Connect and get the inside scoop on Airline Companies

Welcome to Airline Pilot Forums - Connect and get the inside scoop on Airline Companies

If this is your first visit, be sure to check out the FAQ. Join our community today and start interacting with existing members. Registration is fast, simple and absolutely free.


User Tag List

Post Reply
 
Thread Tools Search this Thread Display Modes
Old 04-16-2019, 05:07 PM   #481  
New Hire
 
Joined APC: Jan 2019
Posts: 3
Default

I just got hired on with an ISR company and waiting for my Clearance to come back. Iíve heard mixed things about the tax breaks if anyone could explain how it works I would appreciate it.
If you would rather PM me that works too.
Thanks
Xx1616 is offline  
Old 04-16-2019, 05:47 PM   #482  
Gets Weekends Off
 
Joined APC: Feb 2017
Position: Airborne Law Enforcement
Posts: 121
Default

Does L3 have UAS platform for ISR besides manned assetes? I have a BE300 type, but am low hrs. I have more MQ-9 time than king air
Diverb is offline  
Old 04-17-2019, 09:05 AM   #483  
Gets Weekends Off
 
Joined APC: Nov 2014
Posts: 113
Default

The tax breaks seem to be a massive gray area. Talk to your CPA
KA350Driver is online now  
Old 04-17-2019, 11:57 AM   #484  
Line Holder
 
Joined APC: Oct 2018
Posts: 48
Default

Quote:
Originally Posted by KA350Driver View Post
The tax breaks seem to be a massive gray area. Talk to your CPA

Not anymore. The new tax laws now specifically allow contractors working in support of DoD forces in a combat zone to utilize the Foreign Earned Income Exclusion. It used to be a giant gray area and I never claimed it. Now it pretty clearly makes it legal in the new IRS publications. The first $104,000ish is tax free. I would still talk to a CPA though to make sure you do it right.
StandardBrief is offline  
Old 04-17-2019, 08:48 PM   #485  
Line Holder
 
aeroengineer's Avatar
 
Joined APC: May 2016
Posts: 72
Default

Quote:
Originally Posted by JohnBurke View Post
How odd. It seems like just yesterday that the white house was pencil whipping them out by the hundreds...
Yes sir that bit of irony has been a hot topic of discussion at my organization the last few weeks. At least I got a refund this year
aeroengineer is offline  
Old 04-18-2019, 02:31 AM   #486  
Line Holder
 
Joined APC: Dec 2017
Position: DashTrash. King Air 90/200 PIC
Posts: 44
Default

Quote:
Originally Posted by StandardBrief View Post
Not anymore. The new tax laws now specifically allow contractors working in support of DoD forces in a combat zone to utilize the Foreign Earned Income Exclusion. It used to be a giant gray area and I never claimed it. Now it pretty clearly makes it legal in the new IRS publications. The first $104,000ish is tax free. I would still talk to a CPA though to make sure you do it right.
It is still not clear... Per the IRS page you still need bona fide residence test or physical presence test.

Additional article. https://www.forbes.com/sites/kellyph.../#889970629119

IR-2018-173, Aug. 24, 2018

WASHINGTON ó Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion.

The Bipartisan Budget Act of 2018, enacted in February, changed the tax home requirement for eligible taxpayers, enabling them to claim the foreign earned income exclusion even if their ďabodeĒ is in the United States. The new law applies for tax year 2018 and subsequent years.

This means that these taxpayers, if eligible, will be able to claim the foreign earned income exclusion on their income tax return for 2018 when they file. Under the exclusion, taxpayers can choose to exclude their foreign earned income from gross income, up to a certain dollar amount. For tax year 2018, that dollar amount limit is $103,900.

The foreign earned income exclusion is not automatic. Eligible taxpayers must file a U.S. income tax return each year with either a Form 2555 or Form 2555-EZ attached. These forms, instructions and Publication 54,Tax Guide for U.S. Citizens and Resident Aliens Abroad, will be revised later this year to reflect this clarification.

Foreign earned income is the income a taxpayer receives for performing personal services in a foreign country or countries during a period in which he or she meets both of the following requirements:

His or her tax home is in a foreign country, and
He or she meets either the bona fide residence test or the physical presence test.

