Domestic International Sales Corporation (DISC)
Gomel and Advisors is experienced in consulting companies that manufacture in the United States and ship to foreign countries.
These companies may qualify for setting up a Domestic International Sales Corporation (DISC). You may be able to significantly reduce the tax bill on 1/2 of the net income from such sales.
The DISC does not need to have employees or operating assets.
Exports can include receipts from sales, leases or rental of export property. They also include engineering and architectural services for construction projects located outside of the country.
We also provide tax planning and compliance services for Foreign Nationals working in the United States temporarily.
Our planning services include a full assessment of Report of Foreign Bank and Financial Accounts (FBAR), Foreign Account Tax Compliance Act (FATCA), or other international reporting requirements.
Section 965 Repatriation Tax
The Tax Cuts and Jobs Act (TCJA) requires taxpayers who own an interest in certain foreign corporations to pay a 1-time tax of 15.5% on cash and 8% on illiquid assets held overseas. The repayment of tax can be amortized over 8 years.
International tax compliance is a very complex area to navigate. Make sure to contact Gomel and Advisors to make sure you are in compliance with rules and regulations.