BIR Form 2316 is often confused as the Income Tax Return for Individuals. It is not. Although such confusion is justifiable since filing of BIR Form 2316 could be tantamount to ITR when one is qualified for substituted filing.Continue reading
Recording is like a foundation of every successful business. “A business worth having is a business worth recording.” But yeah, I know you’re thinking that that’s just BIR saying “if you want to keep your business, record your business transactions.” Yes, BIR requires every business establishments to maintain a record of day-to-day business transactions called books of accounts. That’s one serious reason to have books of accounts!
I’ve been really busy researching for some tax projects, with preparing for training to be conducted and with sharing my awesome doTERRA experience with other people. Please forgive me for slacking a bit. I have several drafts on my plate but I am not yet ready to publish them. There’s not much from BIR issuances that are related to what I do as well. Even so, I’d still want to connect and help others be updated so here are items highlighted in Navarro Amper & Co. DTTL Tax News July 2018.
What to do after facing the busy tax season? Face another thrill like the waves of the sea or a seafood-full platter. 🙂
It’s been 6 months now since TRAIN Law took effect. Let’s see how BIR did so far with regards to implementing the controversial law.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 50-2018 clarifying certain provisions of Revenue Regulations (RR) Nos. 8-2018 and 11-2018 implementing the income tax provisions, including its consequent withholding tax, of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Continue reading
You don’t always get to choose between things when it comes to taxation, so make the right choice – 8% or regular income tax?