IC-DISC Tax Law Challenges | CLE/CPE Course

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Law

Date & Time

event Date
Thursday, July 27, 2023
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
90 minutes

Credit Information

This 90-minute webinar is eligible in most states for 1.5 CLE credits.
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00

CLE

CPE

ALL

This CLE/CPE course will provide tax counsel and advisers with the guidance necessary to maximize the powerful tax benefits of the interest charge domestic international sales corporation (IC-DISC). The panel will review the complex requirements of applicable IRC sections, formation best practices, qualification issues, and the implications under current tax law.

Faculty

Robert J. Misey

Shareholder

Reinhart Boerner Van Deuren S.C.

Mr. Misey, Jr. is chair of the firm’s International Practice. He serves with a wide range of clients involved in an array of industries such as manufacturing, distribution, sport and entertainment with international taxation and tax controversy matters. Licensed in California, Wisconsin, Kentucky and Washington, D.C., he is also a member of the International Fiscal Association, chair of the Tax Committee of International Section of the American Bar Association, and a member of Wisconsin Accounting Examining Board. He previously spent nine years with the IRS.

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David Reid

Co-Founding Partner

Quantitax

Mr. Reid is a Quantitax partner with nearly three decades of experience providing tax services. He is an international tax specialist with a focus on IC-DISC optimization. Prior to Quantitax, Mr. Reid held senior leadership positions at PWC and WTP Advisors, where he had extensive experience in export incentives and other international tax areas. He has presented and taught many of these areas of taxation at various national and regional forums. Mr. Reid is a licensed C.P.A. and a member of the AICPA. He has a Master's degree in Taxation from the University of Illinois Urbana-Champaign, and an Accounting degree from Bentley College.

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Description

U.S. tax law provides companies that export products an export tax benefit under the IC-DISC structure. If formed properly, taxpayers can benefit from federal income tax savings.

The repeal of the domestic production activity deduction and the addition of the limitation of interest deduction require tax counsel and advisers to consider all relevant tax rules to determine the overall impact to a company's IC-DISC benefits. After that, tax saving opportunities can be leveraged by export business clients by perfecting the knowledge of the IRC sections, certain implications under current tax law, and reconciling the difference in the application of the benefits of an IC-DISC structure to S corporations or partnerships versus C corporations.

Listen as our experienced panel reviews structuring techniques to maximize the federal tax savings for domestic corporations that primarily engage in foreign sales and exporting activity. The panelists will focus on the IRC sections, formation, benefits, and qualification issues.

Outline

Applicable IRC sections
Formation
1. Drafting the contract between IC-DISC and manufacturing company
2. Appropriate legal entity
3. Implementation
Partnerships/S corporations versus C corporations
Qualification issues
1. Qualified export receipts
2. Qualified export assets
3. Dividends
Best practices for capturing the maximum tax benefit

Benefits

The panel will review these and other critical issues:

What benefits does the IC-DISC structure provide to export companies?
What are the implications under current tax law?
What are best practices for forming the IC-DISC structure to maximize tax benefits?
What are the considerations when utilizing the IC-DISC structure as it applies to S corporations and partnerships versus C corporations?
What are the qualification issues?

NASBA Details

Learning Objectives

Upon completion of this program you will be able to:

Understand structuring techniques that maximize federal tax savings for domestic corporations that primarily engage in foreign sales and exporting activity
Recognize the tax benefits of the IC-DISC structure for export companies
Ascertain best practices for forming an IC-DISC structure to maximize tax benefits
Recognize the necessary considerations when utilizing the IC-DISC structure for S corporations and partnerships versus C corporations, as well as the qualification issues

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of manufacturing and distribution operations and IC-DISC structures; familiarity with export regulations, including tests for determining export property; familiarity with cost allocation principles.

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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.