By: Tom Andrews, CPA Nonresident crewmembers have long been at a tax advantage over their American counterparts. While American’s must report and pay tax on their worldwide income many nonresidents crewmembers reside in countries that allow them to avoid paying tax on their yachting income as long as they declare themselves as a nonresident in [...]
By Tom Andrews, CPA Worker’s Compensation is a form of state insurance that provides benefits to employees injured in the course of employment. Two of the more frequently asked questions we receive at AvMar is: Are US Flagged Vessel required to obtain workers compensation insurance? Are Foreign Flagged Vessels required to obtain workers compensation insurance? [...]
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 industry. This myth is so often repeated [...]
By: Tom Andrews, CPA Over the past 24 months our office has been very busy assisting clients who are either applying for a new home loan or refinancing their current home. As real estate prices and interest rates have decreased there has been a rush close on loans. Unfortunately many yacht crewmembers are victims of [...]
By: Tom Andrews After much debate and anticipation, Congress has passed the American Taxpayer Relief Act of 2012 which averts the tax side of the fiscal cliff, provides numerous extenders and avoids the automatic sunset provisions that were scheduled to take effect after 2012 under the “Bush-era” tax cuts in the Economic Growth and Tax [...]
By: Tom Andrews, CPA My columns normally address the tax topics of Americans working in the yachting industry. In this month’s column, I will address the topic of non-residents who are having taxes withheld from their pay. Since it is becoming more common for nonresident crewmembers to have taxes withheld while the vessel is cruising [...]
By: Tom Andrews, CPA Crewmembers that have been in the yachting industry for the past seven years are quite aware that the tax and financial reporting landscape has changed. The Internal Revenue Service and the US Treasury have been relentless with enforcing the reporting responsibilities of United States companies, individuals, and employees executing any type [...]
By: Tom Andrews, CPA My columns normally address the tax topics of Americans working in the yachting industry. In this month’s column, I will address the topic of non-residents who are having taxes withheld from their pay. Since it is becoming more common for nonresident crewmembers to have taxes withheld while the vessel is cruising [...]
By: Tom Andrews, CPA Foreign gifts are a frequently discussed topic in my office. Many crewmembers have friends, family, spouses etc. who are nonresidents living outside the United States. These relationships sometimes give rise to the transferring of assets or funds between residents and nonresidents, such transfers might trigger a tax reporting responsibility with the [...]
Being detained at the border for back taxes is something I thought unheard of 10 years ago. How on earth would the Internal Revenue Service and Homeland Security ever be able to coordinate internal systems to flag United States Citizens and non-residents at the border for unfiled and unpaid taxes?