Client Sues CPA for Failing to Advise of IC-DISC Tax Strategy and Then Covering It Up

Client Sues CPA for Failing to Advise of IC-DISC Tax Strategy and Then Covering It Up

The most recent edition of Accounting Today chronicles a lawsuit instituted by Arrowhead Systems Inc., a small Wisconsin manufacturer, against their CPA. Here, the owner of Arrowhead filed a suit against their CPA for fraud, negligence, and other claims after the firm failed to advise him of the IC-DISC tax strategy that potentially could have saved him over a million dollars and then allegedly tried to cover up the error. The Interest Charge Domestic International Sales Corporation (IC-DISC) provisions provide significant and permanent tax savings for producers and distributors of U.S. made products used abroad. The article can be viewed here:

https://www.accountingtoday.com/news/grant-thornton-faces-appeal-on-fraud-and-negligence-lawsuit

 

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ICS is a consulting firm providing innovative tax planning strategies. ICS collaborates with taxpayers and their tax professionals to identify credits and incentives that reduce tax liabilities and increase profitability. ICS provides nationwide service through its offices located throughout the country.

 

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