Technology & Communications Industry Brochure

Marine Transportation

BKD understands what’s driving today’s global marine industry. Whether your organization is affected by labor and fuel costs, tight float margins, competition for tonnage market share, government environmental mandates or a need to modernize fleets using green fuel sources, BKD has the solutions to help you operate more efficiently. Our marine transportation team can help you avoid financial roadblocks by providing tax, audit and advisory services—all with a highly attentive and interactive style.

How We Can Help

BKD professionals can offer a wide range of services to help your transportation organization. We can help you:

  • Accelerate new build and repowering programs in anticipation of more stringent 2016, 2020 and 2025 exhaust emission regulations
  • Follow the trend toward liquefied natural gas (LNG)
  • Track governmental use of harbor maintenance tax funds
  • Capitalize on vessel and other floating fleet assets to nonfloating assets
  • Find potential savings by performing cost segregation and research and development (R&D) studies
  • Implement the IRS tangible property regulations

BKD Services

Our team of experienced professionals is based in and works closely with marine industry clients in coastal and inland ports. Our clients benefit from timely advice on the effects of tax laws and recommendations to reduce costs, improve productivity and expand operations. We offer:

  • Financial audit and review services for marine entities and joint ventures from the Gulf Coast to the East Coast and the Great Lakes region
  • Tax compliance and audit representation
  • Assistance with merger and acquisition due diligence and issues related to partnership and joint venture taxation
  • R&D credits assistance and tax services related to adoption of LNG dual-fuel technology and ballast water treatment systems
  • Assistance complying with new government regulations, including modifications for repair, maintenance and tangible property improvement expenses that can accelerate depreciation
  • Assistance as you consider your eligibility for work opportunity and location-based tax credits

Other Value-Added Services

  • Development of tax and accounting strategies to help you with Jones Act compliance
  • Guidance on maritime tax laws and regulations
  • Income and payroll tax services for crew members
  • Fringe benefits and expense reimbursements
  • Depreciation and tax accounting methods, cost segregation of vessels for faster depreciation and classification of repairs and maintenance costs
  • State income tax planning for vessels
  • Global entity structuring
  • International tax planning
  • Intercompany transfer pricing
  • Accounting outsourcing
  • Assistance addressing tax controversy and potential representation, e.g., to address recent sourcing rules for vessel owners operating in the Outer Continental Shelf, including U.S. Source Income under Internal Revenue Code (IRC) Section 638, U.S. Source Gross Transportation Income under IRC 887 and related IRC 883 gross income exclusions using the nonfiling enforcement loophole
  • Compensation studies
  • Certificate of Financial Responsibility applications, Electronic Notice of Arrival and Departure submissions and International Marine Organization numbers
  • Cost and overhead analysis
  • Organizational and entity evaluation for tax structure
  • Succession, gift and estate planning

Bill Finnecy

Partner
814.454.4008

Tim Goldsmith

Managing Director
814.454.4008

TPG Mt. Vernon Marine, LLC & Subsidiaries

“BKD has served us continuously since our management team's first acquisition several years ago. Our operations have expanded in size and scope, and BKD has been timely and responsive in providing its services to us.” “BKD has effectively communicated to us and has worked with us in applying ever-evolving accounting and auditing principles and standards to the germane matters of our company and industry. We have confidence in our BKD service team, and in the technical depth and resources which are available to facilitate changes within our company and industry.”

— Daniel B. Altman, Chief Executive Officer
TPG Mt. Vernon Marine, LLC & Subsidiaries
Indianapolis, Indiana

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