Blog

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

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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2018 Pass-Through Deduction

by Tom Andrews, CPA As we approach the end of the year many yacht crewmembers are contemplating how much income they should be putting aside for taxes. In past years tax payers could reasonably rely on their recent history to determine how their tax calculation might...

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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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