News

SALT (State and Local Tax)

By Tom Andrews, CPA While we regularly focus on federal income taxes it is important to keep in mind that SALT (state and local taxes) may have just as much of an impact on yacht crew as do the federal taxes. In my experience the state and local taxing authorities can have more aggressive enforcement […]

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Owe Taxes Lose Your Passport

by Tom Andrews, CPA Unless you have been living under a rock for the past ten years you should be aware of the IRS commitment to bringing expats and foreign employees under compliance with United States Income Tax Law. Technology now allows the US government to track expat Americans and coordinate with foreign governments in […]

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2015 Captain’s Golf Tournament 10/23/15

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2015 Captain’s Golf Invitational

Come join AvMar for the 11th Annual AWL Grip Captain’s Golf Invitational, Friday, October 23rd at the Boca Golf & Country Club. 17751 Boca Club Blvd., Boca Raton, FL 33487. For additional Information please contact wes.sanford@northropandjohnson.com

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Why Australians Have the Best Tax Treaty

By Tom Andrews, CPA Tax treaties can make the difference between a nonresident crewmember paying tax while working in the United States and not having to pay tax. The United States has income tax treaties with a number of foreign countries. Under these treaties citizens of foreign countries are taxed at a reduced rate or […]

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S Corporation Employee Reimbursements

By Tom Andrews, CPA Many contractors in the yachting industry are conducting business through an S Corporation, while there are many reasons for using an S Corporation the purpose of this column is to discuss the method an employee of an S Corporation will be reimbursed for out of pocket business related expenses. While most […]

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Non-Resident Alien Spouses of American Citizens or Residents

By Tom Andrews, CPA When preparing tax returns for clients in the yachting industry I often run into situations where there is an American married to a Non-Resident alien.  This may create a series of challenges and potential pitfalls if the non-resident spouse is not fully aware of their income tax responsibilities.  This problem is […]

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Reasonable Compensation S Corporation Salary

by Tom Andrews, CPA The S Corporation is a popular tax planning tool utilized by many captains and crewmembers in the yachting industry.  The purpose of this column is not to discuss the reasons for forming or not to form an S Corporation but to discuss the concept of “reasonable compensation” The two most common […]

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2015 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 industry.  This myth is so often repeated […]

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Rental Real Estate Tax Implications

By Tom Andrews, CPA As the real estate market continues to rebound and interest rates remain historically low yachting professionals are continuing to invest in real estate.  Since traveling is a cornerstone of a yacht crewmembers  career,  becoming  a land lord is a common progression for many yachties.  Aside from the daily obstacles of becoming […]

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