Tac-an Audit Taxation and Accounting Services

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All effective for 2024

BIR TAX DEADLINES ✨
Comply now and avoid the rush.

No idea how? No worries! We got it covered for you!

Location: Dao, Tagbilaran
📞09667618505/[email protected]

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Order (RMO) No. 39-2023 suspending all audit and other field operations of the BIR effective December 16, 2023 until January 7, 2024.

The issuance of written orders to audit and investigate taxpayers' internal revenue taxes will be on hold, EXCEPT in the following specific scenarios:

👉 Investigation of cases prescribing on or before April 15, 2024;
👉 Cases involving tax evasion;
👉 Processing and verifying estate tax returns, donor's tax returns, capital gains tax returns and withholding tax returns concerning the sale of real properties or shares of stocks, along with associated documentary stamp tax returns;
👉 Examination and/or verification of internal revenue tax liabilities for taxpayers retiring from business;
👉 Monitoring of privilege stores (tiangges);
👉 Other matters of concern subject to specific deadlines.

Source: BIR website

SC: Extended 10-Year Tax Assessment Period Applies Only to Tax Returns with Intentional Errors |

Abandoning its previous ruling in the 1974 case of Aznar v. CTA, the Supreme Court has ruled that the extraordinary 10-year tax assessment period applies only to false tax returns that contain deliberate or willful misstatements.

Thus ruled the Supreme Court En Banc, in a Decision penned by Justice Henri Jean Paul B. Inting, granting the petition for review on certiorari filed by McDonald’s Philippines Realty Corporation (MPRC). The petition challenged the rulings of the Court of Tax Appeals (CTA) En Banc ordering MPRC to pay the amount of PhP9,206,213.06 in basic deficiency Value-Added Tax (VAT) for calendar year (CY) 2007, among others.

In granting MPRC’s petition, the Court held that only intentional errors in the tax return may justify the application of the 10-year assessment period.

The Court declared that its ruling in Aznar v. CTA which applied the extraordinary 10-year assessment period to false returns in general, regardless of whether the deviation is intentional or not, is now abandoned.

Rather, consistent with Section 222(a) of the 1997 Tax Code, the extraordinary 10-year assessment period applies to a false return when: (1) the return contains an error or misstatement; and (2) such error or misstatement was deliberate or willful, all of which lie on the CIR to establish with clear and convincing evidence.

However, this burden shifts to the taxpayer when there is prima facie evidence of falsity or fraud under Section 248(B) of the 1997 Tax Code such as when (1) there is an understatement/underdeclaration of sales, receipts, or income or overstatement/overdeclaration of expenses or other deductions, and (2) the misstatement is substantial, such that it exceeds the corresponding amount declared in the return by 30%.

The Court further stressed that the assessment notice issued to the taxpayer must comply with two sets of due process requirements. Under the first due process requirement, the notice must clearly state that (a) the extraordinary prescriptive period is being applied and (b) the bases for the allegations of falsity or fraud.

Under the second due process requirement, the tax authorities must not have acted in a manner that is inconsistent with the invocation of the extraordinary prescriptive period or have otherwise misled the taxpayer that the basic period will be applied.

Applying the foregoing to MPRC, the Court found there was no prima facie evidence of a false return since the misstatement did not meet the 30% threshold as required under Section 248(B) of the 1997 Tax Code. Hence, the burden is on the CIR to establish that MPRC filed a false return with intent to evade tax.

Read more at https://sc.judiciary.gov.ph/sc-extended-10-year-tax-assessment-period-applies-only-to-tax-returns-with-intentional-errors/.
Read the Decision in full at https://sc.judiciary.gov.ph/247737-mcdonalds-philippines-realty-corporation-vs-commissioner-of-internal-revenue/.

We assisted a client in comprehending their capital gains tax by examining their documents and computing the approximate sum that they will be required to pay to the BIR.

If you have previously bought a real estate property and wish to plan your finances ahead of time to prevent any unexpected tax liabilities, please don't hesitate to contact us for further information.

A client mistakenly registered as an online business owner instead of an employee. 10 years later, upon registering her actual business, she found open cases since 2014. Our team helped her close these cases and at the same time registered her new business without hassle on her part and at an affordable rate.

Thank you ma'am! 🥰

Taos pusong pasasalamat sa lahat ng ating bayani na naging instrumento sa pagkamit ng kalayaan na ating tinatamasa.

At sa mga tinuturing nating bayani sa makabagong panahon, salamat sa inyong sakripisyo at pagmamahal.

HAPPY NATIONAL HEROES DAY!

Here's to you, your dedication, and the amazing work you do! 🥂✨

A friendly reminder because Filing and Paying your taxes doesn’t need to be hard.

1 DAY LEFT!

With the deadline fast approaching, the BIR is reminding individual taxpayers to file their 2023 2nd Quarter Income Tax Return and pay the Tax Due thereon on or before August 15, 2023.

For inquiries, message us.

