News

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 […]

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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 […]

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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 […]

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Nonresident Crewmember Tax Treaty Memo 2014

  Form 8233 in the previous tax year, please be advised that if you will be qualifying for tax treaty benefits for the current year you will be required to provide a signed updated form 8233. As a nonresident crewmember on board a foreign flagged luxury vessel our office is required withhold United States income […]

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File Your Tax Return At The Right Time for Luxury Yacht Crew

by: Tom Andrws, CPA Traditionally the Internal Revenue Service begins accepting tax returns for processing in mid-January however it has recently been announced that the IRS will be delaying the acceptance of tax returns until January 31st.  The new start date is being attributed to the government shutdown which has already added additional stress to […]

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Understanding Your S Corporation/LLC for Yacht Crew Members

by: Tom Andrews, CPA Many yacht crew members have chosen to do business by forming a company (for the purposes of this column I am referring to an S Corporation or LLC), while there are advantages and disadvantages to doing business as a company the focus of this column is to remind those who are […]

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Affordable Care Act and What This Means to Yacht Crewmembers

by Tom Andrews, CPA The Patient Protection and affordable Care act commonly referred to as the Affordable Care Act or “Obama Care” was signed into law in 2010, the major provisions of this law will be phased in starting January 2014.  There has been confusion among many yacht crewmembers as to how this law will […]

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Foreign Bank Account Compliance for Yacht Crewmembers

by Tom Andrews, CPA Foreign bank account compliance is making headlines again.  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 form TD F 90-22.1 if:  The United States person had a […]

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Communicating With the Yacht Payroll Manager

By: Tom Andrews, CPA As we enter the final few months of 2013 yacht crewmembers will be busy attending to the normal year end activities that make the yachting profession a never ending whirlwind, between the upcoming boat shows, holiday charters, and family obligations the furthest thought on the minds of most crewmembers is how […]

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Deducting Automobile Expenses for Yacht Crewmembers

By:  Tom Andrews, CPA Many yacht crew members will use their personal vehicle for vessel / yacht business.  In many cases they are not reimbursed by the vessel and simply use their vehicle without regard for the potential tax benefits of an auto deduction. If a vehicle is used exclusively for your business, then generally […]

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