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Since the IC-DISC began as a financial incentive for exporters (and those whose transactions qualify as exports) that helps to maximize after-tax income, many exporters simply assume that if the IC-DISC is right for them, their CPA firm will handle it.
The truth is, CPA firms often rely on businesses that exclusively focus on the IC-DISC.
We here at Export Advisors often partner with CPAs and CPA firms, allowing their clients to reap the significant potential financial benefits of the IC-DISC without the possible risks involved in doing so without expert help.
How does working with Export Advisors help CPAs and CPA firms? Let’s take a look.
CPA Firms May Lack the Infrastructure
As we noted in our last post, many CPA firms simply lack the infrastructure required for the implementation and management of the IC-DISC.
It’s easy to look at the program and feel like it’s just another set of tax forms, but the truth is a bit more complicated than that. Management of an IC-DISC, even after initial implementation, includes required actions and follow-up.
Most CPA firms don’t have the ability to take on the extra time and manpower investment required to stay on top of continued IC-DISC management.
In this way, the IC-DISC is a lot like a 401k, another specialized program that seems simple on the surface but is in fact fairly complex.
You may have noticed in the past that many CPA firms do not handle 401ks, but instead refer their clients to specialized firms that focus on the program. This is due to the sheer amount of focus, specialization, and time investment that the program requires.
The IC-DISC is very similar. It often makes better sense, both from a financial and personnel perspective, for CPA firms to bring in specialized experts to handle the IC-DISC program on behalf of their clients.
Continued Management Requires Specialized Focus
There are many potential risks involved in the IC-DISC when it is not implemented or managed correctly. The exporter may find themselves not just subject to fines or other penalties, but also intense scrutiny from the IRS or even a potential audit.
To avoid these potential risks and maintain your Qualified status on your IC-DISC, it’s important that you work with someone who can stay focused on the IC-DISC program and its need for management and maintenance.
CPA firms may choose to help their clients by working with an IC-DISC provider like Export Advisors, who focus exclusively on the IC-DISC and therefore can provide the specialized focus and follow-up actions that the IC-DISC requires.
Interested in Learning More About the IC-DISC?
If you’re a member of a CPA firm that’s curious about how the IC-DISC could benefit your clients, or you’re a member of the export industry interested in seeing if your business might qualify for this exceptional financial incentive, we’d be happy to speak with you! Just give us a call at (832) 654-9889 or contact us online at any time!
