News

The Mini Yacht Manager

by Tom Andrews, CPA The term “yacht management” has been used to describe a vast number of services in the industry, the large management companies tend to manage every aspect of the vessel including but not limited to MLC compliance, payroll, crew placement, accounting, itinerary, etc. The medium sized management companies may offer limited services […]

Posted in News | Comments closed

AWL Grip Captains Golf Invitational

by Lisa Marshall On Friday, October 17th, AvMar came out to support Yacht Captains at the AWL Grip Captains Golf Invitational.  Everyone had a blast in support of Yacht Aid Global, Save Our Seas and Marine Industry Cares. Here are some pictures from our Hole 11  “The Longest Drive”.

Posted in News | Comments closed

US Taxman Targets Yacht Owners

By Don Hoyt Gorman, (The Super-Yacht Owner Website) An American super-yacht owner and a number of his super-yacht owning friends have all received the same letter from the US Internal Revenue Service (IRS) informing them that their yachting affairs would be audited for tax.   It’s not the kind of letter that anyone would want to […]

Posted in News | Comments closed

Form 8233 “Facts and Fiction”

by Tom Andrews, CPA Any nonresident crewmember that has worked on a foreign flagged vessel has probably been asked to sign form 8233 “Exemption Form Withholding on Compensation for Personal Services of a Nonresident Alien”.   By signing this form the vessel/employer is relieved from the responsibility from having to withhold federal taxes from the wages […]

Posted in News | Comments closed

AvMar begins withholding U.S. taxes from foreign crew

Originally Published in “The Triton” 09/27/2011. Ft. Lauderdale-based AvMar Payroll Services, one of the industry’s largest yacht crew payroll companies, has begun withholding U.S. income taxes from foreign crew while working on vessels in the United States. The practice runs in the face of long-standing traditions of non-resident yacht crew not paying tax on their […]

Posted in News | Comments closed

Individual Tax Liabilities of Yacht Crewmembers

by Tom Andrews, CPA The purpose of this memo is to discuss the American crewmembers responsibility when it comes to making quarterly estimated tax payments. In most cases crewmembers will be paid in the following manner: Crewmember issued W-2 with taxes withheld. Crewmember issued 1099 no taxes withheld. Crewmember works on foreign flagged vessel with […]

Posted in News | Comments closed

Identity Theft and How it Affects Yacht Crewmembers

By Tom Andrews, CPA For several years now I have noticed a substantial increase in the number clients that have been victims of identity theft. The identity theft I am referring to is not the type in which a perpetrator hijacks a person’s credit or bank accounts, it is the type in which an imposter […]

Posted in News | Comments closed

Home Office Deduction for Yacht Crew

by Tom Andrews, CPA Yacht Crewmembers frequently ask me about the “home office deduction” and how they may benefit from its application. Before we discuss the significance of the home office deduction in the luxury yacht industry it is first important to define this deduction. Section 280A(c) ( this is the section of internal revenue […]

Posted in News | Comments closed

Social Security and Luxury Yacht Crew

by Tom Andrews, CPA Social Security tax is a tax that is assessed on your earnings/labor, this tax is withheld by your employer and remitted to the IRS. The difference between Social Security tax and federal income tax is that Social Security/Medicare tax is used to provide benefits to individuals when they reach 65, federal […]

Posted in News | Comments closed

Yacht Crew Travel Expenses

by: Tom Andrews, CPA A career as a professional yacht crewmember and travel expenses go hand in hand, while many crewmembers work for vessels that pay for all travel expenses I have encountered more and more crew over the past five years (mainly due to the recession and having to take on freelance work) incur […]

Posted in News | Comments closed