UK Seafarers Earning Deduction and Tax Treaties

by Tom Andrews, CPA When a nonresident crewmember is employed on a foreign flagged vessel the employer may be required to withhold federal income taxes from the nonresident while the crewmember is present in United States Territorial waters.  The employer may be...

Home Loans and Refi’s—Be Prepared

by Tom Andrews, CPA Over the past six months our office has been  busy assisting clients who are either applying for a new home loan or refinancing their current home.  As real estate prices have increased  and it now appears  interest rates start decreasing again...

Foreign Tax Credit

by Tom Andrews, CPA The career of a professional mariner sometimes affords opportunities and circumstances that the crewmember might not have planned on.  The travel requirements of a mariner often result in a nomadic lifestyle in which the crewmember lives overseas,...

Tax Treaties and Crewmembers

by Tom Andrews, CPA Nonresident crewmember that have worked on a foreign flagged vessel have probably been asked to sign form 8233 “Exemption Form Withholding on Compensation for Personal Services of a Nonresident Alien”.   By properly executing  this form the...

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 can 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...