The Internal Revenue Service has specific rules for tracking and reporting business use of aircraft. States also have specific rules that must be followed when deferring or reducing sales and use taxes. Failure to follow the reporting rules can lead to loss of deductions and unnecessary tax expense. FTS is designed to assist with the required documentation and reporting.
The Security and Exchange Commission (SEC) requires the top seven (7) executives in a public company to be accountable to the shareholders for the incremental cost to the company for their personal use of company aircraft. The incremental cost by executive is a required disclosure in the proxy statement.