MySky has launched new modules for its MySky Tax software solution. The private aviation cost management platform is announcing these approvements just as the IRS has announced audits focused on business aircraft.
“For too long, private flight departments have relied on outdated spreadsheets to manage their tax records, which has meant a time-consuming and error-prone process,” says Ryan DeMoor, head of aviation tax, MySky.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.
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).
