Business aviation financial management company MySky (Booth 4462) has launched a new automated tax reporting software called MySky Tax, the company announced Tuesday at NBAA-BACE. The Geneva-based company said its new software solution can be integrated with a customer’s flight operations software, utilizing flight expense data to automatically file tax forms before any invoices are submitted.
“This is such an important resource for the U.S. market,” said Ryan DeMoor, MySky’s head of aviation tax and vice chair of the NBAA Tax Committee. “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.”
MySky Tax aims to make tax filing easier for business aircraft operators both to do and to understand, with captions explaining every tax category and citing the relevant tax codes. The software system automatically updates to account for any changes in tax codes and tax rates. This helps to ensure historical accuracy for more technical reporting, like determining control employee status for standard industry fare level (SIFL) statements, according to MySky.
The company says MySky Tax is the only software available today that can automate itemized tax calculations of mixed-use trips for reporting SIFL groupings. Customers can classify each leg of their trip as personal or business using a digital map of the flight path.
MySky Tax already offers SIFL and disallowance reporting services, and it will begin offering Securities and Exchange Commission (SEC) and timeshare reporting services in early 2023.