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...

Yacht Crew Travel Expenses

by: Tom Andrews, CPA A career as a professional yacht crewmember and travel expenses go hand in hand, while many crewmembers work for vessels that pay for all travel expenses I have encountered more and more crew over the past five years (mainly due to the recession...

Nonresident Crewmember Tax Treaty Memo 2014

  Form 8233 in the previous tax year, please be advised that if you will be qualifying for tax treaty benefits for the current year you will be required to provide a signed updated form 8233. As a nonresident crewmember on board a foreign flagged luxury vessel our...

Foreign Bank Account Compliance for Yacht Crewmembers

by Tom Andrews, CPA Foreign bank account compliance is making headlines again.  For those yacht crewmembers who are still not familiar with FBAR requirements (Foreign Bank Account Reporting) the Treasury department requires that a United States Citizen or Tax Resident...

Communicating With the Yacht Payroll Manager

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...

Deducting Automobile Expenses for Yacht Crewmembers

By:  Tom Andrews, CPA Many yacht crew members will use their personal vehicle for vessel / yacht business.  In many cases they are not reimbursed by the vessel and simply use their vehicle without regard for the potential tax benefits of an auto deduction. If a...