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IC-DISC: Compliance Challenges in the Federal Tax Break for Exporters

Webinar: ID# 1011910
Recorded CD
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IC-DISC: Compliance Challenges in the Federal Tax Break for Exporters
About This Course:
Since it could have been worse, the new 20% federal tax rate (vs. 15% previously) on dividends for wealthy investors has sparked new interest in the only remaining tax incentive on the books specifically for U.S. businesses with export income: IC-DISC (interest charge-domestic international sales corporation).

Taxpayer planning demands have increased with issues such as whether DISC dividends also are subject to the new 3.8% Medicare tax on unearned income. Such issues add to higher-level compliance challenges that businesses have long faced in creating books-only entities paying lower tax on export income.

Accounting professionals and corporate tax specialists need both an overview of important aspects of IC-DISCs and of latest guidance and rulings, and perspectives from tax advisors who have worked with the structures for years on dealing with their clients' toughest problems.

Listen as our panel of veteran advisors improves your understanding of how IC-DISCs operate and prepares you for challenges in tax compliance and planning that await this year.

Outline

I. Background and tax benefits of IC-DISCs

  • Applicable IRC sections
  • Tax Court decisions and IRS guidance

II. Planning issues arising from the dividend tax increase and 3.8% Medicare tax

  • Which DISC structures can argue they aren't subject to Medicare tax?

III. Higher-level compliance issues arising from aspects such as:

  • Ownership structures
  • Deemed distributions

Benefits

The panel will guide you through issues including:

  • Potential tax liability for DISC structures given the new federal dividend tax rate and Medicare tax.
  • The three requirements to receive income from export property sales, and other aspects of the IC-DISC rules.
  • Steps to consider to improve liquidity for the parent and shareholders.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will have an improved understanding of the fundamental aspects of IC-DISCs and familiarity with compliance challenges that lie behind the details.

The Presenter

Mark Loyd, Partner, Bingham Greenebaum Doll, Louisville, KY

He chairs the firm's State and Local Tax Team and is a member of its Tax and Finance Practice Group. His practice concentrates on state, local and federal tax controversy resolution, litigation and planning. Before coming to the firm, he managed the SALT and federal excise tax planning functions for a large manufacturer.


Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford 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 credit.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.


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IC-DISC: Compliance Challenges in the Federal Tax Break for Exporters
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