Blog

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

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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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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2020 Foreign Earned Income Exclusion Update

By Tom Andrews, CPA The FEIE (foreign earned income exclusion) is more timely than ever for tax year 2020. The Covid 19 pandemic has extended the period of time that some crewmembers have spent outside of the United States as travel restrictions and quarantines are...

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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...

read more

Tax Treaties and Crewmembers

By Tom Andrews, CPA Nonresident crewmember that have worked on a foreign flagged vessel have probably been asked to sign form 8233 “Exemption Form Withholding on Compensation for Personal Services of a Nonresident Alien”.   By properly executing  this form the...

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UK Seafarers Earning Deduction and Tax Treaties

by Tom Andrews, CPA When a nonresident crewmember is employed on a foreign flagged vessel the employer may be required to withhold federal income taxes from the nonresident while the crewmember is present in United States Territorial waters.  The employer may be...

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Home Loans and Refi’s—Be Prepared

by Tom Andrews, CPA Over the past six months our office has been  busy assisting clients who are either applying for a new home loan or refinancing their current home.  As real estate prices have increased  and it now appears  interest rates start decreasing again...

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Foreign Tax Credit

by Tom Andrews, CPA The career of a professional mariner sometimes affords opportunities and circumstances that the crewmember might not have planned on.  The travel requirements of a mariner often result in a nomadic lifestyle in which the crewmember lives overseas,...

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Tax Treaties and Crewmembers

by Tom Andrews, CPA Nonresident crewmember that have worked on a foreign flagged vessel have probably been asked to sign form 8233 “Exemption Form Withholding on Compensation for Personal Services of a Nonresident Alien”.   By properly executing  this form the...

read more

SALT (State and Local Tax)

by Tom Andrews, CPA While we regularly focus on federal income taxes it is important to keep in mind that SALT can have just as much of an impact on yacht crew as do the federal taxes.  In my experience the state and local taxing authorities can have more aggressive...

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