Author Archives: lisamarshall

2017 Year-End Tax Planning

By Tom Andrews, CPA As the end of 2017 approaches it is time to step back and reflect on your income and expenses for the year. All too often yacht crewmembers are busy with family obligations,  holiday charters, and the general chaotic schedule of running a program.   Unlike traditional forms of employment the tax rates […]

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Health Insurance Enforcement Penalty

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. There has been confusion among many yacht crewmembers as to how this law will affect them and if they are required to comply.  In most cases American […]

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State Income Tax Considerations

by Tom Andrews, CPA More often than not crewmembers fail to take into account the prospect of state income tax liabilities.   While many US flagged vessels withhold federal payroll and income taxes and only a fraction of foreign flagged vessels withhold federal income taxes these vessels rarely withhold state income taxes.  There are currently seven […]

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Delinquent Tax and Passport Restrictions

by Tom Andrews,CPA Several years ago I wrote a column that discussed H.R. 22 “Fixing America’s Transportation Act”, upon passage congress included a provision that allows the State Department to revoke, deny, or limit passports for anyone the IRS certifies as having a seriously delinquent tax debt in an amount in excess of $50,000.  The […]

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The Outer Continental Shelf and Why It Matters

By Tom Andrews, CPA The Yachting Industry has long remained under the radar with regards to the Internal Revenue Service. While most industries have manuals and guide books that help navigate them through some of the more complicated aspects of their respective industries, the luxury yacht world has little guidance to fall back on. This […]

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Why You Probably Don’t Need a Company

By Tom Andrews, CPA One of the more common questions I am asked of clients is “Should I incorporate”?   The answer to that question depends on a number of factors but in most cases the answer is “no”.  Normally the only maritime professionals that will benefit from forming a company are Captains that can meet […]

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Foreign Bank Account Compliance

By: Tom Andrews, CPA 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 FinCEN Form 114 if: The United States person had a financial interest in or signature authority over at least […]

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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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