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Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
 
Client Update - quarterly newsletter
 
 

 

 

 

 

 

 

 

 

The Merchant Marine Industry
(Plus an overview of the industry)

Services we provide seafarers/mariners.

*Tax Planning;       *Financial Planning;       *Tax Preparation.   

*Starting a Business;  *Buying a Franchise;  *Real-Estate Advisory.

The Merchant Marine Industry

 

Let's get to the specifics!!! 

We know your Industry Standards, Practices, and Tax Breaks. Every year, over 400 Seafarers like yourself hire us because of our committment to exceed their expectation.

We focused on their industry for decades, and we have developed a unique understanding of their needs.We have built a system and designed a strategy that ensure they obtain great results everytime. Written testimonials we have obtined during our annual seafarers survey are overwhelmingly impressive.

They are unionized Seafarers (International Organization of Masters, Mates & Pilots -IOMM&P; Marine Engineers Beneficial Association-(MEBA), American Maritime Officers-AMO; etc.). They are Captains/masters, Chief Mate, Pumpman, Engineers, Electricians, Boatswains/Bosuns, AB Men, Cooks/chefs, Cadets/Midshipman from USMMA, and Rig Workers (Drill Ships offshore oil & gasfrom Exxon, Shell & BP. We reimbursed them for mailing their documents to us.

Some of our seafarer/seaman clients work Intrastate and Interstate on Ships, Barges, Towboats,Tugboats, Dredgers & Salvagers (Moran, ALP Maritime,Tote Marine, Boskalis, etc.); and we listen to them checking in with Vessel Traffic Services (VTS)

***NOTE:-Some states have reciprocal tax agreement (For example PA & NJ). PA residence working in NJ can file Form NJ-165 with their payroll department and get exempt from paying NJ income tax, while authorizing the payroll department to withhold PA income tax from their pay checks.  However, a seaman will not be required to pay income tax in another state if s/he didn't spend more than 14 consecutive days in that state.

Some of our seafarer clients are onboard cargo ships that sail in deep sea, in International and Foreign waters, and dock in foreign ports. Those ships were built to cater to different demands in the world economy:-

1) Dry-Bulk Carriers Ships (Container, Automobile and General Cargo).

2) Tankers & Super Tanker Ships (Crude, Product, Chemical, LPG/LNG).

3) Reefer Ships (Refrigerated Cargo).

4) Passenger/Cruise Ships (People/Human beings).

Some of the shipping companies they work for are:- Moller-Maersk, Central Gulf, CMA-CGM, Mediterranean Shipping (MSC), Alaska Tanker, Atlantic Container Lines, The World, Royal Caribbean, Chartered Yachts, etc.

 

To claim the Foreign Earned Income Exclusion (section 911) and/or The Foreign Tax Credit for income tax paid to another country, a Seaman and US Citizen MUST meet THREE requirements:-

#1)Work on a ship that sail offshore in a foreign country.

#2)The ship cannot operate more than 3-miles off the coast of the foreign country.

#3)The seaman MUST work outside the USA for a MINIMUM of 330 days (physical presence test).

***NOTE:- Seamen Fax their documents to us and get reimbursement for sending them to us by Post-office, UPS, FedEx, and DHL. Let's start today!! Sending us your documents and giving us your Credit Card information!!

 

#1) "Thanks for helping me claim the Foreign Earned Income Exclusion and the Foreign tax credit on my US tax returns for income taxes I paid in the UK. You are sharp!! You gave me a quick and accurate assessment; and you prepared my tax returns quickly".-Capt., J. Dundee (London, UK).

*****VERY IMPORTANT:-US citizens are  required to file a US tax return every year and pay income tax on their worldwide gross income (section 61). That includes income earned regardless of where US citizens (sailor/seafarer) live during the year (section 863). However, if you are a UK national but didn't live/domicile in the UK; and you didn't work in British Waters during the year, you don't have to  pay UK income tax on your earnings. This is where UK and USA seafarers nationals/citizens get confused. Captain Dundee holds dual citizenship (UK & USA). He lives in the UK with his wife and children. His ship flies a foreign flag and doesn't berth in US ports or travel in US waters; and he didn't travel to the USA during the year.

#2)"I work on Alaska Tanker. I stumbled on your website as I was searching for an Accountant on google. I was impressed with your knowledge and I called you and mailed my documents to you. Thanks for reimbursing me. I'm happy with the service and result. I'm glad I trusted you and took the risk and hire you".-AB Man, R. Sealey (Seattle WA).

#3)"This is my first year out from the academy. I worked onboard a Tug Boat that plies/traverse NY, NJ, CT, & PA  waters. The per diem deductions that I received have reduced my federal & state income taxes; and I used the extra money to reduce the balance on my huge student loan".-Mate, D. Santos (Patterson, NJ).

#4)"I live/domicile in Delaware. I travelled to my union hall in Maryland to get a job. I spent one week in a hotel there. Every day, I traveled to the union hall and back to the hotel; and I eat at a restaurant. I got a job on board a ship that is based in PA. I travelled and joined the ship in PA.The ship travels and berth in the ports of MD, NY, NJ, CT and PA. My paychecks and Form W2 come from the ship's office in PA. During the last four years I received unemployment compensation from PA, and my form 1099 shows the amount of money I received and the PA withholding tax. This year is the first year I received money back from PA and don't have to pay PA. In addition, you reimbursed me $20 for sending my documents to you. I'm glad I hired you.You made my day. Thank you!".-Engineer, C. Mason (Middletown, DE).

