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IMPORTANT UPDATES & NEWS

New FAA Reauthorization Law 

5/20/24

President Biden recently signed into law a historic, comprehensive measure to reauthorize the Federal Aviation Administration (FAA) for the next five years. This long-awaited bill is now law after four extensions to the FAA authorization package passed in 2018.

 

Ed Bolen, NBAA President and CEO stated that both sides came together and passed a bill that will provide a long-term roadmap for the agency and will ensure America will continue to lead the world in all critical aspects of the aviation industry. 

The measure reflects a number of priorities for NBAA and the business aviation community, including: A first-ever general aviation title, a key section of the legislation focused on enhancing safety, streamlining regulations and improving certification processes for general aviation aircraft, supporting certification for advanced air mobility powered-lift aircraft and other technologies, and improvements to the FAA flight privacy program.

 

Numerous process and protocol improvements for the FAA office of aerospace medicine, including pilot mental health, and removal of barriers for those seeking aviation careers while expanding the aviation workforce pipeline and improving training standards.

 

Source Information was provided by: nbaa.org

Financial Crimes Enforcement Network Final Rule 

The Financial Crimes Enforcement Network also known as (FinCEN) recently issued a final rule regarding access to beneficial ownership information (BOI) that will be reported to FinCEN under Section 6403 of the Corporate Transparency Act (CTA) (RIN 1506-AB59).The preamble to the final rule says it "implement[s] the strict protocols required by the CTA to protect sensitive personally identifiable information (PII) reported to FinCEN and establish the circumstances in which specified recipients have access to BOI, along with data protection protocols and oversight mechanisms applicable to each recipient category.”

 

As of January 1, 2024, most companies created in or registered to do business in the United States must report information about their beneficial owners to FinCEN as part of an anti-money laundering initiative. Information collected by FinCEN from the BOI reports will be kept in a nonpublic database called the Beneficial Ownership Secure System.” The rules call for new entities to register with FinCEN at their onset and existing entities must register during the 2024 calendar year. The key changes involve the scope of financial institution access to BOI; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI. The final rule does not affect existing requirements for financial institutions to collect BOI from their customers under FinCEN's 2016 customer due diligence rule. FinCEN will issue two interagency statements to provide clarity for financial institutions on the interplay between the access rule and the customer due diligence rule.

 

Information was provided by: Journal of Accountancy 

Internal Revenue Service to Crack Down on Corporate Jet Users Who Abuse Tax Code

 

The Internal Revenue Service (IRS) plans to begin cracking down on corporate jet owners that abused the tax code by claiming millions of dollars in deductions on airplanes that were sometimes being used for personal travel.

 

The scrutiny of corporate jet use will involve new data analytics tools, which the IRS has been developing with the $80 billion in funds it was granted through the Inflation Reduction Act of 2022, to determine when executives or other company officials might be using corporate planes for vacations and private trips. 

 

The agency plans to begin dozens of new audits that will focus on large companies, partnerships and wealthy taxpayers.  These audits are to ensure high-income groups aren’t flying under the radar with their tax responsibilities.  However, distinguishing between business and personal travel is not always simple.  Therefore, the IRS could be forced to engage in lengthy litigation as it tries to audit some of the nation’s highest fliers over their corporate jet use.

 

The agency plans to proceed with an initial wave of up to four dozen audits of corporate jets before looking to expand the effort.

 

Original Source from the New York Times. Click Here 

 

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