Instructions for IRS Form 1120-IC-DISC Interest Charge Domestic International Sales Corporation Return

IRS Form 1120-IC-DISC Schedule P Intercompany Transfer Price or Commission

This document contains official instructions for IRS Form 1120-IC-DISC , Interest Charge Domestic International Sales Corporation Return - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1120-IC-DISC Schedule P is available for download through this link.

FAQ

Q: What is IRS Form 1120-IC-DISC?A: IRS Form 1120-IC-DISC is a tax form used by Interest Charge Domestic International Sales Corporations (IC-DISCs) to report their income and calculate the interest charge on certain deferred tax liabilities.

Q: Who needs to file IRS Form 1120-IC-DISC?A: Any IC-DISC that had gross receipts from qualified exports during the tax year must file Form 1120-IC-DISC.

Q: What is an IC-DISC?A: An Interest Charge Domestic International Sales Corporation (IC-DISC) is a domestic corporation that meets certain requirements and elects to be treated as an IC-DISC for federal income tax purposes.

Q: What are qualified exports?A: Qualified exports refer to the sale, lease, rental, or license of qualifying export property to a foreign person for use outside the United States.

Q: What is the purpose of Form 1120-IC-DISC?A: Form 1120-IC-DISC is used to report IC-DISC's income and calculate the interest charge on certain deferred tax liabilities related to the IC-DISC's export transactions.

Q: When is Form 1120-IC-DISC due?A: Form 1120-IC-DISC is generally due on the 15th day of the 9th month after the end of the IC-DISC's tax year.

Q: Are there any penalties for not filing Form 1120-IC-DISC?A: Yes, there are penalties for not filing Form 1120-IC-DISC or for filing it late. It is important to file the form accurately and on time to avoid penalties.