One of the many requirements that firms must meet is registration with the BIR, or Bureau of Internal Revenue. The BIR organization keeps track of all people’ and enterprises’ taxes, fees, and contributions. They do this to ensure that all required taxes are paid and that the company’s records are error-free.
When you fail to comply with the BIR registration requirement, you can be fined an amount ranging from P5,000 to P20,000. Apart from the fines for failing to comply, you could stay in jail for 6 months to 2 years for tax evasion and non-compliance. The registration process for getting your BIR Certificate of Registration requires a lot of effort, but it is way better than getting penalized and posting bail. Which is a better option for you? Spend hours registering your business or get a prison sentence for failing to comply with BIR registration. Choose wisely. In the long run, it makes more sense to register because it will help you generate more profits and save more money.
The BIR clarified the coverage of non-eFPS filers who shall mandatorily use the or Electronic Bureau of Internal Revenue Forms (eBIRForms) facility by electronically submitting and filing all tax returns for certain taxpayers. According to the RR No. 5-2015, filing electronically shall be mandatory only for accredited tax agents (ATAs), practitioners and all its client-taxpayers, accredited printers of principal and supplementary receipts and invoices, one-time transaction (ONETT) taxpayers, those filing no-payment returns, government corporations, local government units and cooperatives.
Covered taxpayers are also required to print the system-generated Filing Reference (FRN) page, upon successful validation of the tax returns, and submit to the Authorized Agent Banks for the payment of the taxes due thereon.
It may be recalled that the detailed procedures of the online account enrolment for the use of the online eBIRForms system was provided in Revenue Memorandum Order No. (RMO) 24-2013. The BIR, on a separate announcement, also reminded the following taxpayers mandated to enrol, file, and pay tax returns EARLY using the Electronic Filing and Payment System (eFPS):
It should be noted that the failure to file tax returns using eFPS or eBIRForms shall be subject to the imposition of a penalty of One Thousand Pesos (P1,000) per return. Additionally, for failure to file a tax return in a manner not in compliance with existing regulations tantamount to wrong venue filing pursuant to Section 248 (A)(2) of the NIRC shall incure civil penalty of 25% of the tax due to be paid.
Assisting individuals in preparing and filing their personal income tax returns.
Helping businesses prepare and file corporate tax returns.
Individuals and businesses often seek the services of tax professionals, such as certified public accountants (CPAs), tax attorneys, and enrolled agents, to navigate the complexities of tax laws and regulations. These professionals are knowledgeable about tax codes, deductions, and credits, and they can provide valuable assistance in ensuring that taxpayers meet their obligations while maximizing their tax benefits.
We take into account the requirements of both the government and your company in order to protect integrity.
Taxes are a big expense for businesses. Therefore, it is essential to manage and mitigate inherent tax risks correctly. Top businessmen also seek professional tax counsel to assist them in managing tax risk, controlling costs, and taking advantage of tax planning options in order to stay informed about tax developments and have better knowledge.
We address a range of factors specific to your company, including industry, markets, finance, economics, and government regulations, in order to create a thorough tax plan for you. Instead of concentrating on compliance, we use a consultative approach to uncover all of your risks.
Businesses need a wider range of tax, accounting, and business services more than ever in order to control costs and obtain a competitive edge. These varied disciplines can be offered by our tax professionals to help you minimize tax liabilities and fulfill compliance requirements. We can represent you in front of tax authorities so that you can take a favorable tax stance. Additionally, we can provide you with customized, workable, and convincing tax planning structures.
We provide our clients with customized packages of tax and business advisory services based on their needs. This is a more effective method of managing tax compliance that helps us accomplish their corporate goals.
Large or small businesses now find it simpler to minimize their tax issues and fulfill their tax compliance requirements.
We handle basic taxes that apply to all businesses as well as more complex ones like value-added tax, expatriate tax, and international tax.
Our tax colleagues at other AV firms across the globe collaborate with us to provide prompt, expert advice on tax matters that arise in any setting where there is an international transaction.
Our team of experts has you covered for everything from international trade to tax planning and customs.
For both corporate and individual taxpayers, we help with the planning and structuring of tax-efficient business transactions, including those that take place abroad.
We offer advice on the tax ramifications of corporate actions and business transactions, as well as on proposed laws and significant events that could have an impact on the business world. We also assist in obtaining private rulings from the Bureau of Internal Revenue (BIR).
In the BIR, we represent clients in order to contest conclusions and handle tax refund and credit claims.
We support individuals and corporations in meeting their tax obligations.
We review the tax position in a particular situation or transaction and conduct in-depth studies to identify potential tax problem areas.
