Audit Assessments To Be Suspended While Guidance Is Developed

The Internal Revenue Service (IRS) announced Thursday that it was suspending tax assessments that could be applied to aircraft management companies during federal excise tax (FET) audits, giving the agency time to work with industry on additional guidance. The move was welcomed by advocacy groups like the NBAA and NATA, which had lobbied the agency for the guidelines.

Confirmation Hearing To Be Held On Foxx's Nomination May 22

U.S. Senator John Thune (R-SD), Ranking Member of the Senate Committee on Commerce, Science, and Transportation, met this week with Anthony Foxx, President Obama's nominee to replace Ray LaHood as Secretary of Transportation. He also met with Secretary of Commerce nominee Penny Pritzker.

Former CEO With InterGlobe Enterprises Has Airline Experience With TWA

President Barack Obama has nominated Michael G. Whitaker for Deputy Administrator of the FAA. Whitaker most recently served as a Board Member and Business Development Consultant for InterGlobe Enterprises from 2011 to 2012. 

Global Growth In The Sector Sparking Demand For New Commercial Jets

The global commercial aircraft sector is expected to experience slow and stable growth during the period (2013-2023) according new the new market study on ASDReports. According to Boeing’s estimates, airline companies around the world are expected to procure approximately 34,000 airplanes during 2011-2031.

Boeing 737 Missed Its Approach And Wound Up In The Ocean In Bali

The Indonesian National Transportation Safety Committee (NTSC) says in a preliminary report that pilot error is a factor in an accident which resulted in a nearly-new airplane winding up in the ocean near Bali International Airport April 13.

Think Of It Like Riding On The Nose Of A Vintage Bipe

It kind of gives new meaning to the phrase "that baby will flat fly ...," though you'd have to say it in German.

Effort Is Part Of A National Aviation, Education And Sports Tour To Be Launched In August

Los Angeles based 9D Media will be giving Hispanic teenagers a chance to win training toward their Private Pilot or Aviation Technician Certificate, and see some of the most advanced GA aircraft as a part of its National Aviation, Education and Sports Tour. Events will be held in seven cities around the United States over 6 month period starting this August.

Crowdfunding Effort Has A Goal Of $800,000

Online fundraising efforts called "Crowdfunding" are all the rage these days, with entrepreneurs using the campaigns to raise money to establish businesses and get other projects off the ground. Such an effort is underway in San Francisco to get the Blue Angels back off the ground ... and to restore the city's Fleet Week air show.

It's For Real! ANN REALTIME NewsBug Released To ANN Readers, Worldwide 

For those of you using a windows PC (MAC version in the works... we promise), a new REALTIME News Service from the Aviation World’s DAILY News Service, the Aero-News Network (ANN), will let you know when our REALTIME, award-winning NewsFeed has been updated.

"While the IRS will complete open audits, management companies can be secure in the fact that while additional guidance is developed, they will not face potentially crippling tax assessments as a result of those audits." Source: NBAA president and CEO Ed Bolen.