What is IC-DISC?

Companies can establish an IC-DISC to earn a commission on export sales and claim a tax deduction. To be an IC-DISC, a corporation must meet the following requirements:

The corporation is organized under the laws of a state or the District of Columbia.

At least 95% of its gross receipts during the tax year are qualified export receipts.

At the end of the tax year, the adjusted basis of its qualified export assets is at least 95% of the sum of the adjusted basis of all of its assets.

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Related Terms

What is a C Corporation?

What is a Business Entity?

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Oil & gas deduction

Drill into tax savings. Maximize deductions for both tangible and intangible drilling costs.

Hiring kids

Reduce taxable income & self-employment tax by hiring your kids.

Home office

Deduct qualified expenses for using your home for business purposes.

Meal expenses

Business can typically deduct 50% of meals associated with doing business with some cases allowing up to 100% deduction.

Travel expenses

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Vehicle expenses

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Late S election

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Late C election

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Depreciation

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R&D tax credit

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Clean vehicle

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Augusta rule

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