Exporter Forum – IC-DISC Tax Break for Exporters

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EXPORTER FORUM

Export Series

International Trade Assistance Center at
Raj Soin College of Business
Wright State University
October 2014
The Exporter Forum
Date: October 29, 2014

Time: 9:00 – 10:30 AM

Location: 248 Rike Hall,

Wright State University

Cost: No cost to attend, but registration is required.

CLICK here to register.

After you register, you will receive a confirmation email. Directions, parking instructions and other details will be sent before the program.

Seating is limited so

REGISTER early.

The Exporter Forum workshops

are brought to you by:

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Debbie's

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IC-DISC

Tax Break for Exporters

Wednesday – October 29th

9:00 – 10:30 am

This workshop is for exporters who want to achieve significant savings of U.S. income taxes related to your export business. The export tax incentive for small and medium manufacturers is called IC-DISC – Interest-Charge Domestic International Sales Corporation. The name is confusing and leads manufacturers to believe that it is difficult and leads business leaders wondering what is it?

The tax savings are real and over 6000 businesses take advantage of this tax incentives, but thousands more companies are eligible. Are you one of those businesses failing to do so?

Simply stated, companies create a separate entity and the exporter pays commission to this corporation (the IC-DISC). The commissions are deductible to the exporter and the deemed or actual dividend payment of the commission income in the IS-DISC is taxed to the exporter’s shareholders or partners at a lower rate (sometimes as much as 28% lower) than ordinary income.

Our nation’s leaders agree that strengthening our manufacturing sector and exports are key to the U.S. economic recovery. The IC-DISC is tailor-made to encourage exactly such activity – providing a tremendous tax incentive for small and medium business owners who manufacture and export. The door is open for significant tax savings for these businesses – they just have to walk through.

This programs will provide a greater understanding of an IC-DISC, including:

  • Very reasonable set up cost relative to the benefit that can be achieved
  • Most ideally suited to closely held companies
  • No need to make any changes to your current accounting or bookkeeping
  • Products exported must have at least 50% US content
  • Ultimate shipment destination must be outside the US, sales to Canada and Mexico count
  • No need to use a foreign corporation or have a foreign agent to take advantage of this tax break
  • Will have no impact on your state of Ohio income tax
  • Reduction in Federal income taxes related to export business can range from 15% to 28%

Join us for this workshop to find out if an IC-DISC is for you and begin taking advantages of this tax incentive.

The presenter is Dave Berry of Brady Ware. Dave is a CPA and has been practicing in the Dayton area for over 40 years. He specializes in taxation matters and will walk you through the tax advantages available to US exporters through the use of an IC-DISC. Dave will explain how the IC-DISC works, what it takes to set one up, and will provide examples of how the tax savings are achieved.

The International Trade Assistance Center of Ohio (ITAC) program is funded in part through a cooperative agreement with the U.S. Small Business Administration. The ITAC program is also funded in part by the Ohio Development Services Agency. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. For arrangements, call the WSU ITAC at 937-775-3524.
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Please note that the City of Dayton’s e-mail address extensions have changed from name.

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This Friday….

Come learn about online marketing during your lunch hour. Food is NOT provided, but you are welcome to bring your own lunch during the session.

This event is free and open to the public.

At the heart of small business marketing are the campaigns that drive action – collections of marketing activities that help a small business or organization to achieve its goals and objectives.

We will be covering:

• What to write about in your newsletter or announcement and how to consider using images

Attendees of this presentation will learn:

• The different types of newsletters• What to write about in your newsletter or announcement and how to consider using images

• Subject line best practices, and when to send your newsletter

• The importance of understanding how connected email and social media are…they have to be done together.• What types of additional tools might be useful

RSVP requested here:

http://bit.ly/min-1024

Save the Date…

1515.jpgSave the Date for the next MBP Business Opportunity Breakfast (BOB) “Doing Business with Educational Institutions” – Nov. 6th 2014

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The 3rd BOB installment, Doing Business with Educational Institutions is coming up on November 6th here at the Dayton Convention Center. We currently have 9 educational institutions who have agreed to be a part of our event. They will be looking to engage and speak with local/diverse firms about the requirements necessary to become a supplier/vendor and what current and future opportunities may exist for your firm (see list of institutions below).

The event details are below and you can register on-line when you click on mbpinfo if you have any questions. Thanks and we’ll see you on November 6th!!!!

Thursday, November 6th, 2014

Doing Business with Educational Institutions

7:30 AM – 10:30 AM

If you are a small and/or diverse business in our region and can provide a product/service or perform subcontracting for large buyers, then this is an event for you!

You are invited to meet some of the area colleges, universities, and school systems, so you can understand the steps necessary to be a vendor for our local educational institutions and what opportunities are available for your company

Participating Educational Institutions

  • Cedarville University
  • Central State University
  • Dayton Public Schools
  • Miami University
  • Trotwood-Madison Schools
  • University of Cincinnati
  • University of Dayton
  • Wright State University
  • Xavier University

Attendees:

Member Cost: $20.00 in advance; $25.00 day of the event

Future Member Cost: $25.00 in advance; $30.00 day of the event

Breakfast & Parking Included

Dayton Convention Center

22 East Fifth Street

Dayton OH 45402 [3rd Floor]

Are You Ready? Resource Fair!

Business Support Resources & Referrals:

  • Business Certification Resources
  • Banking & Financial Services
  • Accounting & Tax Services
  • Legal Referrals
  • Business Development Referrals
  • Insurance & Bonding
  • Strategic Business Consulting

Adrian Taylor

Manager, Minority Business Retention & Expansion

Minority Business Partnership

Dayton Area Chamber of Commerce

1 Chamber Plaza Dayton OH 45402-2400

937.226.8224 voice

937.226.8254 fax

http://mbp.dacc.org

www.daytonchamber.org