Financial software firm MySky has launched the MySky Tax software to automate tax reporting for corporate aircraft use in the USA.
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. This makes tax reporting faster, less labor-intensive and more accurate.
Ryan DeMoor, head of aviation tax at MySky and vice-chair of the NBAA Tax Committee said, “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.
MySky Tax is 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.
MySky Tax can also automate tax calculations of ‘mixed-use’ trips for reporting SIFL groupings. Using a map view of their flight, customers can classify each leg of the trip as either ‘primarily business’ or ‘primarily personal’, allowing MySky Tax to produce a clearly defined, itemized calculation of taxes owed.
Jean de Looz, head of Americas at MySky said, “Incorporating MySky Tax into our portfolio of financial tools is a very natural step for us. To automate tax reporting, users need expense and flight operations data. MySky has the largest database of global private aviation costs in the industry.”
MySky Tax currently provides services for SIFL and disallowance reporting and will soon offer Securities and Exchange Commission (SEC) and timeshare reporting in the first quarter of 2023.
