Insights: Tax
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IC-DISC May Result in Tax Breaks for Exporters
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4.6.11 Setting up and operating an interest charge domestic international sales corporation (IC-DISC) can reduce the tax rate on qualifying export sales by up to 20 percentage points. An IC-DISC’s tax-savings power is derived from the current 15% tax rate on qualified dividends. Businesses that could benefit should consider creating an IC-DISC sooner rather than later because, without additional Congressional action, this tax rate applies only through 2012.
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Santa Claus: Jolly Old Man or Tax Evader? You Decide.
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12.22.10 Has Santa Claus and the closely held Santa's Workshop been "engaged in trade or business" in the U.S. within the meaning of Code Sec. 864? In 1993, MFR's Bill Leary co-authored an article in an attempt to answer this and other questions related to the jolly old man's visits to the U.S. Today, 17 years later, these issues have yet to be resolved.
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The Good News and the Bad News: Tax Implications of Being an Expatriate
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11.15.10 Darlene Ayoub, a tax manager at MFR, advises that you consider the tax consequences before you become an expatriate to or from the United States. It will help to avoid the unexpected which, in the cross-border tax world, can be very costly. Avoid discovering the “bad news” of being an expatriate.
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Form 5471: Information Reporting for Foreign Operations
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10.5.10 Whether you own an interest in a foreign corporation, partnership or foreign financial account, it is likely that the IRS wants you to supply information on the investment. US officers or directors of foreign corporations (and constructive owners) may also have filing obligations. Two of the most longstanding filings, Form 5471 and TD F 90-22.1, continue to be important tools for the government.
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2010-2011 Tax Planning Guide
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9.15.10 As the country begins to recover from the recession, we're confronted with a great deal of uncertainty in our tax laws, the economy and our personal finances. The more familiar you are with various tax planning strategies, the easier it will be to take advantage of them. Check out our online tax guide to find out more about ways to optimize your tax position.
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