Accounting has changed tremendously over the years, especially with the introduction of the internet. However, there are still major differences between modern-day and traditional accountants despite the advancements. Here are some differences between the two, check which one are you: Modern-Day Accountants Traditional Accountants Can work in the office or at home virtually Works in…
The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) No. 21-2021 which amended certain provisions including RR No. 13-2018, under page 15 of 20: Illustration 8: A manufacturer purchased capital goods on different occasions as follows: Month of Purchase Amount (Php) 12% Input Tax Useful Life No. of Monthly Amortization Last Month…
How can I request a transfer of RDO? To transfer/update registration from one RDO to another follow these steps: File a duly accomplished BIR Form 1905 (Application for Registration Update) in 2 original copies where your TIN is currently registered. Indicate the new RDO where you are requesting to be transferred. Bring the BIR Form…
As another year draws to a close, we are once again reminded that we have to prepare our financial statements, inventory listing, and other reports such as tax returns and the required attachments therein to start the new year without mishaps. For guidance, below is a list of tax-related information one should know and adhere…
On November 19, 2021, the Bureau of Internal Revenue released the Revenue Memorandum Circular No. 117- 2021. This Circular was issued to clarify the provisions of Revenue Regulations (RR) No. 16-2021 that amended the provisions of RR No. 2-2015. This previously prescribed the submission of soft copies, instead of hard copies of BIR Form No.…
Author: Sophia Lorraine Morato (Accounting Intern) And it’s a wrap! JuanTax successfully hosted its 2nd Annual Online Convention last October 29, 2021, with over 1,300 attendees from various parts of the Philippines. With the theme of EMERGING FROM CRISIS: Finding Purpose with Grit, this year’s convention was filled with insightful speakers, an engaging panel discussion,…
The Bureau of Internal Revenue (BIR) has issued a memorandum on the included forms which are available offline with the release of package version 7.9.2. The forms that will be included in the new Offline eBIR Package are 2018 versions of the following: 2552 Percentage tax return for transactions involving shares of stock listed and…
They say that when the bookkeeping ends, accounting begins, and here is our saying between the difference of the two! Bookkeeping and accounting plays a vital role in every business but most people see these as one profession, which is not right. They have similarities such as dealing with financial data and the need for…
Take a look at the taxes that are levied and imposed in the country. How are taxes supervised in the country? The Bureau of Internal Revenue is the government agency responsible for levying and collecting national taxes in the Philippines. Furthermore, the Bureau of Customs regulates the tax imposed on importation of goods and services.…
The Bureau of Internal Revenue (BIR) is an affiliated agency of the Department of Finance and is in charge of collecting national taxes in the country. The BIR is required by law to assess and collect all national internal revenue taxes, fees, and charges, as well as to execute any forfeitures, penalties, and fines associated…
