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....

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...

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...

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...

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...