AircraftLogs.com has added detailed enhancements that address recent tax changes limiting the deductibility of aircraft for personal use.
“Whether owned by a Fortune 500 company or a privately-held business, the American Jobs Creation Act of 2004 and subsequent IRS Notice 2005-45 could have significant implications for aircraft owners,” says Doug Stewart, president. “Compliance requires additional reporting of aircraft operating costs, as well as tracking the business purpose of each aircraft passenger.”
AircraftLogs now tracks the business purpose of trips for individual passengers; summarizes all expenses related to an aircraft; categorizes and allocates all expenses by flight hour, seat hour, seat mile, or other combinations as necessary; and supports “Standard Industry Fare Level” calculations for corporate operators.
For more information: 888-359-5647.