Tax Benefits for Exporters: IC-DISCs and the Deduction for Foreign Derived Intangible Income (Completed)

Date: Thursday, June 13, 2019
Instructor: Robert J. Misey
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs

Learn How IC-DISCs Can Achieve Significant Income Tax Savings for U.S. Export Businesses
Generate tremendous savings for your closely-held exporter clients by opening up the opportunity to apply the current 20% tax rate on qualified dividends by using an Interest Charge-Domestic International Sales Corporation (IC-DISC).

Join experienced international tax practitioner and former IRS national office attorney, Robert Misey, J.D., LL.M., M.B.A., B.A., for this two-hour CPE webinar as he guides you on how to effectively use IC-DISCs to reduce U.S. taxes with new planning and structuring techniques, which will include the deduction for Foreign Derived Intangible Income. You will also learn how to meet the compliance requirements of Form 1120-IC-DISC and protect the tax benefits of your IC-DISC.

Who Should Attend
Export business tax and finance executives, directors, managers and staff; CPAs; Enrolled Agents; tax preparers; accountants, attorneys and financial advisors who work with and advise businesses and individuals that have cross-border operations, activities and issues

Topics Covered

  • Tax benefits of the IC-DISC
  • Tests to qualify as an IC-DISC
  • Sales of export property by an IC-DISC
  • Requirements: manufacturing, destination, content
  • Determining and maximizing the IC-DISC benefit
  • Planning for and calculating the deduction for Foreign Derived Intangible Income
  • New structuring techniques, including:
    • C corporations, S corporations converting to C corporations, and the deduction for Foreign Derived Intangible Income
    • the use of ownership by Roth IRAs
    • the use of IC-DISCs for foreign-owned companies
  • Considerations in preparing the Form 1120-IC-DISC

Learning Objectives

  • Describe how IC-DISCs are taxed, how they work and possible structuring techniques that can be implemented
  • Identify opportunities where IC-DISCs can be used to create tax benefits for export businesses
  • Describe how to meet the tests and requirements for IC-DISCs
  • Recognize and apply the filing requirements for IC-DISCs and how to prepare the Form 1120-IC-DISC

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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