Full details on these tests can be found in Publication 54.

Under prior law, many otherwise eligible taxpayers who lived and worked in designated combat zones failed to qualify because they had an abode in the United States. The new law makes it clear that contractors or employees of contractors providing support to U.S. Armed Forces in designated combat zones are eligible to claim the foreign earned income exclusion.

Taxpayers choosing the foreign earned income exclusion cannot take advantage of any other exclusion, deduction or credit related to the excluded income. This includes any expenses, losses or other items that would have been deductible had the exclusion not been claimed.

As in the past, the foreign earned income exclusion is not available to federal employees or members of the military. But service members in combat zones continue to qualify for the combat pay exclusion. See Publication 3 for details.
Varietyjones is offline  
Old 04-18-2019, 07:54 PM   #487  
New Hire
 
Joined APC: Dec 2015
Position: ATR42/72 FO
Posts: 4
Default

Does anyone have any opinion of Dynamic vs L3? Interviewing with both soon just wondered if anyone had experience with both. Both seem pretty much the same on paper...
motorhead87 is offline  
Old 04-19-2019, 01:33 PM   #488  
Line Holder
 
Joined APC: Oct 2018
Posts: 48
Default

Quote:
Originally Posted by motorhead87 View Post
Does anyone have any opinion of Dynamic vs L3? Interviewing with both soon just wondered if anyone had experience with both. Both seem pretty much the same on paper...
L3 lets you Skype interview. Dynamic makes you go to VA and fly an NDB approach on a sim. So in that regard the easiest path to employment is probably L3. L3 also is the largest operator and will probably be around for a while. I am sure dynamic is an OK company and I certainly would be there if L3 didn't hire me first. Their are a lot more planes parked on the ramp overseas from L3 than dynamic.
StandardBrief is offline  
Old 04-20-2019, 07:32 AM   #489  
Line Holder
 
Joined APC: Dec 2017
Position: DashTrash. King Air 90/200 PIC
Posts: 44
Default

Quote:
Originally Posted by motorhead87 View Post
Does anyone have any opinion of Dynamic vs L3? Interviewing with both soon just wondered if anyone had experience with both. Both seem pretty much the same on paper...
Quote:
Originally Posted by StandardBrief View Post
L3 lets you Skype interview. Dynamic makes you go to VA and fly an NDB approach on a sim. So in that regard the easiest path to employment is probably L3. L3 also is the largest operator and will probably be around for a while. I am sure dynamic is an OK company and I certainly would be there if L3 didn't hire me first. Their are a lot more planes parked on the ramp overseas from L3 than dynamic.
You cannot compare the two just because L3 skypes and DA has you do an easy sim eval.

I fly for DA and like many I'm keeping my options open for any other operator at any time but so far I am happy here. I know guys who have gone from L3 to DA and the other way around. Depends what kind of company structure and management style you prefer.

L3 may have more ramp coverage in certain places but DA has been able to hold contracts also and added more countries operated in last/this year.

YMMV
Varietyjones is offline  
Old 04-20-2019, 01:02 PM   #490  
Line Holder
 
Joined APC: Oct 2018
Posts: 48
Default

Quote:
Originally Posted by Varietyjones View Post
You cannot compare the two just because L3 skypes and DA has you do an easy sim eval.

I fly for DA and like many I'm keeping my options open for any other operator at any time but so far I am happy here. I know guys who have gone from L3 to DA and the other way around. Depends what kind of company structure and management style you prefer.

L3 may have more ramp coverage in certain places but DA has been able to hold contracts also and added more countries operated in last/this year.

YMMV
Calm yourself down. I am comparing them based off my experience. My experience is that L3 does a Skype interview and Dynamic makes you travel to property for a sim eval. That is simply a fact, and probably a big deal for those of us who had jobs we couldn't easily leave to go interview. In no way was that the ONE AND ONLY reason to go to L3. Also, if you read the rest of my post you would have seen that I said it is an ok company and that I would happily be there if L3 didn't hire me first.
StandardBrief is offline  
 
 
 

 
Post Reply
 



Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes



All times are GMT -8. The time now is 06:14 PM.