DC Business Owners Learn All About DC Business Taxes Requirements

March 5, 2013

With tax season in progress, the WDCEP turned the spotlight on DC business taxes, and featured local tax experts at its monthly small business development program, Doing Business 2.0. A diverse mix of local business representatives attended the seminar to learn about the latest tax abatement programs for District businesses. The seminar provided attendees with an overview of general business and employer taxes that District business owners must adhere to. In addition the seminar covered numerous sought-after subtopics that included delinquency, amnesty, as well as the various exemptions for non-profit organizations.

Stephen Cordi, Deputy Chief Financial Officer from the DC Office of Tax and Revenue, started the seminar informing the attendees of various tax changes for FY2013. Mr. Cordi discussed changes regarding interest rate on refunds, EFT business tax payment requirement, sales tax collection requirements for street vendors and food trucks, and individual income tax.

Susan T. Edlavitch, Partner, Venable LLP, focused her discussion on DC tax requirements and their associated rates. Ms. Edlavitch began the discussion with general business taxes, which included corporate franchise taxes and unincorporated business franchise taxes. She continued the discussion sharing with the attendees the differences between sales and use taxes, and providing the attendees with examples of eligible exemptions. Ms. Edlavitch also discussed in details personal property tax, economic interest tax, gross receipts tax, tax on special events, and payroll tax.

Posted Under: DC News