WDCEP’s Business Development Program Explains District Taxes, Requirements & Incentives
Panel Program Offers Local Entrepreneurs Access to Government Officials & Industry Experts
January 19, 2012
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. Last week’s popular program covered a variety of DC tax-related issues and concerns, with expertise provided by Stephen Cordi, deputy chief financial officer for the District of Columbia’s Office of Tax and Revenue, Gary Franklin, CPA at Reznick Group, and Brian Masterson, CPA and Partner at Venable, sponsor and host of the monthly event.
Panelists provided insight into a number of important changes to DC taxes that will go into effect this year as part of the District of Columbia government’s efforts to balance its budget. Some of those changes include the increase of the minimum franchise tax from $100 to $250 and an additional income tax bracket of 8.95% for tax payers with DC taxable income over $350,000.
Moreover, the speakers covered important tax incentives that the District of Columbia government set forth in order to create a business friendly environment in DC, including the Qualified High Tech Companies (QHTC) tax credit that makes companies eligible for up to $7,500 per employee. Topics such as the recent developments in federal taxes and how that could affect local businesses was explored, including discussion of the Payroll Tax and the Bush tax cuts.
Steve Ma, Green Chief Officer at Live Green DC, closed the program by providing a business perspective into tax implications and business structure for other local business owners and entrepreneurs in DC. This feature, new to the Doing Business 2.0 program in 2012, was lauded as adding an additional point of view to the program agenda, providing attendees with insight into the subject area from a local business owner in addition to the industry expert perspective.
Following the speakers’ presentations, the audience was able to gain more specific knowledge through a Question & Answer panel discussion and through one-on-one discussion with the program experts, allowing attendees to have their questions addressed by a variety of tax experts with varying perspectives on the issues. Download presentations from this session: Venable, LLC | DC tax Requirements & OTR | 2012 Tax Changes
DB2.0 | Business Taxes Photo Gallery
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It is the mission of the Washington, DC Economic Partnership, a 501(c)(3) nonprofit organization to promote business opportunities throughout the District of Columbia and to contribute to business retention and attraction activities