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https://www.lbmc.com/blog/what-is-ic-disc-how-does-it-work/
https://www.irs.gov/businesses/international-businesses/ic-disc-audit-guide
This IC-DISC Audit Guide is intended to provide guidance to examiners who are auditing a Form 1120 IC-DISC and/or its related shareholder(s). ... Executive Office of the President. See Napp Systems, Inc. v. Commissioner, T.C. Memo 1993-196 (1993). The taxpayer calculated their DISC commissions using a country-by-country grouping.
https://www.epgdlaw.com/what-is-an-ic-disc/
October 11, 2021. • 8:56 pm. An Interest Charge Domestic International Sales Corporation (“IC-DISC”) is an income tax savings incentive provided by the tax code. The IC-DISC election allows U.S. exporters to increase their global competitiveness by reducing U.S. tax liabilities. It creates permanent tax savings by transferring income from ...
https://www.irs.gov/forms-pubs/about-form-1120-ic-disc
Information about Form 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return, including recent updates, related forms and instructions on how to file. This is an information return filed by interest charge domestic international sales corporations (IC-DISCs), former DISCs, and former IC-DISCs.
https://www.nysscpa.org/news/publications/the-trusted-professional/article/ic-discs-101-the-history-relevance-and-importance-of-interest-charge-domestic-international-sales-corporations
Any type of entity or individual can own an IC-DISC. More commonly, however, a flow-through entity (an LLC, Partnership, or S-Corporation) holds the ownership interest in the IC-DISC, which is a C Corporation. Therefore, the flow-through would be as follows: INDIVIDUAL owns OPERATING CO (LLC, Partnership, S-Corp), which owns IC-DISC (C ...
https://businesswest.com/blog/understanding-the-ic-disc/
An IC-DISC is relatively inexpensive to set up and operate, and it can reduce your federal tax rate on a portion of net export income by up to 20 percentage points. This differential was originally set to expire on Dec. 31, 2010, but Congress extended it in late December 2010 to Dec. 31, 2012. Many practitioners strongly believe that this ...
https://www.amerilawyer.com/blog/ic-disc-rules/
IC-DISC Rules and Requirements. To be eligible to make an IC-DISC election, the corporation must satisfy several IC-DISC rules and requirements: There is a single class of stock with an aggregate minimum par value of $2,500; 95% of gross receipts involve goods manufactured in the U.S. as described below; 95% of the assets of the IC-DISC is ...
https://taxveracity.com/ic-disc/
IRS approval is required, and setting up this structure requires a deep knowledge of this specific area of the tax code. After the IC-DISC status is approved by the IRS, tax savings can be realized by paying a commission to IC-DISC. This commission can be deducted at 39.6%, which reduces the ordinary taxable income of the corporation.
https://www.cfoedge.com/blog/corporate-governance/tax-regulatory-strategy/ic-disc-a-valuable-tax-incentive-for-exporters/
Criteria for IC-DISC. The IC-DISC must meet several specific criteria, including the following: It must be a U.S. corporation, have one class of stock and a capitalization of at least $2,500. It must elect IC-DISC treatment within 90 days of incorporation. At least 95 percent of its gross receipts must qualify as export receipts, and at least ...
https://www.mossadams.com/articles/2021/03/ic-discs-and-how-to-use-them
To determine the permanent federal tax savings using an IC-DISC, start by calculating its commission, which in this case can be either of the following: 50% of export net income. 4% of export gross receipts, limited to export net income. In this example, the first method provides a commission of $1 million—50% of $2 million, the grower’s ...
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