Avmar Benefits From Partnership

AvMar International announces they have partnered with MHG Marine Benefits to provide health insurance for their valued yacht clients.  Scott MacPhee from AvMar said “By working with MHG, we will provide our Yacht Owners with a quality benefit package that...

Moving to or from a U.S. Territory or Possession

By: Tom Andrews, CPA While many crewmembers are familiar with living as a bona fide resident in a foreign country not all crew members are familiar with the rules of living in U. S. Territories or Possessions. The IRS has issued a fact sheet to help taxpayers who move...

Foreign Earned Income Exclusion – Audits are Coming!

By: Tom Andrews Section 911 otherwise known as the Foreign Income Exclusion is probably the most commonly misunderstood and misapplied section of the Internal Revenue Code that is asserted by the yachting community in general. Basically the Foreign Income Exclusion or...

Are Job-Hunting Expenses Deductible?

ABSOLUTELY! And if you are a yachting professional the deductibility of your job hunting expenses can be very expensive. Unlike other mainstream professions where you might travel within a 50 mile radius of your home conducting interviews and meeting with perspective...

Captains-Are You Responsible For Your Crews Taxes?

As a practitioner whose client base is 75% in the marine industry I’ve started noticing a phenomenon that may have far reaching consequences for captains and it is becoming more common! The scenario I am referring to can be summarized as follows: I’m...