after purchase. Although some states grant credits for taxes timely paid to other states, certain other greedy and inconsiderate states will try to tax you again. Get in touch with the experts at CPAaviation.com and we will help you to make the right choices. Call Jim Baloun at 847-669-9666 or email jim@cpaaviation.com We look forward to working with you |
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