McGuire Sponsel, Ernst & Morris announce strategic merger

McGuire Sponsel identified an opportunity for a California-based plant that specializes in designing, manufacturing and installing farm equipment for different edible nut industries domestically and internationally. The S-Corporation had approximately $21.3 million in annual revenue, including about $6.5 million in international sales.

McGuire Sponsel identified a Tennessee-based hardwood manufacturer using the 4% of qualified export sales method to calculate its IC-DISC commission. The C Corporation had approximately $47 million in annual revenues, including $32 million in international sales.

McGuire Sponsel identified an opportunity for a Kentucky-based company that machines automotive and heavy truck parts. The LLC had approximately $5.5 million in annual revenue, including about $2.6 million in international sales.

An Interest Charge – Domestic International Sales Corporation “IC-DISC” provides a permanent tax savings opportunity for qualifying exporters.

This past December another federal Appellate court, the Court of Appeals for the Second Circuit, handed down one more victory for the Taxpayer. The court ruled in favor of the Berenson family and their Summa Holdings business, the cases in which federal Appeals Courts have been consistently reversing the Tax Court and the objectives of the IRS who have sought to limit the benefits of using IC-DISCs as shareholders of Roth IRAs.

This webinar will discuss the basis of an IC-DISC, what qualifies as an IC-DISC export

McGuire Sponsel has discussed the IC-DISCs year-end planning topics with clients in our webinars and news articles.

The February 2016 ruling in favor of the taxpayer by the U.S Court of Appeals in Summa Holdings, Inc. v. Commissioner has validated a new dimension in the use of the IC-DISC vehicle for long-term tax planning and wealth building. In summary, the Summa Holdings verdict allows the use of Roth IRAs to accumulate IC-DISC dividends without limitation after those dividends are received by a Roth IRA on an after-tax basis.

IC-DISC: The export incentive in 2019. In this webinar we will discuss:

  • How the IC-DISC Remains the Same
  • A New Playing Field with the 2017 Tax Act
  • Technical Specifics Explored

If you wish to view the webinar please submit your name and email address.

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