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Discovering IC-DISC: Export Tax Incentive Equals Significant Savings
Any profitable taxpayer that exports at least $1 million in products manufactured, grown or extracted in the United States, or even less with high profit margins, should consider using an IC-DISC. Many taxpayers may not realize they qualify because they only export indirectly by selling to a U.S. distributor or another domestic customer who then exports their product. But in most cases, the exporter knows or suspects that their product is being exported, which would enable the utilization of an IC-DISC.
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Are You Overpaying Your Personal Property Taxes?
Stop losing money. If you have not reviewed your company’s personal property tax ("PPT") situation recently, then you may be paying too much. Your business could be entitled to a refund, or at the very least be able to lower its property tax liability. Click here to find out more about the different PPT exemptions available and the key scenarios in which you should be reviewing your PPT.
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Energy Tax Opportunities for Manufacturers
If you have manufactured, constructed, owned or leased commercial buildings within the last six years and have installed or retrofitted the property to be more energy efficient, then you may be eligible to deduct all or part of the costs associated with the build or retrofit. This opportunity allows a business to immediately expense costs that would otherwise be capitalized and recovered through depreciation over 27.5 or 39.5 years.
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Tax Planning Using Small Captive Insurance Companies
With insurance premiums constantly on the rise, many organizations have turned to exploring lower-cost alternatives to standard commercial insurance to fund and manage risk. Paramount among the options has been using the alternative legal structure of a wholly owned offshore captive insurance subsidiary for either a pooling of risks, re-insurance, or lower premiums. A captive is generally an insurance company that is wholly owned by the organization or organizations for which it provides insurance coverage.
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About Cherry, Bekaert & Holland, L.L.P. (CB&H)
For over 60 years, Cherry, Bekaert & Holland, L.L.P. (CB&H) has provided high-quality financial and management services to a diverse and successful client base. Currently ranked among the nation's largest accounting firms, CB&H is uniquely positioned to impart quality, cost-effective and practical advice to clients that include multinational corporations, private businesses, nonprofit organizations, governmental entities, emerging or start-up firms, and successful individuals.
Visit the Cherry, Bekaert & Holland Website: www.cbh.com
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This information in this newsletter has been provided by Cherry, Bekaert & Holland, L.L.P., and its affiliates ("CB&H") for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
While CB&H has made every attempt to ensure that the information contained herein has been obtained from reliable sources, CB&H is not responsible for any errors or omissions, or for the results obtained from the use of this information. In no event will CB&H, or CB&H’s partners, agents or employees be liable to you or anyone else for any decision made or action taken in reliance on the information contained herein or for any consequential, special or similar damages, even if advised of the possibility of such damages.
U.S. Treasury Department Circular 230 Disclosure: In accordance with applicable professional regulations, please understand that, unless specifically stated otherwise, any written advice contained in, forwarded with, or attached to this communication is not a tax opinion and is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding any penalties that may be imposed under the Internal Revenue code or applicable state or local law provisions or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
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