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, and very interactive attendees which made the event truly a blast!

As an Accounting Intern, I have been used to attending webinars that are filled with lectures and ones that would plainly talk about the serious, business stuff. JuanTax Online Convention was my first time experiencing a convention that had speakers talk not just simply about going from point A to point B but instead, they spoke about their experiences on how there are actually several different pit stops in life, each one allowing you to feel various emotions and molding you to become a better version of you, for your future self. They talked about grit and how it allows you to surpass obstacles and become stronger, about finding one’s purpose in life, and about achieving success amidst all the struggles.

For the Opening Keynote, Mr. Ardy Abello talked about golf, and initially, I thought I wouldn’t be able to connect with him because what do I know about golf? But then he made it simple. He talked about how golf is all about focus and that instead of looking at the sand traps, you have to direct your attention to the flags up ahead. He said that just like in golf, we would also encounter sand traps in our lives that could distract us from our target so it is important that we remember to always redirect our focus on our goal and our purpose.

After that, Mr. Cesar Wee Jr. started the spotlight session by sharing his experiences as an entrepreneur, especially the struggles that he initially had with his family business. For him, we should appreciate all the challenges that we encounter because the lessons that it holds are the pieces in building one’s success. Ms. Katherine Castro, on the other hand, began her speech by saying “Forget passion if you will not be persistent,” she said being passionate is not enough to make your dreams come true, that you need effort, and grit to pursue it no matter what the cost. Lastly, Dr. Rex Bacarra put great importance on knowing the kind of life you have lived, because as he said, “All experiences are interconnected to make a better version of yourself. Difficulties will make your success more meaningful.”

Led by Mr. Ron Castro, the Chief Revenue Officer of JuanTax, the highlight of the event was the panel discussion where the speakers further discussed each other’s sharings and emphasized that the idea of grit is to emerge from a crisis stronger and more empowered than ever before.

You can tell that the attendees did not just listen to the talks but it was obvious that they were also greatly moved by the sessions seeing from the great number of messages and responses that flooded the zoom chat box from the start until the last minute of the convention.

Mr. Marvin Galang, CEO of JuanTax, then delivered his final remarks and announced that all proceeds from this event, amounting to PHP 170,000.00, will be donated to fund the School Text Blast, supporting about 70 schools and thousands of students with distance learning. Afterwards, Brother Bo Sanchez blessed the event with words of hope and delivered an inspirational message. His compelling words have shown that realizing your purpose will give you the strength to face all of life’s challenges. Marking the event’s closing with his quote, “If you have enough goals, you will have enough grit.”

The File-oween After Party!

The hype of the attendees continued throughout the Halloween party of JuanTax. It was a marvelous night filled with joy, showcasing various amazing costumes and wits of the participants through the games full of prizes. Indeed, it was a night to remember!

The event was a huge success which would not be possible without the event partners, sponsors, and organizers that exerted a great amount of time and effort to put forth such a wonderful affair that the convention even resulted in a 91% Net Promoter Score, indicating that the attendees were really satisfied with how the event turned out. And in the end, the goal of JuanTax was met, as the attendees were able to attain lots of positive key takeaways from the event. As the saying goes, “grit without purpose is useless,” we hope that we were able to help you in finding your purpose as we emerge from the challenges of the pandemic.

The post JuanTax Online Convention ‘21 – Wrap up! appeared first on JuanTax.

What is Multi-Factor Authentication (MFA)?

Multi-Factor Authentication (MFA) is an online authentication method wherein the user is required to confirm their identity using two or more authentication methods or providing verification factors to gain access to an online account or application. MFA protects the user from an unknown person trying to access their data. 

For example, entering a password to gain access + a one-time password (OTP), or an authenticator app + the answer to security questions.

A multi-factor authentication method usually has 3 categories:

1. Something you know. Username, password, personal identification number (PIN), an answer to a security question
2. Something you have. OTP, token, trusted device with OTP apps, and SIM cards
3. Something you are. Scans of either of the following: retina, iris, fingerprint, handprint, or other biometric. This also includes facial recognition, voice recognition, etc.

