AI-powered financial management platform MySky has confirmed the transition of Satcom Direct's (SD) Tax Reporting Service to MySky.

The strategic move strengthens the financial tools available for business aviation customers by ensuring availability of a more efficient, accurate and powerful tax reporting service. It will also allow greater control of aviation records and costs, adding significant value to organisations. This move expands the existing strategic partnership between SD and MySky as both companies continue to work closely to ensure a smooth transition for all clients using SD's Tax Reporting Services.

US-based customers will benefit from a fully outsourced tax and compliance platform as improved technological advancements for financial planning applications and reporting are delivered. Co-ordinating with flight departments, tax and legal teams, the service will provide streamlined, standardised and consistent tax reporting. To optimise the consolidation and to ensure customers have the best fiscal experience, Ryan DeMoor, who has been running SD Tax Reporting for over five years, is joining MySky to head up the expanded division.

MySky CEO and founder Kiril Kim says: “Growing MySky's portfolio of services to include specialist tax reporting signifies our desire to improve processes and increase financial efficiency in every area of business aviation. 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.”

Satcom Direct president Chris Moore adds: “Our aim is to always ensure the customer is having the best experience possible through the SD ecosystem. 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. We are pleased to strengthen the existing partnership between SD and MySky, and will continue to work closely to ensure an enhanced experience for all clients.”

DeMoor notes: “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. Using a specialised and dedicated team of tax experts combined with its data and tech stack, MySky Tax Reporting Solutions simplifies the entire reporting process and ensures business continuity throughout. I am looking forward to optimising the MySky advanced technology to provide improved financial efficiency in business aviation as we develop the tax reporting service to its full potential.”

Following the signing of a three-way agreement at the beginning of this year, MySky Tax Reporting Solutions now has three tiers; from basic VAT and tax recovery through the existing partnership with tax reclamation experts, VAT IT USA, to a full advisory service offering reporting, strategy and compliance with FAA, SEC and IRS regulations.