Understand the ideal mechanisms required to form and maintain an IC-DISC.
An Interest-Charge Domestic International Sales Corporation regime, known as an IC-DISC, is a federal tax export incentive regime. Under the regime, U.S. companies that export goods and services to foreign countries are permitted to enjoy certain benefits, provided certain conditions are met. An IC-DISC creates the opportunity to tax a portion of export-related profits at lower tax rates and to potentially defer export-related income to future tax years. This topic will provide you the ideal mechanisms required to form and maintain an IC-DISC. You will also learn the requirements of commission payments of the IC-DISC based upon gross receipts and the qualifying assets test. This material will discuss the specific benefits of the IC-DISC, including the potential benefit of qualified dividend rates on commissions paid to its shareholders. The topic will also provide and discuss structuring opportunities based upon common business types, including ideal S-Corporation and C-Corporation IC-DISC structuring options. Additionally, the information will cover the effect of the Tax Cuts and Jobs Act on the potential IC-DISC benefit and related tax planning opportunities. Finally, President Biden's tax plan may significantly impact the IC-DISC benefit and alter traditional structuring options. Such potential impacts will be explored as well.
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Agenda
Overview - Legislative Background and Policy
- Statutory Basics - the IC-DISC Rules
- Policy Behind the IC-DISC
- The Impact of TCJA on the IC-DISC
IC-DISC Strategy Implementation
- Requirements for an IC-DISC
- What Are the Enterprise Conditions That Could Give Rise to Considering an IC-DISC?
- Use in a Partnership (or S Corp) Context Versus a Privately Held Corporation
- Does the IC-DISC Have Any Benefit in the Public Company Context?
- Timing and Structural Implementation
The IC-DISC Calculation and Compliance
- The ABCs of Calculating the IC-DISC Benefit
- IC-DISC Compliance (Tax and Structure Maintenance)
Legislative Updates and Funding of Roth IRAs
- Recent IC-DISC Legislative and IRS Pronouncements to Keep in Mind
- Use of the IC-DISC and Funding of a Roth IRA
The Crystal Ball - the Future of IC-DISCs and Possible Legislative Changes
- Relevance of the IC-DISC in Today's Economic Environment
- What Is the Future of the IC-DISC Under the Biden Administration?
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Credits
OnDemand Course
This course was last revised on March 24, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Joseph Callero
Crowe LLP
- Global Tax Services manager based in Crowe LLP’s Chicago office
- Provides compliance and consulting services to multinational companies in various industries
- Over 8 years of experience helping companies with their global compliance and consulting needs
- Has also held a role in Crowe’s National Tax Office and has written numerous articles and highlights on International Tax
- Extensive experience with managing and executing on large engagements for multinational companies
- Certified Public Accountant (CPA) - Illinois
- B.S. degree in accounting and finance, Illinois State University
Mario A. de Castro
Crowe LLP
- Managing director with Crowe LLP’s Washington, D.C. office
- For more than 15 years, he has been counseling both private and public companies in the areas of corporate and international tax and related international corporate and business matters
- Experience includes advising closely held enterprises with ongoing international operations and expanding overseas; his experience has included advising on merger and acquisition due diligence; supply chain and intellectual property planning, ongoing structure analysis; and intercompany transaction maintenance for companies operating throughout the world
- He has written articles and presented numerous times at seminars in the U.S., Europe, and Latin America on international tax matters, and related industry-specific topics ranging from mergers and acquisitions, supply chain planning, life sciences industry-specific tax issues, U.S. tax reform, cryptocurrency, and the digital economy and e-commerce
- He is licensed to practice law in the State of Florida
- Member of the Florida Bar Association (Tax Section), International Fiscal Association (D.C. Branch), American Bar Association (Tax Section)
- LL.M. degree in taxation, international tax certificate, University of Miami School of Law; J.D. degree, Temple University School of Law; B.A. degree in international relations and Latin America studies and economics, Tulane University
- Can be contacted at 202-552-8021, [email protected] or at https://www.linkedin.com/in/mariodecastro
Robert Hermo
Crowe LLP
- Senior manager based in Crowe LLP’s New York City office and provides international tax consulting and compliance services to multinational businesses
- More than 9 years of experience helping global companies with tax consulting, compliance, and financial reporting matters
- Previously held both in-house and consulting positions in both international and federal taxation
- Has extensive experience with international tax planning, mergers and acquisitions, and tax compliance, including lead roles managing and executing large compliance engagements for major multinational organizations
- Certified Public Account (CPA) – New Jersey
- B.S. degree in accounting, Rutgers University
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