In alignment with BBRSDA’s mission of increasing the value of the Bristol Bay fishery for fishermen, this program is intended to provide tools to help fishermen save money through tax strategy. Navigating small business taxes isn’t easy, especially for commercial fishing businesses. It may be most daunting to new fishermen but there are things to learn throughout the different phases of your career as well.
RECORDED PRESENTATIONS
Fishing Tax Planning Presentation with Moss Adams Accounting Consulting and Wealth Management - Session #2
Recorded 2/24/22
Description: Cameron Russell, Tax Manager and Bristol Bay Fisherman and Nick Frank, CPA and Partner at Moss Adams present important tax information that could save your fishing business money in the short and long term. The presentation will cover the tax implications of: deductions, depreciation, S-Corp action items, capital construction fund (CCF) and the sale of fishing business. Here is a list of questions from participants and answers from Moss Adams: Q and A
NOTE on PASSWORD: The recorded presentation is intended for BBRSDA members and we are not permitted to make it available to the general public. Our solution is a password, which was emailed to the permit holders we have email addresses for on 12/13/21, please look in your inbox for that or email frances@bbrsda.com or call (907) 677-2371 for the password. Thank you for your patience with this process, we apologize for the extra step.
Email frances@bbrsda.com for the password or call (907)677-2371. We apologize for the inconvenience.
Fishing Tax Planning Presentation with Moss Adams Accounting Consulting and Wealth Management - Session #1
Recorded 12/ 8/2021
Description: Join Cameron Russell, Tax Manager and Bristol Bay Fisherman and Nick Frank, CPA and Partner at Moss Adams for important tax information that could save your fishing business money in the short and long term. The presentation will cover the tax implications of different business entity types, retirement planning opportunities and a look at new & proposed tax laws and regulations.
Navigating the video-
0:00 Intro and December update on NOAA CARES Fisheries Act
4:00 Beginning of Moss Adams presentation.
Email frances@bbrsda.com for the password or call (907)677-2371. We apologize for the inconvenience.
SURVEY: After watching the presentation, please take a moment to share your feedback and additional questions: LINK
About the presenters:
Nick Frank has practiced public accounting since 2003. He specializes in providing tax services for entities in the manufacturing industry, with an emphasis on food and beverage companies.
Most of Nick’s time is spent helping companies and their owners improve their tax situation to help them achieve their cash flow and business goals. He’s also well versed in family transition planning, mergers and acquisitions, state and international issues, defending IRS Exams, and various industry-specific tax credits.
Cameron Russell has been in public accounting since 2017, where his main area of focus has been on assisting food and beverage companies with tax services and tax planning. Cameron is well versed in industry specific tax credits and incentives within the seafood space. Cameron’s passion for the seafood industry does not end with tax consulting, as he has also spent the last decade as a commercial fisherman. Each summer, Cameron spends four to six weeks in Bristol Bay as the Captain on the F/V Arete. His knowledge and experience has proven to be an additional asset on seafood related engagements and he is active in the Northwest Fisheries Association.
cameron.russell@mossadams.com | (253) 284-5246
ARTICLES
Read Up on the following topics in these articles courtesy of Alaska Young Fishermen’s Network written by Robert Seid.
Robert Seid is a financial advisor and Partner at Blue Summit Wealth Management, an independent wealth advisory firm in San Diego, CA. He also captains an Alaska commercial fishing vessel in Bristol Bay. His experience in both industries provides him the perspective to share financial guidance specifically geared for commercial fishermen. To learn more about how Robert and Blue Summit can help you and your operation succeed, please visit www.bluesummitwealth.com or email him at robert@bluesummitwealth.com.
Robert started in the Bristol Bay fishery in 2011 as a green crew member, walking the yards to find his first opportunity. His love for nature and adventure found a home in Bristol Bay and, after his first year on the water, he was hooked. He has returned every year since and purchased his own vessel in 2019. As a skipper, his dedication to commercial fishing has only continued to grow.
FISHBIZ PROJECT
Finacial and business tools for Alaska commercial seaood harvesters brought to you by the Alaska Sea Grant Marine Advisory Program.
A wealth of resources, spreadsheets, publications, planning tools, podcasts and other resources for fishermen in different phases of their commercial fishing careers.
TAX PROFESSIONALS
This is a list of tax professionals with experience working with commercial fishing businesses. This list came recommended by members of the fleet but has not been officially vetted by BBRSDA.
Cameron Russell | Moss Adams
cameron.russell@mossadams.com
Greater Seattle Area………………………………………………….(253) 284-5246
Eric Conner, CPA | My Tax Man Inc.
36456 St. Andrews Rd.
Kenai, AK 99611…………………………………………………………..(907) 283-6242
Alan Acheson, CPA
Everett, WA………………………………………………………………….(425) 252-8698
Rhonda Wayner, Principal | Arctic Terns Professional Svcs
13801 Venus Way
Anchorage, AK 99515………………………………………………..(907) 865-6953
John Clonan | Pinnacle Tax
35202 Kenai Spur Hwy #3
Soldotna, AK 99669…………………………………………………..(907) 262-4600
Mark Reed, CPA, CMA, MS Tax | Williams & Nulle
www.wncpa.com
Mt. Vernon, WA……………………………………………………………(360) 336-6611
Hingston & Associates
www.pdhfish.com
20700 44th Ave. W Ste 210
Lynnwood, WA 98036……………………………………………….(206) 285-2777
Chris Flinn | Flinn Accounting, LLC
927 15th St.
Bellingham, WA 98225………………………………………………(360) 676-0858
Landon Carpenter, CPA
601 Montgomery St. Suite 1959
San Francisco, CA 94111……………………………………………..(415) 986-4990
