WDCEP Explores Business Taxes in April Entreprenuer Road Map
May 7, 2014
With tax season nearing its end, last month’s Entrepreneur Road Map session educated entrepreneurs and current business owners on how to obtain the tools necessary to take on business taxes. DC’s business owners and entrepreneurs learned to navigate the complexities of the District’s business taxes with the help of two expert speakers.
Stephen Cordi, Deputy Chief Financial Officer at DC’s Office of Tax and Revenue, reviewed the upcoming tax revisions proposed by Mayor Gray for FY 2015, including the 9.4% franchise tax rate and an exemption for proprietary trading. Cordi also discussed the specific revisions for Qualified High Technology Companies (QHTC) taxes as well as highlighted the numerous incentives offered to QHTC’s within the District (for more information click here). Other revisions include the sales tax change that decreased to 5.75% October 1st, 2013 as well as an entitled sales tax exemption for restaurants within the District.
Although understanding the basics of business taxes can be very intimidating, David Malcolm, Partner at Lanigan, Ryan, Malcolm & Doyle P.C., gave attendees the opportunity to find the answer’s they’ve been looking for. Malcolm laid out specific tax requirements and forms needed for different types of ownership structures and gave real life scenarios as examples for the audience.
To learn more about business taxes in the District check out the WDCEP’s DC Doing Business Guide publication here.