Subchapter M and the IRS

摘要

The unintended opportunities facing inland waterway operators by opting into the Subchapter M onboard electronic recordkeeping options in lieu of manual recordkeeping are hard to contest. These options are greatly enhanced if the marine operator also elects to interface office accounting, safety, and personnel functions with the vessel as part of a shoreside marine enterprise solution. Adopting a software architecture and infrastructure where the operator can satisfy the reporting requirements of a multitude of federal agencies through a single electronic reporting system that also provides critical commercial data offers immeasurable value.