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An increasing number of closely held companies are using the IC-DISC (Interest Charge Domestic International Sales Corporation) provisions of the Internal Revenue Code intended to help U.
The repeal of the foreign sales corporation provisions 14 years ago and the extraterritorial income exclusion in 2005--both of which generally provided larger tax benefits--have made the IC-DISC an attractive tax incentive once again.
An IC-DISC is the least talked about but most potent all tax shelters.
12, 2014 /PRNewswire/ -- In conjunction with the recently announced acquisition of Worldwide Trade Partners LLC (New York) by Ryan, WTP Advisors announces its strategic focus on specialty tax consulting services, including targeted international tax, transfer pricing, IC-DISC and tax process Innovation.
By forming and implementing an IC-DISC structure, a brewery can indefinitely defer taxation on up to $10 million each year in income from export sales.
In the last five years, FEI's CPC-P has submitted or signed onto almost 50 letters on issues including comprehensive tax reform, the estate tax, IC-DISC, America's debt and deficit, the federal budget, provisions in the Affordable Care Act and onerous regulations that could affect private companies negatively, FEI is also an active member of coalitions protecting the interests of privately held and family-owned businesses.
3) To elect IC-DISC status, a domestic corporation must have "qualified export receipts" that constitute at least 95 percent of its gross receipts and must be able to classify at least 95 percent of its assets as "qualified export assets.
One such issue is the utilization of an IC-DISC entity by a small-business exporter.
It's called the Interest Charge--Domestic International Sales Corporation or IC-DISC, and it has survived the repeals of U.
This includes structuring for outbound and inbound international operations, joint ventures, and acquisitions; global transfer pricing and international technology transfers; and the IC-DISC export tax incentive.
Since then, the number of IC-DISC returns has increased significantly; in 2008 approximately 2,000 IC-DISC returns were filed.
There were 1,917 active IC-DISC returns filed for Tax Year 2008, an increase from the 1,209 filed for 2006, the most recent year for which data are available.