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...

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...

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...

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...

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...

Crewmember Verification Foreign Flag

By: Tom Andrews, CPA As a crewmember on a foreign flagged vessel you are probably being paid in one of three ways: You are issued a W-2 with taxes withheld. You receive a 1099 at the end of the year. The employer is simply depositing funds to your bank account without...