Reminder on Tax and Payroll Deadlines for February 2016

The first month of the year 2016 just ended and we are now in what they call the “love month” of February. Before you think about the Valentines Day, we are writing this article to remind and guide you of the basic tax and payroll deadlines for the month of February 2016. Important Note: For […]

Reminder on Year-End Compliance

The new year always bring positive perspective. May it be because the close of the year is coming or the idea of a fresh start keeps us motivated. At this time, we are either writing the memories of the past year or creating resolutions and plans for the new coming year. For accountants, taxpayers and businesses, […]

New BIR Income Tax Forms (RR 2-2014)

The Bureau of Internal Revenue (BIR) issued this month of February the Revenue Regulations No. 2-2014 (RR 2-2014) prescribing the New Income Tax Forms that will be used in filing of Income Tax Returns (ITRs) for the taxable year ending December 31, 2013. What are the Changes? The new income tax forms have the following […]

Bookkeeping and Tax Requirement for Freelancer/Self-Employed/Home-based Businesses

In the past years, there has been an increased in individuals who do freelancing, as a means to generate income rather than being employed. These are individuals who prefer to be either a self-employed (offering their knowledge, talents or skills) or sole-proprietor of a business (selling goods or services). Although many succeed as freelancer, they […]

Reminders on Tax and Registration Deadlines for January 2014

Happy New Year! We wish you an abundant 2014! We hope you enjoyed your long Christmas holiday. We hope you were able to relax and have gained a lot of energy to face the New Year, because you will need it this month. After all the celebration, you will need to comply with all the […]

Computation of Tax on Dividends

It’s almost year-end as of this writing. During this time, many are already calculating how much profit they have earned for the year, and if there will be dividends to declare. A dividend is a cash or non-cash distribution of net earning to the stockholder of a corporation. It is usually distributed to stockholders after […]

New BIR Rules on Tiangges/Bazaars or Privelege Stores

During Christmas season, most people are willing to shop or buy variety of goods, whether as gift or personal use. To meet the seasonal high demand on various goods, many aspiring or seasoned entrepreneurs organize and operate “Tiangge” or “Bazaar” (referred to as privilege stores).  The Tiangge or Bazaar event usually operates for a short […]

SSS, Philhealth and Pag-ibig Payment Deadlines and Penalties

When your registered business in the Philippines is employing people, you are mandated to provide your compulsory coverage to state insurance fund (SSS or GSIS) to all your employees not over sixty (60) years old, as stated in Art 168 of the Labor Code of the Philippines. In addition to state insurance fund (SSS or […]

What are the Books of Account?

All business establishments and taxpayers are required to keep a record of their day to day business transactions in order to know the result of their operations. The said record is referred to as “book of accounts”. Whenever a business establishment or taxpayer applies for certificate of registration (COR) with the BIR, it also required […]

Tips to Legally Avoid Paying BIR Penalties During Tax Mapping

The Bureau of Internal Revenue (BIR) has been regularly conducting inspection to business establishments throughout the country. Such BIR activity is popularly known as “Tax Mapping” also referred to by the BIR as Tax Compliance Verification Drive and Oplan Kandado. The purpose of the “tax mapping” is to inspect compliance of business establishments to registration, […]