Tax Savings for export business - learn how to create an IC-DISC
Wednesday, February 21, 2018
12:00 p.m. to 2::00 p.m.
Creating an Interest Charge - Domestic International Sales Corporation (IC-DISC)
The Interest Charge Domestic International Sales Corporation (IC-DISC) provides tax savings for qualifying U.S. exporters.
Yes you read this correctly - A TAX SAVING :-)
Under economic pressure from the World Trade Organization ("WTO"), Congress over the years has repealed various trade incentives. However, the IC-DISC, added to the Internal Revenue Code in 1984, has never been challenged by the WTO. The IC-DISC was revamped in 2004 under the Jobs and Growth Tax Relief Reconciliation Act by providing that dividends paid by it were eligible for a favorable tax rate.
How it works:
- Owner of export company forms a tax-exempt IC-DISC in conformity with the Internal Revenue Code provisions
- Export company pays a 50% commission to the IC-DISC.
- Commission is expensed by exporting company (the operating entity), reducing ordinary income.
- IC-DISC is tax exempt and is not taxed on the commission income.
IC-DISC pays dividends to owner who is taxed at preferred rates upon distribution of dividend.
Attorney Steven Marshall from Harris Beach PLLC will outline the benefits of IC-DISC’s and the process by which exporters can create a shell corporation for tax savings.
Don't miss out on this valuable saving for your exports!!
When: February 21, 2018, Noon to 2pm, Lunch Included
Where: Center of Excellence, 727 E Washington St, Syracuse, NY 13244
Who this is for: CEO's, CFO's, Export staff, Sales & Marketing VP's for Export companies or companies thinking about starting exports
Cost: $25 for CNYIBA members, $35 for non-members Includes lunch.
A CNYIBA EVENT in collaboration with HARRIS BEACH PLLC
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To register, or for more info, click here »
Location:
Syracuse Center of Excellence
727 E Washington St
Syracuse, NY 13244
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