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09/02/2009 - Avmar Benefits From Partnership
AvMar International announces they have partnered with MHG Marine Benefits to provide health insurance for their valued yacht clients. Scott MacPhee from AvMar said "By working with MHG, we will provide our Yacht Owners with a quality benefit package that includes competitive pricing, top quality service and support, along with peace of mind. We know that MHG will help us and our yacht clients have the best possible health and benefits experience." The yachting industry continues to evolve and with the impending Maritime Labor Convention (MLC) ratification, AvMar was keen to partner with MHG to manage their group and individual benefit plans....
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08/13/2008 - Foreign Earned Income Exclusion - Audits are Coming!
Section 911 otherwise known as the Foreign Income Exclusion is probably the most commonly misunderstood and misapplied section of the Internal Revenue Code that is asserted by the yachting community in general. Basically the Foreign Income Exclusion or FEIE for the purposes of this article allows a qualified United States tax payer to exclude a portion of there earned income from taxation....
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08/13/2008 - Are Job-Hunting Expenses Deductible?
ABSOLUTELY! And if you are a yachting professional the deductibility of your job hunting expenses can be very expensive. Unlike other mainstream professions where you might travel within a 50 mile radius of your home conducting interviews and meeting with perspective employers, a potential yacht crew member may be traveling half way across the globe in hopes of finding employment....
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08/13/2008 - Captains-Are You Responsible For Your Crews Taxes?
As a practitioner whose client base is 75% in the marine industry I've started noticing a phenomenon that may have far reaching consequences for captains and it is becoming more common! The scenario I am referring to can be summarized as follows: I'm meeting with a new client (usually they are incorporated) who happens to be a professional yacht Captain, as I am interviewing them to gain insight into their particular tax situation I ask about their business related expenses, the client then hands me their bank statements and expense log. I immediately notice that the Captain has been running crew payrolls through their own bank account....
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08/13/2008 - How Nonresident Alien Can Elect To File Jointly With U.S. Citizen Or Resident Spouse
Tax planning for an American married to a nonresident alien is always an interesting dilemma and it is very common in the yachting industry. Generally a joint return cannot be filed if either spouse is a nonresident alien at any time during the tax year. However, if one spouse is a citizen or resident of the United States, both spouses may file an election to treat the nonresident alien spouse as if he or she were a resident of the United States for the entire tax year, thereby permitting them to file a joint return....
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08/13/2008 - Moving to or from a U.S. Territory or Possession
While many crewmembers are familiar with living as a bona fide resident in a foreign country not all crew members are familiar with the rules of living in U. S. Territories or Possessions....
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09/01/2006 - Captains Petty Cash May Not Be So Petty
Dockwalk Magazine. Written by Tom Andrews of AvMar Accounting Services
Petty Cash is an important function of any yachts program, it also has been the cause of termination for many a captain. I've met many captains who feel they have a great relationship with their yachts owner, after all they have worked with them closely in intimate quarters, gotten to know their family, spent holidays and vacations together. ...
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11/01/2005 - Non-Resident Aliens Temporarily in USA
Dockwalk Magazine. Written by Tom Andrews of AvMar Accounting Services
Many crewmembers take for granted that their employer or Captain will fill them in on the nature of US tax law however the truth is most Captains and owners don't have a firm grasp on the filing requirements for nonresident alients....
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10/01/2005 - Will the IRS find out if I have an offshore account?
Dockwalk Magazine. Written by Tom Andrews of AvMar Accounting Services
The answer is… Maybe!! So why take the chance. One of my goals when meeting with clients is to help clear up some of the misconceptions and rumors that make their way around the yachting industry....
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07/01/2005 - Foreign Earned Income Exclusion
Dockwalk Magazine. Written by Tom Andrews of AvMar Accounting Services
One common topic in the yachting industry is the subject of how yacht crewmembers are to be taxed on their services. Having met and consulted many crewmembers in my practice I am continually amazed by the amount of American crewmembers who feel they are eligible to exclude a portion or all of their income under Section 911 of the Internal Revenue Code more commonly known as the Foreign Income Exclusion....
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