One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset. | Shareholder tax savings is ultimate goal of IC-DISC ownership structure | | By David McGuire 3 min read | | One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset. | |
| The 2020 Top New Products | | By Daniel Hood, Danielle Lee, Ranica Arrowsmith | | Accounting Today’s editors pick the best new and most improved tools and resources for accountants from the last year. | |
| Inspector general faults IRS Free File program | | By Michael Cohn 5 min read | | The complexity and insufficient oversight of the IRS’s Free File program, which is supposed to provide free tax software to most taxpayers, results in low taxpayer participation in the program, according to a new government report. | |
| KPMG buys stake in LumaTax | | By Michael Cohn 2 min read | | KPMG LLP has bought a minority interest in LumaTax, a San Diego-based sales and use tax technology provider. | |
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