5 Ways to Secure Online Information Further:

1. Keeping your software up to date. Updates help patch security flaws to keep hackers out and help protect your data from cyber threats.
2. Don’t share your login details with anyone. Two of the biggest security risks are shared accounts and insecure passwords. You can invite others into your organization but requiring them to have their own separate login and setting up their MFA is a MUST.
3. Use strong, unique, uncrackable passwords. The more complex and longer your password is, the harder it will be to guess the correct combination of characters based on your social media presence. 
4. Don’t use the same password for everything. There are many opportunities for your single password to be discovered. If you use the same password for all your accounts, this event highly increases the risk of all your accounts being compromised or vulnerable to hacking.
5. Enable MFA on all your online accounts. Doing so only takes a couple of minutes compared to months of restoring your personal and financial records after jeopardizing your online information. 

Multi-Factor Authentication Methods Used by JuanTax:

1. One-time password (OTP) -This is an automatically generated set of numbers that authenticates a user for a single sign-in ONLY. You can choose to receive your 6-digit PIN via your registered email or mobile number. After choosing, the code will be sent to you right away.
2. Authentication App – Simply type in the six-digit security code that’s automatically generated on your device to log in to your JuanTax account.
3. Security questions – This is an alternative way of identifying our users when they have:

• Forgotten their password 
• Did not receive their OTP
• The installed authenticator is not working
• Entered the wrong credentials too many times
• Tried logging in from an unfamiliar device or location

JuanTax’s MFA can help protect your devices and your identity, and it is most valuable if you know how to use it properly. Read more about MFA in JuanTax.

Add an extra level of protection to your JuanTax account! Start by setting up MFA, today.

The post What is Multi-Factor Authentication and How Does it Work? appeared first on JuanTax.

Issued primarily to help ease the burden on corporate taxpayers during the current pandemic, C.R.E.A.T.E. affects how tax calculations are to be carried out going forward—including the calculation of percentage tax.

Note that provisions of RA 11534 relative to percentage tax are “temporary,” and they are only effective from July 1, 2020, through June 30, 2023. 

In this post, we’ll focus on how RA 11534 affects the calculation of percentage taxes, particularly for individuals and non-individuals. We’ll also highlight the changes we’ve made to the form you’ll be using when entering transactions into our transactions module to help guide you along the way.

Then we’ll go into the changes in the 2551Q return in JuanTax Fast File, as well as how overpayments will be treated under RR 4-2021 as a result of the retroactive effect of the temporary tax rate adjustment.

How JuanTax Has Adapted to the Changes Brought About by C.R.E.A.T.E.

C.R.E.A.T.E. Law affects tax calculation, filing, and payment of Annual Income Tax Returns by non-individual taxpayers. These taxpayers may use the new transitory rates as published in Revenue Regulation 5-2021 on or before April 15th 2021 for the taxable year ending December 31st 2020.

Another tax affected by C.R.E.A.T.E. law is the percentage tax with the introduction of a temporary rate adjustment, reducing percentage tax rates from 3% to 1% effective July 1, 2020 through June 30, 2023. 

To help percentage tax filers who choose to use the new, temporary rate adjustment, JuanTax has adapted in terms of filing 2551Q by making changes to its platform that make tax calculation easier for accounting firms as well as individuals.

These changes will be found in our transactions module, specifically in the section where transactions are entered as shown below:

You’ll find a new PT010 (C.R.E.A.T.E.) option included in the ATC Codes, which will expire on June 30, 2023. 

When generating or opening an unfiled Percentage Tax Return (Form 2551Q), JuanTax will automatically determine if the transactions are within the covered period (July 1, 2020 through June 30, 2023) and will automatically assign the correct ATC code PT 010 (C.R.E.A.T.E.).

How JuanTax Fast File Has Adapted to C.R.E.A.T.E.

In Fast File, we have adapted by adding a new percentage tax code, PT 010 (C.R.E.A.T.E.) which can be selected in completing your 2021 quarterly tax returns. 

How JuanTax Helps Accounting Firms and Individual Filers

Under the temporary rate adjustment, where the percentage tax was formerly 3%, the tax rate is now at 1%. This change takes effect retroactively from July 1, 2020, and is good for three years.

Should you choose to use the temporary rate adjustment under the C.R.E.A.T.E. law, those rates will now be used as you populate the 2551Q form.

