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...
RECENT TAX CUTS AND JOBS ACT ARTICLES
The Interest Charge Domestic International Sales Corporation ("IC-DISC") after the Tax Cuts and Jobs Act
RECENT INTERNATIONAL TAX ARTICLES
IRS Announces New Voluntary Disclosure Program for Delinquent International Filings and Foreign Bank Accounts
Streamline Offshore Filing Procedure - Application of the Non-Residency Rules to Taxpayers with Foreign Bank Accounts
UPCOMING AND RECENT INTERNATIONAL TAX PRESENTATIONS
Panelist: Foreign Personal Holding Company Income Reporting: Mastering Subpart F Inclusions and Deemed Dividend Rules
Panelist: Form 8621 PFIC Reporting: Navigating the Highly Complex IRS Passive Foreign Investment Company Rules
Bloomberg BNA: International Taxation of Computer Software under Reg. Sec. 1.861-18 & Cloud Computing Transactions
UPCOMING AND RECENT INTEREST CHARGE DOMESTIC INTERNATIONAL SALE CORPORATION (IC-DISC) PRESENTATIONS
Bloomberg BNA - How to Reduce Tax Obligations Using IC-DISCs - for attorneys and CPAs
Search By Tags
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....