Ep071: IC-DISC from Start to Finish: The Complete Setup and Compliance Guide

About this episode

This episode provides a comprehensive guide to setting up and complying with IC-DISC regulations, featuring insights from tax attorney Brian Schwam.

Setting up an IC-DISC the right way can mean the difference between maximizing tax savings and having issues down the road. In this episode of The IC-DISC Show, I sit down with Brian Schwam, IC-DISC specialist and tax attorney, to walk through the complete IC-DISC setup and compliance process from start to finish. This conversation was inspired by a CPA request for a comprehensive guide covering every step of the IC-DISC journey. Brian breaks down the entire process chronologically, from the initial consultation to determine if a business qualifies, through the critical formation steps that can make or break your IC-DISC. We cover proper capitalization requirements, the infamous 90-day election window, why non-interest bearing bank accounts matter, and the draconian 60-day payment rule that catches many businesses off guard. He explains the difference between simple and transaction-by-transaction calculations, sharing an example where detailed analysis increased a client's commission from $4 million to $17 million on $100 million in export sales. Whether you're a CPA learning about IC-DISC for the first time or a business owner considering this strategy, Brian's systematic…

People in this episode

Host: David Spray

Guest: Brian Schwam

Topics covered

• IC-DISC setup
• tax savings
• compliance process
• business qualification
• capitalization requirements
• export sales

Keywords

• IC-DISC
• tax attorney
• compliance
• business qualification
• export sales
• capitalization
• 90-day election

Mentioned in this episode

Organizations: IC-DISC, CPA

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