Four days to go! Filing has been made easier electronically through eBIRForms or eFPS, whichever is applicable.

April 25, 2023 is the deadline for Filing & Payment of the First Quarter VAT Return.

VAT Wisely!

For your BIR Compliance, message us.

FILE AND PAY YOUR 2022 AITR ANYWHERE

Per Revenue Memorandum Circular (RMC) No. 32-2023, taxpayers may file their 2022 Income Tax Return (ITR) and pay the taxes due thereon to any Authorized Agent Bank (AAB) or BIR Revenue Collection Officer nearest them without the imposition of penalties for wrong venue filing.

Click here to read the full RMC: https://bit.ly/FilePayAnywhere2023

ITR & AFS Filing Assistance

To conveniently assist you, we have satellite offices to cater to your business need.

We offer the following services:
🟡Bookkeeping and Tax Filing
🟡DTI Registration
🟡SEC Registration
🟡Business Permit
🟡BIR Registration
🟡Official Receipt/Invoice Printing ( BIR Accredited Printer)
🟡Audited Financial Statements/ITR

For inquiries contact us at:
💻 [email protected]
📞 09667618505

Want to know how to file your Annual Income Tax Return (AITR)?

Join us as we conduct a free webinar via Zoom and Facebook Live on everything you need to know on how to file and pay your AITR. This coming March 16, 2023, we will discuss the AITR filing and payment for employees earning purely compensation income and mixed income earners.

Click the link to pre-register: https://bit.ly/2023AITRWebinar1 or scan the QR Code below. Limited slots are available for Zoom participants so register now!

TAKE NOTE!
FOR CORPORATIONS REGISTERED UNDER SEC.

The SEC would like to warn all corporations that it will strictly implement its guidelines under SEC Memorandum Circular 15, S. 2019, SEC Memorandum Circular 30, S. 2020, and SEC Memorandum Circular No. 10, S. 2022.

To avoid being imposed with heavy fines and penalties, all reporting corporations are directed to:

1.Register in the eFAST platform. Please refer to this link for the eFAST tutorial video: https://www.sec.gov.ph/online-services/sec-efast/ .tab=0
2.Submit the annual reportorial requirements such as the General Information Sheet and the Annual Financial Statement on or before the required filing date.
3.Provide correct beneficial ownership information in the Beneficial Ownership Declaration Page of the GIS. Do not leave the Beneficial Ownership Declaration Page blank!

Pursuant to SEC Memorandum Circular No. 10, S. 2022, the penalties for non-disclosure and false disclosure of beneficial ownership information are as follows:

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We provide assistance for your 𝐃𝐓𝐈, 𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐏𝐄𝐑𝐌𝐈𝐓 & 𝐁𝐈𝐑 𝐑𝐄𝐆𝐈𝐒𝐓𝐑𝐀𝐓𝐈𝐎𝐍?! We got it covered for you!

𝐒𝐄𝐑𝐕𝐈𝐂𝐄𝐒 𝐎𝐅𝐅𝐄𝐑𝐄𝐃:

✅Internal Audit
✅Business Consultancy
✅Financial Statements (In-house)
✅VAT and NON-VAT
✅Filing of ALL BIR Returns (ex. 1601E, 2551Q etc.)
✅Complete Bookkeeping Services
✅Recording of Accounting transactions (Sales/ Revenue & Disbursements)
✅Preparation of Financial Statements (Profit & Loss, Balance sheet)
✅Maintaining/Updating of Manual Books of Accounts mandated by BIR
✅SSS/Philhealth/TIN ID with SPA
✅New Business Registration
✅DTI-Single Proprietorship
✅Processing for Business Closure

IS NOW OPEN TO SERVE YOU.

Mo cater ko anywhere in Bohol.

Location: Dao, Tagbilaran

📞09667618505/[email protected]

New to your business? No worries! We provide assistance for your 𝐃𝐓𝐈, 𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐏𝐄𝐑𝐌𝐈𝐓 & 𝐁𝐈𝐑 𝐑𝐄𝐆𝐈𝐒𝐓𝐑𝐀𝐓𝐈𝐎𝐍?! We got it covered for you!

𝐒𝐄𝐑𝐕𝐈𝐂𝐄𝐒 𝐎𝐅𝐅𝐄𝐑𝐄𝐃:
✅VAT and NON-VAT
✅Filing of ALL BIR Returns (ex. 1601E, 2551Q etc.)
✅Complete Bookkeeping Services
✅Recording of Accounting transactions (Sales/ Revenue & Disbursements)
✅Preparation of Financial Statements (Profit & Loss, Balance sheet)
✅Maintaining/Updating of Manual Books of Accounts mandated by BIR
✅SSS/Philhealth/TIN ID with SPA
✅New Business Registration
✅DTI-Single Proprietorship
✅Processing for Business Closure

IS NOW OPEN TO SERVE YOU.

Mo cater ko anywhere in Bohol.

Location: Dao, Tagbilaran

📞09667618505/[email protected]