Author:Bong Corpuz & Co. CPAs
BIR Open Case Sale? Qualified Taxpayers May Settle for Only ₱5,000!
Old BIR open cases, unpaid assessments, and penalties can become a serious concern for small businesses, especially when updating registration records, securing tax clearances, or formally closing a business. The Bureau of Internal Revenue (BIR) has introduced a limited opportunity that may help qualified micro taxpayers resolve certain outstanding tax liabilities. Under Revenue Regulations (RR)…
BIR Webinar Recap: 4 Important Tax Updates That Could Affect Your Business in 2026
On June 19, 2026, the Bureau of Internal Revenue (BIR) Revenue District Office No. 50 – South Makati conducted a Webinar on Tax Updates to discuss several recently issued Revenue Memorandum Circulars (RMCs) affecting taxpayers, businesses, digital platforms, and donors. As part of our commitment to keeping clients informed of important regulatory developments, representatives from…
How to Close Your Business Registration in the Philippines: A Simple Guide to BIR RMC No. 47-2026
Starting a business is exciting. Closing one, however, has traditionally been a different story. For many entrepreneurs, formally shutting down a business often meant dealing with numerous documentary requirements, multiple visits to government offices, and the fear of accumulating penalties from an inactive registration. To address these concerns, the Bureau of Internal Revenue (BIR) issued…
SEC Filing: When Does the Statement of Management’s Responsibility (SMR) Need to Be Notarized?
As companies begin preparing their 2025 financial statements for SEC filing, one common question arises: Does the Statement of Management’s Responsibility (SMR) now need to be notarized? Recent updates from the Securities and Exchange Commission (SEC) have created some confusion. The answer is simple once you understand the rule: Notarization depends on whether the financial…
SEC MC No. 4, Series of 2026: New Audit Rules That Benefit Small Corporations
The Securities and Exchange Commission has issued Memorandum Circular (MC) No. 4, Series of 2026, introducing updated audit requirements designed to ease compliance costs for smaller corporations while maintaining accountability and transparency. This new circular significantly raises the audit threshold, allowing more corporations to file unaudited financial statements, provided certain conditions are met. Below is…