How Overpayments Will Be Treated as a Result of the Retroactive Effect of the Temporary Tax Rate Adjustment

Released on April 8, 2021, RR 4-2021 explains that taxpayers should calculate their overpayment from the previous quarters (Quarter 3 and 4 of 2020) and carry over the excess payment when filing their Q1 2021 tax return. Overpayment should be inserted into line number 17 of the Percentage Tax Form 2551Q. 

Assuming that the taxpayer did NOT entirely consume the excess payment, the taxpayer can continuously carry over the excess payment until there is no more remaining balance. 

In JuanTax Fast File, you need to manually enter the excess payment you computed from Quarters 3 and 4 of 2020 and insert it into line number 17 of the 2551Q tax form.

Once your 2551Q form has been filled out and filed successfully, you’ll be able to go straight to payment without having to leave JuanTax. We have a series of Help Center Articles to show you how to do just that.

It will take some time for all of us to adjust to the new calculations under C.R.E.A.T.E.. But whether you’re an accounting firm filing for your clients using JuanTax, or filing for your own business using JuanTax Fast File, you’re not alone. 

If you need extra help in calculating percentage taxes using the new temporary rates under C.R.E.A.T.E., you can reach out to our support team any time by clicking the chat icon in the lowermost right corner of your screen. You can also schedule a call with any of our Partner Firms for personalized advice today.

Are you planning to file your BIR Form 2551Q soon?

Make tax compliance easier with Juan Accounting Software!

Juan integrates accounting, payments, financial reporting, and tax compliance with JuanTax into one complete solution, perfect for PH businesses. Experience all-in-Juan accounting and tax at https://www.juan.ac/.

The post BIR Form 2551Q (C.R.E.A.T.E. Law) appeared first on JuanTax.

What is the C.R.E.A.T.E. Law

On March 26, 2021, a new bill was signed by President Duterte, known as the Corporate Recovery and Tax Incentives for Enterprises (C.R.E.A.T.E.), which is now Republic Act No. 11534.

With the new law in force, corporate income tax in the country, currently at 30%, is now a two-tiered system lowered to general tax rate of 25% and 20% for qualified small businesses*.

*With net taxable income not exceeding P5,000,000.00  AND with total assets not exceeding P100,000,000.00 million. Excluding land on which your business office, plant and equipment are located.

How Our Systems Have Adapted to the C.R.E.A.T.E. Law

We have already adjusted to the changes implemented with Revenue Regulation 5-2021. With 2 simple clicks before filling out the form, changes to taxes with the C.R.E.A.T.E. Law will be automatically adjusted and calculated for you based on the transitory rates* provided in the regulation.

*Transitory Rates are calculated depending on your chosen accounting period (Calendar or Fiscal)

When filing BIR Form 1702-RT, you will be met with new options when computing your taxes

• Compute taxes with C.R.E.A.T.E. Law Tax Rates (If you choose Yes)
• Compute taxes with pre-C.R.E.A.T.E. Law Tax Rates, 30% (If you choose No)

If you choose to compute your taxes using C.R.E.A.T.E. Law’s tax rates, Minimum Corporate Income Tax (MCIT) will be set at 1% and Income Tax will be set at 25% or 20% respectively. On the other hand, if you choose to compute your taxes using pre-C.R.E.A.T.E. Law, tax rates will remain the same. MCIT will remain at 2% and Income Tax Rate will remain at 30%.

To clarify which Income Tax will apply to your business under C.R.E.A.T.E. Law, a second banner will appear to determine if your total assets exceed PHP 100,000,000. 

• If total assets exceed PHP 100,000,000, the Income Tax will be set at 25%. 
• If total assets do NOT exceed PHP 100,000,000, and net taxable income do NOT exceed PHP 5,000,000.00, the Income Tax will be set at 20%

*27.5% is the cumulative calculation done by JuanTax with Transitory Rates applied.

Stay one step ahead with your business using JuanTax, your digital tax compliance solution. Our all-in-one cloud-based platform makes electronically filing and paying your taxes easier. Find out more about how you can use JuanTax to file in time for the April 15 deadline and sign up for FREE today.

The post BIR Form 1702-RT (C.R.E.A.T.E. Law) appeared first on JuanTax.

