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HOME > EXPORT TAX BENEFITS > IC-DISC > INCORPORATION, IMPLEMENTATION AND MANAGEMENT SERVICES
Call 1-800-894-8366 to discuss your needs or e-mail us your questions EXPORT TAX BENEFITS
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Incorporation
Export Assist can incorporate your IC-DISC in 24 to 48 hours at which time your export tax benefits begin. To proceed, please download the Application for Incorporation of a Nevada IC-DISC, complete and sign the document, and overnight it to Export Assist, Inc., 44 Montgomery Street, Suite 4050, San Francisco, CA 94104, (T) 800-894-8366 along with a check for Export Assists fees. L oc a t i on Although an IC-DISC can be incorporated in any state, Export Assist recommends that the IC-DISC be incorporated in the state of Nevada through its office in Carson City. Based upon our research of all 50 states, including Delaware, we chose Nevada as our domicile, with all activities and bank account (s) remaining in the state, because we could perform the management and compliance duties more efficiently and cost effectively on behalf of our client. In addition, by locating the IC-DISC in Nevada, the U.S. exporter might be able to reduce its exposure to state taxation. Fe e s Our basic, flat IC-DISC fees consist of a one-time incorporation and implementation fee of $4,500, which includes all Nevada government fees, and on an annual basis, a management and accounting fee of $5,000 plus the Nevada government fee of $225. Included in this annual fee is the population of IRS Form 1120 IC-DISC and
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schedules. To open an IC-DISC, the one-time incorporation and implementation fee and the first years's annual management and government fees totaling $9,725 are required.
Implementation
After filing for incorporation, Export Assist will: 1. File IRS Form 4876A in order for the corporation to be treated as an IC-DISC. 2. Pay the government filing fees on behalf of the exporter, including the incorporation fee, initial filing of the Officers List, one-time business license and expedited process cost. 3. Provide a complete IC-DISC incorporation document package specifically designed for the exporters ICDISC, including by-laws, articles of incorporation, minutes, issuance of stock certificates, filing of officers, business license, etc. 4. Have completed IC-DISC document package reviewed by a major U.S. law firm. 5. Issue stock certificates on behalf of the IC-DISC per the Pre-Incorporation Subscription Agreement. 6. Install the IC-DISC accounting system. 7. File IRS Form SS-4 in order to obtain the IC-DISC EIN number. 8. Set up general ledger and chart of accounts 9. Open corporate bank account(s) which can be used for the disbursement of all dividends, legal and accounting fees, and general business payables and expenses including the management fees of the ICDISC. 10. Set up, at Export Assists cost, an office facility for the IC-DISC. 11. Make available IC-DISC electronic communications and telephone communications to such office, a mailing address, and such other equipment and facilities as it deems necessary to enable it to perform its business operations. All the IC-DISC client has to do is: 1.Return completed Application for Incorporation of a Nevada IC-DISC with fee to Export Assist. 2. Obtain signatures on documents (provided by Export Assist) from IC-DISC officers, directors and shareholders; return to Export Assist. 3. Fund IC-DISC bank account for $2,500.
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5. Act as a resident agent for service of process. 6. Arrange for compliance by the IC-DISC with all relevant requirements and regulations under the law of the state of incorporation. 7. Attend to all communications to the IC-DISC at its office. 8. Maintain compliance of the IC-DISC corporate bank account. 9. Maintain, unless and until otherwise notified, the ICDISC office for the performance of IC- DISC business. 10. Perform asset compliance monitoring under IRC Sections 992-993. General Accounting Services 11. Perform general accounting services, including adjusting and closing entry processes and production of financial statements for managements review. 12. Assist with annual or periodical IC-DISC commission calculation: a. provide IC-DISC Commission Workbook to assist in creating an export P&L b. review export P&L c. analyze export allocations d. perform Federal compliance review e. assist with interset charge calculations on deferrals. 13. Prepare and send dividend payments to shareholders and perform dividend compliance review (deemed vs. deferred or actual). 14. Prepare and send Schedule Ks (similar to 1099) to shareholders. 15. Populate IRS Form 1120-IC-DISC. 16. Manage compliance of deferred assets. 17. Receive year-round phone assistance with any issues or questions pertaining to the IC-DISC benefits and structure; on-going consultations with in-house ICDISC specialists. All the IC-DISC client has to do is: 1. Provide export-related figures, such as sales (FTGR), cost of goods sold (COGS) and export-related expenses at agreed upon intervals (i.e.,monthly, quarterly, annually) in order to calculate the IC-DISC commission. 2. Pay commission to IC-DISC. 3. File IRS Form 1120 IC-DISC (assistance with preparation provided by Export Assist).
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