RR No. 26-2020: Donations to Public Schools During the Pandemic
By: Hergie Ann De Guzman, CPA The COVID-19 Pandemic undoubtedly affects every aspect of our daily lives - family, work, and especially the students’ means of learning. With the school opening suspended last June, there has been a significant delay [...]
RMC No. 83-2020: Tax Implications of Measures Implemented Due to COVID-19 on Cross-Border Matters
By: Hergie Anne C. De Guzman, CPA The Philippine Government has been undertaking measures to prevent the spread of the COVID-19. This includes implementing a series of quarantines and restricting local and foreign travels, especially unnecessary travels. With the implementation [...]
Revenue Regulations No. 19-2020: Use of BIR Form 1709 or Information Return on Related Party Transactions
The Bureau of Internal Revenue (BIR) released on July 10, 2020 Revenue Regulations (RR) No. 19-2020 to prescribe the use of BIR Form No. 1709 or the Information Return on Related Party Transactions (International and/or Domestic) and the submission of [...]
SEC ADJUSTED DEADLINES FOR ANNUAL REPORTS AND MODES OF SUBMISSION
The Securities and Exchange Commission (SEC) announced just last week the temporary closure of the SEC Main Office in Philippine International Convention Center (PICC), Pasay City to give way for the office disinfection due to the initial positive COVID-19 test [...]
RMC 49-2020: The New Normal on ITR and Related Attachments Submission
Long queues for the stamping of the Annual Income Tax Returns (ITR) and Financial Statements (FS) has been a norm in most BIR Revenue District Offices (RDOs) specially on the actual deadline. However, this burdensome practice is expected to finally [...]
Guidelines on Filing of Audited FS After ECQ
The Philippines is still struggling to win the battle against Covid-19. After almost two (2) months of putting the whole country under quarantine measures, the government has taken gradual steps to open the essential businesses as well as government offices [...]
RMC No. 47-2020: Compliance with the Receipting/Invoicing Requirements During ECQ
Issues in Invoicing During ECQ Due to the strict implementation of the Enhanced Community Quarantine (ECQ), many taxpayers experience difficulties when it comes to the issuance of receipts/invoices to their customers. Manual receipts with Authority to Print (ATP) and computer-generated [...]
SEC ONLINE FILING OF CERTAIN APPLICATIONS DURING COVID-19 OUTBREAK
By: Hergie Ann De Guzman The pandemic we are facing now is a challenge to everyone, including the business owners for the continuance of their business operations. Moreover, governing bodies, such as the Philippine Securities and Exchange Commission (SEC ) [...]
SEC Extension on Reportorial Requirements Submission During COVID-19 Outbreak
By: Hergie Ann De Guzman The Philippine Securities and Exchange Commission (SEC), amid the COVID-19 pandemic and implemented Community Quarantine, has been continuously providing the public with convenient ways on how companies could comply with the SEC’s reportorial requirements without [...]
Further BIR Deadline Extensions Related to Covid-19
By: Hergie Ann De Guzman, CPA The Bureau of Internal Revenue (BIR) has issued last April 30, 2020 Revenue Regulations (RR) No. 11-2020 dated April 29, 2020 to further extend the deadline of filing/submission of returns/reports and payment of taxes [...]
Updates on the Remittance of Government Contributions Amidst COVID-19 Pandemic
By: Arianne Keith Velasquez, CPA Battling with the unseen opponent due to the COVID-19 is the greatest struggle Philippines and the rest of the world has been dealing with the past months which sprouted to different socio-economic problems especially those [...]
Five Ways Young Professionals Can Deal With Failure
By: Michael John D. Natabla, CPA Have you ever experienced to commit yourself in something, to give your 100% and more, but still you haven’t received the result that you have expected? Or, have you ever had countless sleepless [...]
2020 Guidelines on Submission of Annual Financial Statements of Philippine Registered Entities
By: Seala Marie Asis, CPA Wrapping the financial year ending December 31, 2019 could have been one of the most common works of Philippine accountants this first quarter of 2020. In this article, let's deal about one of the most important [...]