Blog

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

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...

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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...

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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...

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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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Why You Probably Don’t Need a Company

By Tom Andrews, CPA One of the more common questions I am asked of clients is “Should I incorporate”?   The answer to that question depends on a number of factors but in most cases the answer is “no”.  Normally the only maritime professionals that will benefit from...

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Foreign Bank Account Compliance

By: Tom Andrews, CPA For those yacht crewmembers who are still not familiar with FBAR requirements (Foreign Bank Account Reporting) the Treasury department requires that a United States Citizen or Tax Resident is required to file FinCEN Form 114 if: The United States...

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More Than a Captain

by: Tom Andrews, CPA This goes without saying but the term Yacht Captain is probably the most understated job title in the luxury yacht industry. The profession is so much more involved than taking the vessel from one destination to another.  Many captains are hired...

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2017 Foreign Earned Income Exclusion Update

by: Tom Andrews, CPA Every year I meet with clients who say to me “I heard if I am living outside the United States for 183 days I am not required to pay taxes…” I believe this is one of the most common tax related myths in the yachting industry.  This myth is so...

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Dual Citizenship

By Tom Andrews, CPA As you may or may not be aware all US citizens are subject to US income tax regardless of whether they reside in the United States or not. To make matters more complicated some yacht crewmembers have dual US citizenship with another country.  While...

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Starting 2017 on the RIght Foot

By Tom Andrews, CPA As you begin the 2017 tax year now is the time to implement habits and strategies that will make filing easier for you at the end of the year. Many of the taxpayers I speak with take a reactive stance to tax planning that is sometimes detrimental...

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