The phone rings at 430am. It’s your CEO calling to let you know that the company is on the front page of the Financial Times because their investigation revealed that your company executives get free flights on the corporate jets. This did happen in 2016 and brought the topic of business aviation to the forefront, ultimately resulting in some companies disbanding their flight departments. Uncle Sam is keeping a sharper eye on our industry.
Common areas of failure include:
- SEC proxy reporting failures that can lead to SEC enforcement actions
- SIFL/fringe benefit reporting failures that can lead to IRS enforcement actions against your company and Executives
FAA penalties can be as much as $27,500 per leg and SEC violations can be into the millions, not to mention the media black eye.
SD’s Managed Services Aviation Tax and Compliance Services (ATACS) team can work with you to handle the complexity and solve the data nightmare. Experts in both aviation and taxation, the team will help you to customize your data flow and reporting—you can rest easy, knowing that the required reporting will be done correctly and on time. SD keeps track of all the changes in tax laws, so you won’t have to. Learn more here, call 855.502.0566 or email us at ATACS@satcomdirect.com to schedule a meeting with a member of our Managed Services team.