In the Headlines
October 13, 2020
Here's How You Can Save 7.5% Off Your Private Jet Flights In 2021 And Beyond
Forbes
Business Aviation Partner John Hoover was interviewed for a Forbes article about the CARES Act suspension of Federal Excise Taxes (FET) for private jet flights and what will happen once the suspension ends. At the moment, it remains unclear how the IRS will interpret the tax code when it comes to buying and using jet cards. For the IRS, the taxable event could either be the purchase of the jet card or the purchase of a ticket, which affects the opportunity to take advantage of the FET holiday. This ambiguity also affects brokers and operators, who have to structure their contracts around who will be responsible for any unpaid taxes once the IRS makes this determination and if it decides to conduct an audit. Mr. Hoover said that he is advising his broker and operator clients to write contracts so that consumers are responsible for them.
READ: Here's How You Can Save 7.5% Off Your Private Jet Flights In 2021 And Beyond
READ: Here's How You Can Save 7.5% Off Your Private Jet Flights In 2021 And Beyond