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

Webinar: ID# 1013026
Recorded CD
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IC-DISC: Compliance Challenges in the Federal Tax Break for Exporters
About This Course:
The tax savings available for exporters through an IC-DISC (interest charge-domestic international sales corporation) remain a significant incentive for businesses and investors.

Tax planning involving IC-DISC requires more intensive review due to issues such as whether distributions are subject to the new 3.8% Medicare surtax. The new demands add to higher-level compliance challenges that businesses face in creating books-only entities that pay lower tax on export income.

Accounting professionals and corporate tax specialists need an overview of important aspects of IC-DISCs and on the latest guidance and rulings. Perspectives from advisors who have worked with the structures for years can help you deal with your company's or clients' toughest problems.

Listen as our panel of veteran advisors improves your understanding of how IC-DISCs operate and prepares you to navigate challenges in tax compliance and planning.

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:

  • Maximizing unique IC-DISC tax benefits.
  • Understanding tax liability for DISC structures under the new federal dividend tax rate and Medicare tax.
  • Meeting the three requirements to receive income from export property sales and other aspects of the IC-DISC rules.
  • Improving liquidity for the parent and shareholders-steps to consider.
  • Completing IRS Form 1120-IC-DISC, the unique tax return that applies only to the IC-DISC entity.

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, including the Medicare 3.8% surtax impact.

The Presenters:

Jerry Ogle, President, Ogle International Tax Advisors, Bradenton, FL

Mr. Ogle advises companies ranging from Fortune 500 to mid-sized regional businesses in international tax planning. He currently operates his own firm, and was formerly Manager of International Tax Planning at PepsiCo Inc.

Jerry Jonckheere, International Tax Partner, Plante Moran, Grand Rapids, MI

Mr. Jonckheere has more than 30 years of corporate and accounting firm experience and works with clients that are expanding internationally with tax matters such as transfer pricing, structuring and foreign tax credit planning. He is a frequent panelist on international tax topics and a founding member of the firm's National Tax Office.

Jim Loizeaux, Director, Grant Thornton, Minneapolis MN

Mr. Loizeaux has more than 25 years of public accounting and industry experience in international corporate tax. Prior to joining Grant Thornton, he was a Senior Manager with a major accounting firm and was the international tax manager for a multinational company responsible for the management of research, planning and compliance for foreign tax matters in foreign jurisdictions and related to U.S. income taxes.


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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