Blog

News, tips, and resources to help with the business end of your vacation lifestyle.

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...

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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...

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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,...

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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...

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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...

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2019 Foreign Earned Income Exclusion Update

By Tom Andrews, CPA The FEIE (foreign earned income exclusion) is so frequently asked about I write an update column every year.  Unfortunately the most common misconception about the FEIE is that if an American lives outside the United States for more than 183 days...

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Estimated Tax Payments

by Tom Andrews, CPA Many yacht crewmembers end up filing extensions to file their tax returns, the most common reason is that crewmembers are normally traveling when the April 15th deadline arrives and filing an extension will give them an extra six months to get...

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IRS Phone Scams Are Still A Threat

By Tom Andrews, CPA The Internal Revenue Service has received almost 100,000 complaints from tax payers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS.  This can be especially troublesome to yacht...

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Roth IRA

by Tom Andrews, CPA Now that 2018 has ended many taxpayers are looking forward to 2019 with their renewed financial goals.  One of those goals is to start contributing to a retirement account.  While the yachting profession does provide a number of advantages one of...

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Foreign Corporation and the Transition Tax

by Tom Andrews, CPA The tax reform bill that was passed at the end of 2017 is now of primary concern for any tax payers that are about to file their 2018 income tax returns.  While the new tax bill has provided many benefits to the average US taxpayer there are also...

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