JuanTax Attorney Consultations in Partnership with Legal Tree is now accessible inside the JuanTax platform, exclusively for PLUS subscribers! With just a few clicks, you can submit your legal concerns and receive legal counsel for your business and personal needs. Legal Tree is a tech startup and a social enterprise with the goal of making legal services simple and affordable. Its vision is a Philippines where anyone who needs legal services can easily get it.

Once PLUS users avail of the JuanTax Partner Services- Attorney Consultations, all you need to do is fill out a form with the subject title and a short description of your legal concern. Once the transaction is complete, it will be sent to Legal Tree right away and a lawyer with the right specialization for your concern will get back to you within 2-3 business days.

In the My Advisory Tab inside the JuanTax platform, PLUS users will be able to track the different types of advisories or add-ons they availed for as well as the name of advisory, start date, subscription status and their consultation reference number.

All of these exclusive functionalities plus unlimited legal consultations for 30 days for ONLY PHP900 on top of your PLUS subscription! Each legal consultation is for up to 30 minutes. Legal Tree has a nationwide network of 220+ law offices to ensure you can consult a lawyer anytime and anywhere.

Below you’ll find some articles that will help you navigate through the world of JuanTax Legal Advisory. If you find that you have more questions about this product, please contact our Support Team at help@juan.tax.

Related topics:
https://help.juan.tax/en/articles/4541777-juantax-partner-services

The post JuanTax Attorney consultations by Legal Tree appeared first on JuanTax.

What is eBIRForms?

Electronic BIR Forms or eBIRForms were designed to enhance the accuracy of the Bureau’s taxpayer data. BIR developed its eBIRForms Package, a tax preparation software created for taxpayers and accredited tax agents (ATA) to fill up tax forms offline.

Since the conventional process of filling up tax returns on pre-printed forms are susceptible to human error, taxpayers may use the eBIRForms to encode, validate and save their data before printing and submitting to the Online eBIRForms System.

The Online eBIRForms System is an online platform that accepts tax returns and automatically computes penalties should the user submit beyond its due date. The System has a dedicated facility for Tax Software Providers (TSP) to test and certify the data generated by their tax preparation software.

Through BIR’s downloadable eBIRForms Software Package (aka Offline Package), you and your assigned ATA may fill up tax returns offline and send the copy to the Online eBIRForms Systems.

What is JuanTax’s Fast File?

Just recently, JuanTax–the first BIR-accredited tax platform under the eTSP–created an online tool that allows taxpayers and ATAs to file and pay their taxes online called Fast File.

In compliance with BIR’s guidelines for third party electronic solutions, Fast File gives e-filers the convenience of preparing, paying, and submitting their tax requirements online. It is safe to use, uses top-grade security to ensure data protection, convenience, and completely digital.

What’s more, Fast File is in partnership with PayMaya to help you pay your taxes without leaving your seat. Should you have questions or concerns in the process of preparing your income tax returns, JuanTax has its customer support ready to assist you.

eBIRForms vs Fast File

Both eBIRForms and Fast File offer convenience in helping you prepare and file your tax requirements even before the due date. However, Fast File also has an integrated payment feature where you can easily pay through the website; this is a service currently not available in Online eBIRForms System.

When it comes to efficiency, you’ll find Fast Track more convenient to use because it’s readily available on its website. All you have to do is create an account for free and you can start preparing your ITRs in no time. However, eBIRForms require you to download the completely filled out form and submit to the System separately. 

Conclusion

Fast File was developed by JuanTax to help taxpayers like you comply with your tax obligations on time. It aims to be one of BIR’s most trusted partners in ensuring that tax information and payments are kept up-to-date, especially during this pandemic.

Individuals and non-individual taxpayers who will be using Fast File to submit their ITRs and pay their taxes online will be able to contribute to JuanTax’s initiative of donating 10% of its earnings to PGH Medical Foundation for the creation of protective gears and equipment.

Should you wish to file your taxes today, please visit the website at /fast-file/. 

The post Tax Compliance e-Solutions: JuanTax Fast File VS. eBIRFORMS appeared first on JuanTax.

These e-tax payment solutions include the BIR eFPS and JuanTax’s Fast File. Each online payment channel allows you to file and submit your taxes on time, wherever you may be.

