Blog

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

Owning A Crewhouse

By: Tom Andrews, CPA While many yacht crewmembers have stayed in a crew house from time to time the prospect of owning a home has always been an attractive investment opportunity to crew and as an accountant I am frequently asked to prepare taxes and bookkeeping local...

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Taxpayer Identification Number for Nonresidents

By Tom Andrews, CPA As COVID-19 continues to disrupt the cruising plans for luxury yachts and their crewmembers there have been unintended consequences for vessels that remain in the United States longer than planned.  One of these consequences is that some...

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COVID Effect on Tax Treaties

By; Tom Andrews, CPA One of the unintended consequences of the COVID 19 global pandemic is that nonresident crewmembers may end up staying inside the United States longer than expected.  In some instances that nonresident crewmember may end up triggering a United...

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Crew Compensation

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 are working as a “contractor and receive a 1099 at the end of the year. The employer is simply depositing...

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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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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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