With tax season fast approaching, it is no surprise everyone (from professionals, employees, employers, to companies) is gearing up to file theirs. The filing of taxes is undoubtedly tiresome for entrepreneurs as it requires a long list of requirements, business documentation, sales reports, receipts, and the likes. Moreover, the process can take double the effort if you are ill-prepared.
With the implementation of the Bayanihan to Recover as One Act, taxpayers will enjoy various exemptions under the law, including relief for businesses incurring losses due to the Pandemic. One such relief, is the issuance of the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 25-2020 which prescribes the rules and regulations extending the period of… Continue reading BIR Issues Revenue Regulation Extending Claiming of Net Operating Loss Carry-Over to Five (5) Years
The Bureau of Internal Revenue recently released its latest Revenue Regulation-21-2020, which promotes the promulgation of the VAPP (Voluntary Assessment and Payment Program) for the taxable year of 2018. According to this circular, taxpayers may settle their unpaid tax deficiencies for 2018 without being subject to any investigation or meticulous audit of their personal and business… Continue reading BIR Launches Program Cutting Audits to Address Issues Brought by the Pandemic
Finally, after several revisions and heated debates, the Senate approved Bill No. 1357 or the CREATE Bill on its 3rd and final reading last November 26. This acronym stands for Corporate Recovery and Tax Incentives for Enterprises, aiming to provide cuts for corporate income taxes and provide tax incentives. Some may remember they first dubbed… Continue reading Tax Reforms, Incentives Underway with CREATE Bill
As a business owner, you must be concerned about paying the right taxes on the proper deadlines to avoid hefty penalties. However, no matter how diligent a business is, it is inevitable to encounter discrepancies and shortcoming when filing tax returns. When the Bureau of Internal Revenue has questions regarding your returns, you have… Continue reading Revenue Memorandum Circular No. 110-2020: Clarifying the Proper Service of Electronic Letter of Authority (eLA)