TAXATION FOR PROFESSIONALS

Taxation, in general, is not that popular with most small & medium business owners. The same scenario exists for those professionals who wanted to practice their chosen profession such as doctor. Perhaps because most of the time, taxation is synonymous with a reduction to the overall profitability of a certain business. However, Taxation is a … Continue reading TAXATION FOR PROFESSIONALS

Attention Corporation: Risk of paying not less than Php10,000.00 penalty on 1702Q

ATTENTION CORPORATION: There is a potentially expensive sting in the tail for pay and file taxpayers who have not yet paid & filed their 2014 second quarter corporate income tax (1702Q). Second quarter covers April, May & June 2014 and the deadline for filing is on the 28th of August or on or before 60 … Continue reading Attention Corporation: Risk of paying not less than Php10,000.00 penalty on 1702Q

Why you need an Accountant?

Almost always business owners, particularly those who are managing small businesses and those under SME category, disregards to see the importance of having accountants. Oftentimes, they look for an Accountant when it’s already too late or worst the BIR had issued a letter of notice (LN) or letter of authority (LOA) for their business. As … Continue reading Why you need an Accountant?

BIR Certificate of Registration (BIR form 2303)

BIR Certificate of Registration (COR) or BIR Form 2303 is a basic requirement in the conduct of your business in the Philippines. Of course, its a MUST following the general principle that “everything is taxable”. Anyhow, if you are Self-Employed, Corporation, Partnership, Cooperatives, Associations or Government-Owned and Controlled Corporation (GOCC),  then you are required to … Continue reading BIR Certificate of Registration (BIR form 2303)

Did you know that Employers of MWEs are still required to issue BIR Form No. 2316?

Okay, okay, MWE stands for Minumum Wage Earner while BIR Form No. 2316 means a Certificate of Compensation Payment.  In general, every employer or other person who is required to deduct and withhold the tax on compensation including fringe benefits given to rank and file employees, shall furnish every employee from whose compensation taxes have been withheld … Continue reading Did you know that Employers of MWEs are still required to issue BIR Form No. 2316?