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...

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...

2019 Foreign Earned Income Exclusion Update

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...

Estimated Tax Payments

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...

IRS Phone Scams Are Still A Threat

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...

Roth IRA

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...