News

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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Social Media and Your Taxes

By Tom Andrews, CPA Several years ago I wrote a column that explored an interested development in IRS audit techniques.  As technology has improved the IRS began researching the social the social media accounts of tax payers.  The IRS insists that it is only using information that is public so as long as your privacy […]

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Are My Yacht Club Dues a Deduction

By Tom Andrews, CPA Deducting membership dues has always been a highly scrutinized deduction by the IRS, club memberships are naturally a target because they are considered an entertainment expense and these types of expenses have a strict supporting documentation standard with the Internal Revenue Service. When it comes to membership dues the IRS distinguishes […]

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Crew Vehicle and Automobile Expenses

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 the 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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