But what’s the difference between Fast File and eFPS?

JuanTax Fast File

BIR’s first accredited tax platform, JuanTax, recently launched an online tool to allow you to file and pay your taxes online. Through Fast File, taxpayers and accredited tax agents (ATA) can successfully use the online tool so you can easily comply with your tax obligations all in one place.

Fast File adheres to the guidelines set by the BIR for third party electronic solutions, ensuring that taxpayers like you can manipulate your tax requirements in a secure, convenient, and easy manner.

You’d be glad to know that Fast File is also in a strategic collaboration with PayMaya so you can pay your taxes directly.

How to get started with Fast File

Compared with BIR’s eFPS, Fast File is much easier to set up. Here’s how you can get started:

Step 1: Visit https://fastfile.juan.tax using your trusted internet browser.

Step 2: Click the Sign-Up button and fill out the information needed to set up your account.

Step 3: Choose your classification as Individual or Non-Individual

Step 4: Select the form you want to file

Step 4: You’re now ready to generate, file and pay your taxes

Who should use Fast File?

Fast File aims to give all Filipino taxpayers to use a more convenient tax e-payment solution. This covers individuals who are earning purely compensation income–including resident alien and non-resident citizen with respect to compensation income in the Philippines. Likewise, it also caters to the tax preparation, filing and paying of foundations, cooperatives, charitable institutions, non-stock and non-profit organizations.

How do you pay your taxes through Fast File?

There are four different ways to pay your taxes through Fast File:

1. Use PayMaya
2. Pay through Credit Card / Debit Card
3. Coins.PH
4. Use your UnionBank account

BIR eFPS

eFPS or Electronic Filing and Payment System is a platform developed and maintained by the BIR dedicated to the electronic filing of your tax returns.

Through eFPS, you can pay your taxes through an internet-banking service via debit from your enrolled bank account. Here’s a short guide on how you can get started.

How to get started with eFPS

Step 1: Visit www.bir.gov.ph using your trusted internet browser.

Step 2: Click the eFPS button on the home page.

Step 3: Enroll yourself by filling out the enrollment form then click submit.

Step 4: Wait for an e-mail from BIR regarding the status of your enrollment. If your application is approved, instructions to help you e-file and e-pay your taxes through eFPS will be sent to your email.

Who should use the eFPS?

The eFPS platform is best for use by the country’s top 5,000 individual taxpayers and the top 20,000 private corporations, stockbrokers, and national government agencies.

How do you pay your taxes through eFPS?

There three ways to e-pay your taxes:

1. Fund transfer thru accredited online banking systems
2. Tax Debit Memo (TDM)
3. Tax Remittance Advice (TRA) – For National Government Agencies 

Filing your taxes doesn’t have to be complicated especially now that there are e-solutions available to help you comply with the comfort of your home. As the government is still implementing Enhanced Community Quarantine, now is the best time to accomplish your tax obligations.

DISCLAIMER: Taxpayers who are required or have already enrolled in BIR’s eFPS are not permitted to use any other online tax platform, including Juantax’s Fast File. Other platforms may be used if BIR grants permission (via a memo) or if the required forms are not available in eFPS. The bureau will penalize noncompliant taxpayers.

The post Tax Compliance e-Solutions: JuanTax Fast File vs BIR eFPS appeared first on JuanTax.

• Pay taxes using PayMaya App
• How to pay taxes using PayMaya App

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 54-2020 last February 12, 2020, which was made effective today June 01, 2020. The subject of this memorandum is “Payment of Internal Revenue Taxes through the Mobile Application Facility of the PayMaya Philippines, Inc.”.

PayMaya Philippines, Inc. is now accepting electronic / online tax payment through its mobile application. All payments made through the PayMaya application will be settled with the Development Bank of the Philippines (DBP), and Authorized Agent Bank of the BIR, for remittance of the Bureau of the Treasury. 

Taxpayers are required to file their corresponding tax returns using the electronic filing facilities of eBIRForms System or Electronic Filing and Payment System (eFPS).

