Background - On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA,” H.R.1). Among other things, the OBBBA permanently reinstates 100% bonus depreciation under Section 168(k) for qualified...more
On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law. That legislation contained a wide variety of provisions as part of the administration’s tax reform agenda. One significant...more
Initially, tracking systems were employed to monitor the private jet usage of celebrities like Taylor Swift. Now, similar scrutiny will extend to executives who utilize business aircraft for personal purposes while claiming...more
The Internal Revenue Service (IRS) held a hearing on Nov. 28, 2018, regarding its proposed bonus depreciation regulations. Holland & Knight Partner John Hoover testified on behalf of the National Business Aviation Association...more
The Internal Revenue Service (IRS) has released a Notice regarding the tax treatment of meals, and the National Business Aviation Association (NBAA) has submitted comments to the IRS regarding the proposed regulations on...more