Blog

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

Expiring ITIN’s

by Tom Andrews, CPA More than 2 million ITIN’s (Individual Taxpayer Identification Numbers ) are due to expire by the end of 2018. The expiration of the ITIN’s was prompted by legislation passed in Congress during tax year 2015. The law states that ITIN’s that have...

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Mini Manager

By Tom Andrews, CPA The term “yacht management” has been used to describe a vast number of services in the industry. The large management companies tend to manage every aspect of the vessel including but not limited to MLC compliance, payroll, crew placement,...

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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...

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Communicating With the Yacht Payroll Manager

by Tom Andrews, CPA As we enter the final few months of 2013 yacht crewmembers will be busy attending to the normal year end activities that make the yachting profession a never ending whirlwind, between the upcoming boat shows, holiday charters, and family...

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Social Security and Yacht Crew

by Tom Andrews, CPA Social Security tax is a tax that is assessed on your earnings/labor, this tax is withheld by your employer and remitted to the IRS. The difference between Social Security tax and federal income tax is that Social Security/Medicare tax is used to...

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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...

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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...

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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...

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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...

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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...

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