IC-DISC a Powerful Tool for Exporters to Save on Taxes
-McGuire Sponsel launches new practice line-
INDIANAPOLIS, May 3, 2011 /PRNewswire/ -- McGuire Sponsel, a leading national specialty tax firm, is pleased to announce the formation of a new IC-DISC practice line. An Interest Charge Domestic International Sales Corporation (IC-DISC) is a little-known but powerful tool for U.S.-based exporters to realize significant savings on their taxes.
IC-DISC provides a permanent tax savings opportunity for qualifying U.S. exporters. It is an incentive specifically provided by the tax code that allows U.S. exporters to increase their ability to compete globally by reducing federal tax liabilities.
It does so by allowing domestic companies to establish separate entities that act as commission agents for the company's export sales. This commission is a tax deduction for the manufacturer, and the dividends paid from the IC-DISC are taxed at 15 percent only when paid to the shareholders. Assuming a 35 percent tax rate for the manufacturing entity, a 20 percent tax savings can be realized.
McGuire Sponsel Director TJ Sponsel, along with Senior Manager Mark O'Dell, will oversee this new practice line.
The new IC-DISC practice adds to the existing core areas of expertise for McGuire Sponsel: research and experimentation tax credits, green building incentives and cost segregation.
"The formation of an IC-DISC practice is a natural evolution for McGuire Sponsel in becoming a more comprehensive resource for local and regional CPA firms," Sponsel said.
"Given the number of manufacturers we serve and their continual interest in saving tax dollars, the IC-DISC is an excellent way to secure more benefits within the established tax code."
A nationally renowned firm, McGuire Sponsel partners with leading CPA firms across the U.S. to deliver specialty tax services that fall outside their traditional areas of practice.
For more information, visit: mcguiresponsel.com
Media contact:
Shawn Sorrells
Coles Marketing Communications
o. 317.571.0051 x110
c. 317.710.6643
[email protected]
SOURCE McGuire Sponsel
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