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OTR to Host Cigarettes and Other Tobacco Products Webinar on October 24

The District of Columbia Office of Tax and Revenue (OTR) is hosting a webinar on the new online tax filing and payment process for Cigarettes and Other Tobacco Products on  Wednesday, October 24 from 1:00 p.m. to 3:00 p.m. ET .   Effective...

Changes to DC Personal Property Tax Filing Process

Changes are coming to the Personal Property tax filing process! Effective   October 29, 2018 , all individuals, corporations, partnerships, executors, administrators, guardians, receivers, and trustees that own or hold personal property in trust...

Changes to the District of Columbia Alcohol Beverage Tax Filing Requirements

The District of Columbia Office of Tax and Revenue (OTR) is making changes to its  Alcohol Beverage tax filing process.  Effective   October 29, 2018 , all licensed wholesalers in the District of Columbia, who sell alcoholic beverages, will be...

Cannabis industry tax issues just got real

The medical marijuana dispensary owner-operator in Oregon was sentenced to seven months in prison last month, in what appears to be the first federal sentencing of a legal cannabis business owner for tax crimes. Price, a co-owner of Cannabliss...

International audit standard addresses estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts. The International...

Meals continue to be deductible under new IRS guidance

The IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec....

Deadline for new depreciation deduction fast approaching

Business taxpayers who placed qualifying property in service during 2017 but haven’t claimed the new 100-percent depreciation deduction are running out of time to file the election with the IRS. Individuals and calendar-year corporations...

OTR to Host Motor Fuel Tax Webinar on Monday, October 15

The District of Columbia Office of Tax and Revenue (OTR) is hosting a webinar on the new online tax filing and payment process for Motor Fuel Tax on  Monday, October 15 from 9:00 a.m. to 11:00 a.m. ET .     Effective October 29, all importers who...

GASB proposes targeted improvements, new concepts

GASB issued separate proposals Friday that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial...

IRS issues 2018–2019 per-diem rates

Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses ( Notice 2018-77 ). The new rates are in effect from Oct. 1, 2018, to Sept. 30, 2019. The IRS on...