“For too long, private flight departments have relied on outdated spreadsheets to manage their tax records, which has meant a time-consuming and error-prone process,” says Ryan DeMoor, head of aviation tax, MySky. “The IRS, accentuated also last week by President Biden, has announced an increased focus on business aviation – at a time when there can be no room for error, MySky Tax provides the most advanced corporate aviation tax software on the market.” DeMoor is also chair, of the NBAA Tax Committee.

Also read: MySky (AI)ding business aviation operations

The new MySky Tax modules include Federal Aviation Administration (FAA) Timeshare Billing, Federal Excise Taxes and 280F Reporting. DeMoor says that this allows flight departments to remain fully compliant with tax reporting without relying on manual data entry. 

“The new reporting modules will enable business aviation users to remain fully compliant when taking advantage of bonus depreciation, while also managing highly regulated timeshare billing and complex Federal Excise Tax calculations,” said DeMoor.

MySky uses artificial intelligence to help aircraft owners and operators track costs.  The new tax modules were announced at NBAA Schedulers & Despatchers Conference (pictured).

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The company said it is unique from other digital tax services as it can be integrated with a customer’s flight operations software. This means it can use flight expense data before it’s invoiced to automatically file taxes for corporate-owned aircraft, saving time and money.

Each tax statement on the platform allows customers to file for multiple business divisions under one umbrella, and trips can be classified as primarily personal or business (mixed-trip demo pictured). The software also explains each tax category and code so that flight departments can accurately report the company’s aircraft use and allow them to take on more business, according to MySky. The platform will automatically update to account for changes in tax code or rates.

“This is such an important resource for the US market,” said Ryan DeMoor, head of Aviation Tax, MySky and vice chair, Tax Committee, NBAA. “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.” He added that MySky will allow customers to report taxes “faster and more accurately”.

The company said it will begin customer onboarding using existing flight operations integrations. For customers whose operations are not yet integrated with the software, MySky will assist with data inputs to get started.

Back in March, Satcom Direct transitioned its Tax Reporting Service to MySky.

The post MySky launches software to automate tax reports #NBAA appeared first on Corporate Jet Investor.

An expansion of the existing partnership between SD and MySky, Ryan DeMoor (inset), who has been running SD Tax Reporting for over five years, is joining MySky to lead the expanded division.

DeMoor, head, Aviation Tax at MySky and vice-chair on the NBAA tax committee, said: “Most corporate aircraft have some degree of personal use, which increases the complexity of the aviation industry’s reporting requirements and can often result in a high level of scrutiny from external stakeholders.”

Kiril Kim, CEO and founder, MySky, added: “MySky Tax Reporting Solutions complements our existing products and is another step forward to making operations smoother and more transparent within our sector. We are delighted to welcome Ryan and his team to MySky and combine our knowledge and experience to offer fully integrated financial support to the business aviation community.”

MySky Tax Reporting Solutions has three tiers. These range from basic VAT and tax recovery through a partnership with, VAT IT USA, to a full advisory service offering reporting, strategy, and compliance with FAA, Inland Revenue Service (IRS) and Securities and Exchange Commission (SEC) regulations.

Chris Moore, president, Satcom Direct, said: “Merging the existing SD Tax Reporting system with the powerful MySky financial platform, gives customers greater control of aviation records and costs, and associated tax obligations. Access to fiscal and flight operations management through a digital platform elevates industry standards through the sharing of synchronised, accurate data across all members of the organisation.”

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