by: Tom Andrws, CPA Traditionally the Internal Revenue Service begins accepting tax returns for processing in mid-January however it has recently been announced that the IRS will be delaying the
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by: Tom Andrews, CPA Many yacht crew members have chosen to do business by forming a company (for the purposes of this column I am referring to an S Corporation
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, the major
by Tom Andrews, CPA Foreign bank account compliance is making headlines again. For those yacht crewmembers who are still not familiar with FBAR requirements (Foreign Bank Account Reporting) the Treasury
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
By: Tom Andrews, CPA Many yacht crew members will use their personal vehicle for vessel / yacht business. In many cases they are not reimbursed by the vessel and simply
by Tom Andrews, CPA The media frequently portrays the IRS as an unorganized, inefficient, bureaucratic collection of government workers, and while there are stories that can lend credence to this
By: Tom Andrews, CPA Deducting membership dues has always been a highly scrutinized deduction by the IRS, club memberships are naturally a target because they are considered an entertainment expense
By: Tom Andrews, CPA It is inevitable… every captain at some point in their career will pay for a vessel expense out of their own pocket only to be reimbursed
By: Tom Andrews, CPA Nonresident crewmembers have long been at a tax advantage over their American counterparts. While American’s must report and pay tax on their worldwide income many nonresidents