Form 8233 Facts and Myths

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

Updating your W-4

by Tom Andrews, CPA As the payroll processes in the yachting industry becomes more formalized the number of crew being treated as statutory employees has increased dramatically over the past ten years. As a result crewmembers are no having taxes withheld from their...

Virtual Currencies

by Tom Andrews, CPA I often find that yacht crewmembers are early adopters of technology, for example I remember yacht crew using mp3 players, phone texting, online banking, and skype before it was main stream. I suspect this has a lot to do with nature of the...

Foreign Gifts

by Tom Andrews, CPA Many yacht crewmembers have friends, family, spouses etc. whom are nonresidents living outside the United States.  These relationships sometimes give rise to the transferring of assets or funds between residents and nonresidents, such transfers...

The Crew House Might Not Be Deductible

by Tom Andrews, CPA It is not uncommon for luxury yacht crewmembers to stay in crew houses while traveling. Sometimes these stays are mandated by the owner or the crewmember is in between jobs and needs temporary housing until the next job begins.  Many crewmembers...