Category: Partners
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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…
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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…
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BIR RMC No. 4-2026: Mandatory BIR ORUS Registration Explained
Keeping your books of accounts compliant with the Bureau of Internal Revenue (BIR) is not just a formality, it is a legal requirement that protects your business from penalties and unnecessary audits. To address ongoing concerns and technical issues related to the Online Registration and Update System (ORUS), the BIR issued Revenue Memorandum Circular (RMC)…
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Zero-Rated or Taxable? How BIR RR 10-2025 Changes the VAT Game
For many businesses, VAT zero-rating and VAT refunds have long felt like a promise. If you deal with foreign clients, exports, or PEZA-registered entities, you may have assumed that zero-rating naturally applies. RR No. 10-2025 makes one thing clear:That assumption is no longer enough. The Bureau of Internal Revenue (BIR) is now enforcing VAT zero-rating…
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When a Taxpayer Passes Away: What the BIR Can and Cannot Ask the Family
Losing a loved one is already heavy.Dealing with the BIR right after makes it heavier. Families often come to us confused, stressed, and scared because they were told they need to “settle everything first” before they can move on. Sometimes that means paying penalties that feel questionable. Sometimes it means running back and forth between…
Bong Corpuz & Co. CPAs 