This course provides CPAs with a basic understanding of IC-DISC and its benefits for clients. Steve Fox, CPA, explains on how to implement this no risk export subsidy and where you do and do not need help. IC-DISC is a tax provision that reduces Federal income tax for businesses who export goods made in the USA. Learn how clients can get a tax benefit whether they make the goods or just sell the goods, and whether they are flow-through entities (partnership, LLC, S corporation) or C corporations. Learn how to increase the benefit with various calculation techniques approved in IRS regulations.
Understand what an IC-DISC is and where it applies
Calculate an IC-DISC commission in a basic case
Identify qualifying export sales from client records
Know where to ask for expert help and where to do it yourself
Steve Fox is a CPA and international tax adviser with over 35 years experience. He has advised clients on international structuring, IC-DISC (an export subsidy), foreign tax credit, intercompany pricing, expat tax returns and other issues. Steve is a former director with a Big 4 CPA firm, whose clients have included Fortune 500 and mid-market companies, as well as expats and inbound international assignees. Steve's articles have been published in Journal of Taxation, Journal of International Taxation, The Tax Adviser, Journal of Taxation of Investments, and other publications. He is the author of Income Tax in the USA, the 2014 edition of which will be published in late December, 2013. In addition to advising clients, he teaches at Fairleigh Dickinson University, and is a frequent speaker at international tax conferences.