#5)"Great! I am happy I don't have to pay Income tax in those states where my ships traveled and dock/berth. I don't live there, I don't have an address there, and I don't have a vacation home there, or a driver's license from there. That has been my  argument with my Accountant. Thanks, Barry.You are the best!!" -Boatswain, J. Crowe (Manhattan, NY).

 

Tax preparation is completed Quickly, Efficiently, and Accurately; and we put our Reputation and Track Record behind it. We used EVERY regulatory Tax Loophole, Credit, Deduction, Exemption, and Exclusion to help sea-men keep MORE MONEY in their pocket; and we put a BIG smile on their face. We will steer your tax returns successfully out of the intricate (IRS and States) Network of Tax Codes, Rules, Practices, and Procedures, in a similar manner to the way you guide your ships successfully out of Sea Storms/Tsunamis, around Ice-Bergs, through busy Lakes and Seaports; and through Narrow and Treacherous Seaports/harbors, Straits, and Canals."I have your back. You can count on me!!"Let's start today!! 

 

#1)"I was tired of changing Accountants because I was not happy with the service and result. That's why I was hesitant/reluctant to hire you when my friend referred you to me. Reading your blogs, and talking to you every year for 3-years had finally given me the confidence/courage to trust you and take the risk and hired you. Presently, I'm very happy I did. Thanks for the reimbursement. I wish I had hired you when I first talked to you".-Engineer, G. McIntyre (Long Island, NY).

#2)"I am a ship captain. I don't have time to visit my Accountant. I organized my documents and mail them to Barry. I received reimbursement for mailing my documents to him. Two weeks later my tax refund was in my bank account; and my copy, a gift, and the documents I sent him arrived at my address. I was like, wow!! I like that".-Capt., Samuel, K. (Jacksonville, FL).

#3)"Every year my wife mails our documents to Barry. He has always given us credit for mailing our documents to him. His firm has exceeded our expectation and we are happy with the results".- Electrician, J. Newton (Toms River, NJ).

**IMPORTANT:-ALL Cients (New and Regular) must notify us by phone or e-mail before sending their documents to us. It's in the best interest of all of us/everybody.

 

SeamenTax Breaks

You may qualified for PER DIEMS allowances under the IRS and DOT rules; so keep your travel logs, Receipts for job search (Travel, Food, Lodging, Phone calls, Resumes and other job related expenses).

In addition, you may use our Seafarers Tax Organizer, pages 19 & 20. Print out those two copyright pages, fill out those two pages and send them to us. When we receive them, we will process the information and add the APPROPRIATE Per Diem(s) for your port(s). Per Diems are usually different from port-to port, and it can change from year-to-year in accordance with the Consumer Price Index.

 

#1)"I like the Seaman tax organizer and the $20 credit you gave me for mailing my documents to you. The organizer helped me remember important tax deductions that I would have overlooked" - AB Man,  M. Saunders (Long Beach, CA).

#2)"The tax organizer is great. Thanks for being so thoughtful. I need every penny I can get back from taxes I overpaid to pay off my student loan. Thanks for reimbursing me for the cost of mailing my documents to you".- Cook, L. Howard (New Haven, CT).

 

Maritime Related Education

*Maine Maritime Academy (Castine, ME).

*The Maritime Institute (San Diego, CA).

*Lloyds Maritime Academy (London, UK).

*M.S. Taxation & IRS Enrolled Agent (EA) - 1989 to present.

*Insurance Broker (Property & Casualty).

*Real Estate Salesperson & Brokers Certificates.

*Mortgage underwriting & Banking Certificates.

 

How we get clientsDirect Mailing from our exclusive Database; Seafarers searching on Google and other search engines; Speaking and Writing extensively in support of the industry; Outsourcing Companies; Referrals from workers at Union Halls:- Rail, Maritime & Transport Workers (RMT)-UK.; Masters, Mates & Pilots (M.M.&P)-USA.; American Maritime Officers(AMO)-USA., Transport Workers Union (TWU)-USA, etc).

**NOTE:- If you are serious about having your tax returns prepare by us, please note that ALL clients must communicate with us and received our approval before sending documents/information to us.

 

What we want from Seamen

1) Your Cell Phone number and E-mail address for quick communication

2) Proof IRS needs (certificates of discharge & vessel schedules (Voyage schedules for all ships you work on).

3) A Paper Copy of the last tax return you filed (if you are a new client).

4) Forms W2's From Employers, AMO, and M.M.&P Vacation plans).

5) Forms 1099's (Unemployment Compensation, Student Loan Interest, Dividends, Stocks sold, Interest Income, Mortgage Interest, Property tax, Donations, etc.).

6) For each rental property you own, we need the mortgage interest & property tax and the rent you received from each tenant and the state/city; and ALL expenses you pay to operate the property. 

7) Forms W-2G gambling winnings from Casinos, State Lottery, Horse Race, etc.

8) A copy of your Driver's license or State ID. (Starting in 2016, the IRS required the information be included on ALL tax return to deter/combat identity theft).

9) A copy of Birth Certificate and Social Security Card for each dependent you are claiming.

10) Form 1095-A, 1095-B or 1095-C from your employer or union to show that you had Medical/Health insurance during the year. The information on the form would be included on your tax return to stop the IRS from charging you a penalty.

11) Your Credit Card Information to pay for the service. Your Credit Card information MUST be on file before we start working on your tax return.

**NOTE:-ALL documents you send us will be return to you by the Post Office.


Click here for "Merchant Mariner's - Questions & Answers"

Click here for "The Airline Industry"

Click here for "The Trucking Industry"

Click here for "TheEntertainment Industry"