Form 8233 “Facts and Fiction”

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 Services of a Nonresident Alien”.   By signing this form the vessel/employer...

AvMar begins withholding U.S. taxes from foreign crew

Originally Published in “The Triton” 09/27/2011. Ft. Lauderdale-based AvMar Payroll Services, one of the industry’s largest yacht crew payroll companies, has begun withholding U.S. income taxes from foreign crew while working on vessels in the United...

Individual Tax Liabilities of Yacht Crewmembers

by Tom Andrews, CPA The purpose of this memo is to discuss the American crewmembers responsibility when it comes to making quarterly estimated tax payments. In most cases crewmembers will be paid in the following manner: Crewmember issued W-2 with taxes withheld....

Identity Theft and How it Affects Yacht Crewmembers

By Tom Andrews, CPA For several years now I have noticed a substantial increase in the number clients that have been victims of identity theft. The identity theft I am referring to is not the type in which a perpetrator hijacks a person’s credit or bank accounts, it...

Home Office Deduction for Yacht Crew

by Tom Andrews, CPA Yacht Crewmembers frequently ask me about the “home office deduction” and how they may benefit from its application. Before we discuss the significance of the home office deduction in the luxury yacht industry it is first important to define this...

Social Security and Luxury Yacht Crew

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 between Social Security tax and federal income tax is that Social Security/Medicare tax is used to...