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IC-DISC: SAVE TAX FOR CLIENTS EXPORTING GOODS

Cost Free
Presentation Length 1.5 hours

Recorded DateMay 5, 2015
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

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.

Learning Objectives

  • 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

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Testimonials
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Margaret Lynn, CA

"Enjoyed the presentation. The complexities of IC-Disc were explained in a very understandable format. My first year as a preparer in public accounting, one of these came across my desk. Since it was so unusual and unique it was challenging for me to complete. However, I never forgot this return. Thank you for clarifying a lot of the confusion."
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Thomas M., SC

"I was impressed with the number and character of the questions at the end of the session. I have taken a few other webinars (from other entities). This was the first with the CPA Academy. Generally, the questions (such as they were in number) in the other webinars were up to the same in quality as they were in this session."
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Bonnie, HI

"I attended this webinar because I have never had a client with goods exported to foreign countries. Knowing nothing was a good place to start. The instructor clearly developed the topic and covered it as well as possible in the short time available. His humor and clarity made it time well spent. Thank you."
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John, CA

"This is one of the best & most informative webinars I have ever attended! The speaker effectively took the time to reiterate many important points to help avoid problems with a IC-DISC. A lot of valuable information for those of us with limited knowledge on requirements for a IC-DISC"
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STUART, PA

"I am a retired IRS worker. I am now an EA, but have not practiced yet. That is why I gave NA answers to 2 questions. The presenter was extremely clear knowledgeable about aq very complex issue. I am a rookie in this area. Therefore, I gained a great deal from this presentation."
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Bret, FL

"I would highly recommend this webinar to anyone that exports goods or has clients who do so. The webinar was very easy to understand and quite informative. I am in a better position to assist my clients than before the webinar."
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Ma Jesusa, Other

"I thought the presenter was very knowledgeable and the presentation was very clear and concise. It was very easy to understand and digest for someone who is not familiar with the IC-DISC provisions"
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Thomas, IN

"Steve is extremely knowledgeable and makes the course applicable to both beginners and experts. He takes a practical approach, which really helps CPAs in the preparation of actual forms."
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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE

Steve Fox, CPA, CGMA

Stephen Fox, CPA, CMA
International Tax Adviser
steve@sfoxcpa.com
973-610-5669

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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. In addition to advising clients, he teaches at Fairleigh Dickinson University, and is a frequent speaker at international tax conferences.

About Our Presenter

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