News

The Outer Continental Shelf and Why It Matters

By Tom Andrews, CPA The Yachting Industry has long remained under the radar with regards to the Internal Revenue Service. While most industries have manuals and guide books that help navigate them through some of the more complicated aspects of their respective industries, the luxury yacht world has little guidance to fall back on. This […]

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Why You Probably Don’t Need a Company

By Tom Andrews, CPA One of the more common questions I am asked of clients is “Should I incorporate”?   The answer to that question depends on a number of factors but in most cases the answer is “no”.  Normally the only maritime professionals that will benefit from forming a company are Captains that can meet […]

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Foreign Bank Account Compliance

By: Tom Andrews, CPA For those yacht crewmembers who are still not familiar with FBAR requirements (Foreign Bank Account Reporting) the Treasury department requires that a United States Citizen or Tax Resident is required to file FinCEN Form 114 if: The United States person had a financial interest in or signature authority over at least […]

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More Than a Captain

by: Tom Andrews, CPA This goes without saying but the term Yacht Captain is probably the most understated job title in the luxury yacht industry. The profession is so much more involved than taking the vessel from one destination to another.  Many captains are hired only to find themselves a part time captain and a […]

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2017 Foreign Earned Income Exclusion Update

by: Tom Andrews, CPA Every year I meet with clients who say to me “I heard if I am living outside the United States for 183 days I am not required to pay taxes…” I believe this is one of the most common tax related myths in the yachting industry.  This myth is so often […]

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Dual Citizenship

By Tom Andrews, CPA As you may or may not be aware all US citizens are subject to US income tax regardless of whether they reside in the United States or not. To make matters more complicated some yacht crewmembers have dual US citizenship with another country.  While these circumstances are rare we do encounter […]

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Starting 2017 on the RIght Foot

By Tom Andrews, CPA As you begin the 2017 tax year now is the time to implement habits and strategies that will make filing easier for you at the end of the year. Many of the taxpayers I speak with take a reactive stance to tax planning that is sometimes detrimental to their long term […]

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Crewmember Verification Foreign Flag

By: Tom Andrews, CPA As a crewmember on a foreign flagged vessel you are probably being paid in one of three ways: You are issued a W-2 with taxes withheld. You receive a 1099 at the end of the year. The employer is simply depositing funds to your bank account without provided a W-2 or […]

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Trump Tax Plan

By: Tom Andrews, CPA Now that a republican president has been elected to office along with a majority republican congress, tax reform is almost certain.   Since the election I have had a handful of clients contact me to inquire how tax reform might affect them.  At this time I do not have an answer, while […]

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IRS Phone Scam Leaves Yacht Crew Vulnerable

By: Tom Andrews, CPA The Internal Revenue Service has received almost 90,000 complaints from tax payers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS.  This can be especially troublesome to yacht crewmembers most of whom  travel frequently. Many crewmembers are away from home for extended periods […]

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