MySky, the digital financial management company for business aviation, is launching MySky Tax, a new software designed to automate tax reporting for corporate aircraft use in the United States.
Unlike other digital tax solutions in business aviation, MySky Tax can be integrated with a customer’s flight operations software, allowing it to use flight expense data before it’s invoiced to automatically file taxes according to business and personal use of a corporate-owned aircraft. For customers, this means tax reporting can now be faster, less labor-intensive, and highly accurate.
Ryan DeMoor, Head of Aviation Tax, MySky and Vice-Chair, NBAA Tax Committee, says: “This is such an important resource for the US market.
“For too long, aviation tax has been limited by the arduous task of manual data entry which is subject to clerical errors and slower processing times.
“Now, with MySky Tax, we have the opportunity to make people’s lives easier by giving them the means to report their company’s aircraft use faster and much more accurately.”
Each tax statement in MySky Tax is entity-based, allowing customers to file for multiple corporate entities under one umbrella.
MySky Tax also makes it easy to understand every step of the tax reporting process with explanatory captions defining each tax category and where it is cited in the relevant tax code.
This gives corporate flight departments the knowledge and accuracy to confidently report their company’s aircraft use themselves.
For seasoned tax practitioners in the industry, MySky Tax serves as a tool for greater efficiency to take on more business.
MySky Tax is constantly updated to account for any changes in tax code or tax rates and helps to guarantee historical accuracy for more technical reporting such as determining control employee status required for Standard Industry FARE Level (SIFL) statements.