Aug 13, 2020 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:
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