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Form 1120-IC-DISC (Rev December 2012) Interest Charge Domestic International Sales Corporation Retur

Form 1120-IC-DISC (Rev December 2012) Interest Charge Domestic International Sales Corporation Retur-2025

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The document is the Form 1120-IC-DISC, used for reporting the income and deductions of an Interest Charge Domestic International Sales Corporation (IC-DISC) for tax purposes. It includes sections for providing information about the corporation, its financials, and compliance with specific IRS regulations related to export activities. The form requires details on gross income, cost of goods sold, deductions, and various schedules to report dividends and distributions.

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How is an IC-disc taxed?

Generally, an IC-DISC is not taxed on its income. Shareholders of an IC-DISC are taxed on its income when the income is actually (or deemed) distributed. In addition, section 995(f) imposes an interest charge on shareholders for their share of DISC-related deferred tax liability.

What happens if you dont file form 1120?

ing to the IRS, the penalty for not filing Form 1120 by the due date (including extensions) is 5% of the tax due for each full or partial month that the return is late, up to a maximum of 25%. The minimum penalty for a return that is more than 60 days late is the smaller of $450 or the 100% of the unpaid tax due.

What is the 1120 form used for?

Domestic corporations use this form to: Report their income, gains, losses, deductions, credits. Figure their income tax liability.

What is an interest charge domestic international sales corporation?

An IC-DISC is a domestic corporation that primarily engages in foreign sales and exporting activity. Many years ago, the U.S. government created this law as a means to promote U.S. business activities it deemed economically beneficial. In todays competitive global landscape, any cost-saving measures are coveted.

Can an IC-disc be an S Corp?

While individuals, S Corporations, partnerships, LLCs or C Corporations can all utilize an IC-DISC if they have export sales, this article will focus on the potential tax savings available to pass-through entities.

What is the purpose of an IC-disc?

The Interest Charge Domestic International Sales Corporation (IC-DISC) offers significant Federal income tax savings for making or distributing US products for export.

What is an 1120-IC-disc for?

Form 1120-IC-DISC is an information return filed by interest charge domestic international sales corporations (IC-DISCs), former DISCs, and former IC-DISCs. What Is an IC-DISC? An IC-DISC is a domestic corporation that has elected to be an IC-DISC and its election is still in effect.

What is the election to be treated as an IC-disc?

The IC-DISC election is made by filing Form 4876-A, Election To Be Treated as an Interest Charge DISC. Generally, an IC-DISC is not taxed on its income. Shareholders of an IC-DISC are taxed on its income when the income is actually (or deemed) distributed.

Form 1120-IC-DISC (Rev December 2012) Interest Charge Domestic International Sales Corporation Retur-2025

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