Financial management platform MySky has launched MySky Tax, a new software that automates tax reporting for business jets in the US, at NBAA-BACE 2022.
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.
