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The IC-DISC (“Interest Charge Domestic International Sales Corporation”) regime provides a two prong tax incentive to U.S. based companies exporting product for use outside of the United States. This blog post covers the basic concepts of the IC-DISC tax regime, found within Code Sections 991 - 997 of the Internal Revenue Code and the accompanying...
As implimentation of the Foreign Account Tax Compliance Act ("FATCA") continues, U.S. persons with offshore financial accounts are beginning to take notice. Passed as part the 2010 HIRE Act, FATCA's goal is to increase offhsore account compliance. FATCA provides a two prong attack on offshore accounts. First, FATCA creates a new...
The IC-DISC (“Interest Charge Domestic International Sales Corporation”) has been a powerful tax incentive supporting US businesses who sell products which are ultimately exported. As the fiscal cliff drama unfolded toward the end of 2012, many in the international tax community wondered whether IC-DISC benefits remain. Thankfully...
Once IC-DISC eligibility is determined, careful thought should be given in determining which state the IC-DISC should be incorporated. One important factor in determining the state of incorporation should be state and local tax laws. Based on Washington State’s apportionment rules, and a recent ETA provided by....
Enacted as part of the 2010 HIRE Act, The Foreign Account Tax Compliance Act (“FATCA”) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts. FATCA’s approach to foreign financial account compliance is twofold. First, U.S. taxpayers with...
Mehrdad is a partner at the law firm of Harlowe & Falk LLP. Based in the greater Seattle area, but with clients internationally, Mehrdad's practice includes international tax consulting. This includes consulting with clients on inbound transactions, outbound transactions, mergers & acquisitions, and IC-DISC....