IC-DISC: Compliance Challenges In The Federal Tax Break For Exporters
The tax savings available for exporters through an IC-DISC (interest charge-domestic international sales corporation) remain a significant incentive for businesses and their owners. Accounting professionals and corporate tax specialists have to be ready for the tough tax and accounting challenges that come into play after implementing IC-DISCs.
Tax planning involving an IC-DISC requires more intensive review due to issues such as whether distributions are subject to the 3.8% Medicare surtax. These new demands add to higher-level compliance challenges for advisors to businesses with respect to tax compliance for books-only entities that pay lower tax on export income.
Perspectives from advisors with years of experience in IC-DISC structures will help you deal with its most vexing tax challenges, including strategies for handling critical day-to-day operational aspects, calculating commissions, anticipating IRS audit risk areas, improving liquidity for the parent and shareholders, and identifying optimal approaches to tough computational problems.
Listen as our panel of veteran advisors takes you beyond the basic understanding of how IC-DISCs operate and prepares you to tackle the more advanced issues and challenges.
- IC-DISC overview
- Applicable IRC sections
- Tax court decisions and IRS guidance
- Implementing an IC-DISC
- IC-DISCs future
- Updated IC-DISC ownership structures
- Structuring and implementing IC-DISCs
- Day-to-day operating issues
- IRA ownership of IC-DISCs
- Saving disqualified IC-DISCs
- Compliance and reporting
- Pricing rules
- Computational challenges
- Calculating commissions
- Transaction-by-transaction computations
- Reg § 1.861-8 computations
- Other issues
- Challenges related to the dividend tax increase and 3.8% Medicare tax
- Tax filings and common compliance pitfalls
The panel will guide you through issues including:
- Maximizing unique IC-DISC tax benefits including the tax benefits from different shareholder structures
- Understanding tax liability for IC-DISC structures under the new federal dividend tax rate and Medicare tax
- Managing day-to-day operational aspects of using an IC-DISC
- Improving liquidity for the parent and shareholders—steps to consider
- Overcoming computational challenges
After completing this course, you will understand more advanced aspects of IC-DISCs and gain necessary familiarity with issues and challenges that lie behind the IC-DISC details, including minimizing the impact of the Medicare 3.8% surtax. You will learn how to manage day-to-day operational aspects of using an IC-DISC, steps to improve liquidity for the parent and shareholders, and approaches to overcome computation pitfalls.
Neal J. Block, Senior Counsel
Baker & McKenzie, Chicago
Mr. Block has represented U.S. and international corporate clients on domestic and international tax matters for more than 40 years. He is a leading practitioner in the IC-DISC area, both for tax planning and litigation. He previously chaired the Chicago Bar Association's Committee on Taxation.
Randall Janiczek, CPA
Plante & Moran, Grand Rapids, Mich.
Mr. Janiczek is a Member of the firm’s International Tax Services Group. He has extensive experience working with both public and private companies within a wide variety of industries in both an inbound and outbound context. Mr. Janiczek has significant experience with U.S. international tax planning and compliance, IC-DISC planning, transfer pricing, and transaction related planning and compliance matters.
Continuing Education Credits Available
This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.
Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.
Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.
Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.
If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
|Licenses / Designations / Educational Credits:||CPE|
All US States: 2
|About The Provider:
||Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
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|IC-DISC: Compliance Challenges In The Federal Tax Break For Exporters ||CD/On-Demand||$247.00||
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