Blog

By Tom Andrews, CPA The FEIE (foreign earned income exclusion) is so frequently asked about I write an update column every year.  Unfortunately the most common misconception about the FEIE is that if an American lives outside the United States for more than 183 days...

by Tom Andrews, CPA Many yacht crewmembers end up filing extensions to file their tax returns, the most common reason is that crewmembers are normally traveling when the April 15th deadline arrives and filing an extension will give them an extra six months to get...

By Tom Andrews, CPA The Internal Revenue Service has received almost 100,000 complaints from tax payers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS.  This can be especially troublesome to yacht...

by Tom Andrews, CPA Now that 2018 has ended many taxpayers are looking forward to 2019 with their renewed financial goals.  One of those goals is to start contributing to a retirement account.  While the yachting profession does provide a number of advantages one of...

by Tom Andrews, CPA The tax reform bill that was passed at the end of 2017 is now of primary concern for any tax payers that are about to file their 2018 income tax returns.  While the new tax bill has provided many benefits to the average US taxpayer there are also...

by Tom Andrews, CPA As we approach the end of the year many yacht crewmembers are contemplating how much income they should be putting aside for taxes. In past years tax payers could reasonably rely on their recent history to determine how their tax calculation might...

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...

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 of the vessel including but not limited to MLC compliance, payroll, crew placement,...

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 navigate them through some of the more complicated aspects of their respective...

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 a never ending whirlwind, between the upcoming boat shows, holiday charters, and family...