The National Business Aviation Association's (NBAA) newsletter distributed a recent podcast featuring Holland & Knight Partner John Hoover and Ernst & Young Washington Council Co-Leader Gary Gasper describing the NBAA's requests to the IRS and the U.S. Department of the Treasury for guidance with respect to certain aircraft-related provisions in the Tax Cuts and Jobs Act. The NBAA Flight Plan podcast discusses the association's requests regarding depreciation, business entertainment and commuting issues.
"NBAA requested guidance on three bonus depreciation issues: definition of property previously used by the taxpayer, the binding written contract rules for self-constructed property and the definition of binding written contract," said Hoover, who serves as vice chair of the NBAA Tax Committee.
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