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IC-DISC Tax Law Challenges Post-Tax Reform

Understand the ideal mechanisms required to form and maintain an IC-DISC.

An Interest-Charge Domestic International Sales Corporation regime, known as an IC-DISC, is a federal tax export incentive regime. Under the regime, U.S. companies that export goods and services to foreign countries are permitted to enjoy certain benefits, provided certain conditions are met. An IC-DISC creates the opportunity to tax a portion of export-related profits at lower tax rates and to potentially defer export-related income to future tax years. This topic will provide you the ideal mechanisms required to form and maintain an IC-DISC. You will also learn the requirements of commission payments of the IC-DISC based upon gross receipts and the qualifying assets test. This material will discuss the specific benefits of the IC-DISC, including the potential benefit of qualified dividend rates on commissions paid to its shareholders. The topic will also provide and discuss structuring opportunities based upon common business types, including ideal S-Corporation and C-Corporation IC-DISC structuring options. Additionally, the information will cover the effect of the Tax Cuts and Jobs Act on the potential IC-DISC benefit and related tax planning opportunities. Finally, President Biden's tax plan may significantly impact the IC-DISC benefit and alter traditional structuring options. Such potential impacts will be explored as well.

93 minutes
Course Exam
Certificate of Completion
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Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview - Legislative Background and Policy

  • Statutory Basics - the IC-DISC Rules
  • Policy Behind the IC-DISC
  • The Impact of TCJA on the IC-DISC

IC-DISC Strategy Implementation

  • Requirements for an IC-DISC
  • What Are the Enterprise Conditions That Could Give Rise to Considering an IC-DISC?
  • Use in a Partnership (or S Corp) Context Versus a Privately Held Corporation
  • Does the IC-DISC Have Any Benefit in the Public Company Context?
  • Timing and Structural Implementation

The IC-DISC Calculation and Compliance

  • The ABCs of Calculating the IC-DISC Benefit
  • IC-DISC Compliance (Tax and Structure Maintenance)

Legislative Updates and Funding of Roth IRAs

  • Recent IC-DISC Legislative and IRS Pronouncements to Keep in Mind
  • Use of the IC-DISC and Funding of a Roth IRA

The Crystal Ball - the Future of IC-DISCs and Possible Legislative Changes

  • Relevance of the IC-DISC in Today's Economic Environment
  • What Is the Future of the IC-DISC Under the Biden Administration?
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on March 24, 2021.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 5.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 92 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 2.0
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Joseph Callero

Joseph Callero

Crowe LLP

  • Global Tax Services manager based in Crowe LLP’s Chicago office
  • Provides compliance and consulting services to multinational companies in various industries
  • Over 8 years of experience helping companies with their global compliance and consulting needs
  • Has also held a role in Crowe’s National Tax Office and has written numerous articles and highlights on International Tax
  • Extensive experience with managing and executing on large engagements for multinational companies
  • Certified Public Accountant (CPA) - Illinois
  • B.S. degree in accounting and finance, Illinois State University
Mario A. de Castro

Mario A. de Castro

Crowe LLP

  • Managing director with Crowe LLP’s Washington, D.C. office
  • For more than 15 years, he has been counseling both private and public companies in the areas of corporate and international tax and related international corporate and business matters
  • Experience includes advising closely held enterprises with ongoing international operations and expanding overseas; his experience has included advising on merger and acquisition due diligence; supply chain and intellectual property planning, ongoing structure analysis; and intercompany transaction maintenance for companies operating throughout the world
  • He has written articles and presented numerous times at seminars in the U.S., Europe, and Latin America on international tax matters, and related industry-specific topics ranging from mergers and acquisitions, supply chain planning, life sciences industry-specific tax issues, U.S. tax reform, cryptocurrency, and the digital economy and e-commerce
  • He is licensed to practice law in the State of Florida
  • Member of the Florida Bar Association (Tax Section), International Fiscal Association (D.C. Branch), American Bar Association (Tax Section)
  • LL.M. degree in taxation, international tax certificate, University of Miami School of Law; J.D. degree, Temple University School of Law; B.A. degree in international relations and Latin America studies and economics, Tulane University
  • Can be contacted at 202-552-8021, [email protected] or at https://www.linkedin.com/in/mariodecastro
Robert Hermo

Robert Hermo

Crowe LLP

  • Senior manager based in Crowe LLP’s New York City office and provides international tax consulting and compliance services to multinational businesses
  • More than 9 years of experience helping global companies with tax consulting, compliance, and financial reporting matters
  • Previously held both in-house and consulting positions in both international and federal taxation
  • Has extensive experience with international tax planning, mergers and acquisitions, and tax compliance, including lead roles managing and executing large compliance engagements for major multinational organizations
  • Certified Public Account (CPA) – New Jersey
  • B.S. degree in accounting, Rutgers University
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406725
Published 2021
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