To pay your taxes via PayMaya App, download the App in Google Play Store or Apple App Store or Huawei AppGallery then follow these steps:

1. Log in to your PayMaya Account and click “Pay Bills”
2. Select “Bureau of Internal Revenue”
3. Enter all details necessary for your tax payment
   1. Taxpayer Identification Number (TIN)
   2. Branch code
   3. Amount to be paid 
   4. Revenue District Office Code
   5. Form Series
   6. Form Type
   7. Return Period 
   8. Email address (for where you want to receive your receipt) 
4. Review the details of the transaction by clicking on “Pay”
5. Receive payment confirmation via SMS or Email 

Not only can taxpayers pay their taxes through PayMaya. But taxpayers can also file and pay their taxes using PayMaya through JuanTax Fast File. 

 #MakeYourTaxesCount at /fast-file/

The post How to you pay your tax through PayMaya Mobile Application appeared first on JuanTax.

What are your taxes for?

The taxes you pay are civic obligations to the country. This is used to improve government programs and services, as well as provide salaries for government workers who serve to protect and improve the citizen’s welfare.

In which case, the Philippines–being placed at a National Emergency–will be spending the collected taxes to launch programs that will support more than 18 million Filipino families and healthcare workers in the fight against the outbreak.

Better tax compliance

Finance Secretary Carlos “Sonny”Dominguez III reiterated that tax payments that will be made ahead of the new deadline are “crucial for the government to fund extremely urgent social protection and emergency health measures in the face of this lethal virus, as well as to sustain state investments needed to help Filipino families regain stable and reliable sources of income as soon as the pandemic is over.”

This is why it’s timely for taxpayers to file their Income Tax Returns and tax payments through BIR-accredited platforms such as JuanTax’s Fast File.

What is JuanTax Fast File? 

JuanTax Fast File is recognized by the BIR as an electronic File and Pay solution to give Filipino taxpayers easy, efficient, and complete Income Tax compliance experience from home.

More than three million Filipino taxpayers can ultize its user-optimized features such as its e-Filing and Payment experience, tax form advisory, automated tax calculation and top-grade security systems at minimal processing costs.

Make Your Taxes Count

Your taxes will always play a big role for the nation, especially now. The act of tax compliance will go a long way. So make your taxes count by being tax compliant from home with Fast File.

The post Here’s why paying your taxes now can contribute to the country’s fight vs COVID-19 appeared first on JuanTax.

Your taxes can help save lives

Recently, the Bureau of Internal Revenue (BIR) announced that it will extend the deadline of filing of 2019 annual income tax returns (ITRs) to May 30, 2020 to “provide relief to Filipino taxpayers who will not be able to prepare, let alone file, the necessary ITR documents on or before the original annual date of April 15.” 

However, the extension will reportedly yield a P145-billion shortfall in tax collections. This is why BIR appealed to Filipinos who are already capable of filing their ITRs prior to the deadline. Now, there are available channels for Filipinos, one of which is JuanTax Fast File that enables taxpayers to e-file and e-pay their Income Tax Returns online while at the safety and convenience of their homes.

What is Fast File?

Fast File is developed by JuanTax, the first BIR-accredited tax platform in the country under its Electronic Tax Software Provider Program (eTSP). This initiative is in partnership with the BIR, USAID, and PayMaya.

JuanTax Fast File is recognized by the BIR as the Filing and Payment e-Solution for ITR compliance that enables taxpayers to be compliant from home.

Why Fast File?

Taxpayers benefit the following from using Fast File for their Income Tax Returns.

• Fast and effective. Taxpayers save time and money in preparing their ITRs.
• Easy and convenient.All the necessary features taxpayers need are carefully designed into one application.
• Reliable.The system is fully equipped with a seasoned support team to guide taxpayers in their ITR compliance journey.
• Error-free.Tax data are automatically calculated and saved in real time. Taxpayers won’t have to worry about reconciliation problems.

Make Your Taxes Count

Taxes that will be submitted in the soonest possible time through trusted methods like Fast File will help the Administration raise enough funds for additional relief, and eventually, mitigate the pandemic’s financial impact on the Philippine economy. As the country experiences an economic downturn, every Filipino citizen is called to take part in addressing the global crisis.

Make your taxes count and get your ITR done right with Fast File.

The post Your Taxes Now, Our Country’s Future: ITR can save lives appeared first on JuanTax.