IC-DISC Myths
Since the IC-DISC started providing tax benefits in 1971, myths and misinterpretations about this government incentive have continued to be widespread. Quantitax is there for new and existing clients who qualify for the IC-DISC. We maximize the amount that a company can receive through the program while offering audit support. Our fees are based off of the work we do and not a percentage what we save our clients. 100% of the savings received through Quantitax has been retained.
Separating Fact from Fiction . . .
Permanent tax benefits for owners of flow-through companies (S-Corps, Partnerships) have been available since the Jobs and Growth Tax Relief Reconciliation Act of 2003 – expanding both beneficiaries and benefits. Originally scheduled to sunset in 2010, the pertinent rules and rates affecting IC-DISC savings were extended, modified, and ultimately made permanent. As with many tax incentives, a cottage industry of “overnight” experts has sprung up. Taxpayers often unknowingly claim savings of far too little, or far too much, from the IC-DISC.
SMART BUSINESS magazine spoke with Quantitax and leading, general CPA firms about some of the most common myths that continue to be perpetuated. Download the article here:
