Aviation tax firm Wolcott & Associates, debuting as an exhibitor at the NBAA Convention, is showcasing its proprietary web-based Flight Tax Systems (FTS) software here in Orlando. FTS helps users identify, protect and preserve tax deductions for their aircraft, and this year a new data import function has been added to the software.
Designed by the firm’s aviation and aircraft tax experts to assist owners, operators and tax professionals with tracking the tax-related activities of their aircraft, FTS also includes: SIFL (standard industry fare level) reporting for employee use of company aircraft; cost disallowance calculations for entertainment use of company aircraft; primary purpose reporting for business use of individual-owned aircraft; and track leasing use for state sales tax reporting. The program also has individual modules for Florida, Texas and California state taxes.
