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
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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
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
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 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
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
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
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
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
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