5th April 15 Mentorship BIR Single Entry Bookkeeping System Theory, Applications and Implication

Issuing separate financial statements tailored specifically for SEC and BIR purposes is not contrary to laws and public order in the Philippines. In fact, it's the standard and required practice. Here's why: Different Objectives: As we discussed earlier, BIR and SEC accounting have fundamentally different purposes: BIR: Calculating taxable income and fulfilling tax obligations. SEC: Providing a fair and transparent view of financial health for stakeholders. Governing Rules: The National Internal Revenue Code (NIRC) governs BIR accounting, while SEC accounting follows the Philippine Financial Reporting Standards (PFRS). These frameworks have distinct guidelines and priorities. Legal Compliance: Companies are legally obligated to follow both BIR and SEC requirements. This necessitates maintaining records and preparing statements that align with each body's rules. How Companies Manage This Duality: Two Sets of Records: Companies often keep separate records: one aligned to BIR tax rules and the other fully adhering to PFRS for SEC reporting. Reconciliations: If a company starts with BIR-compliant records, they'll make adjustments to arrive at PFRS-compliant financial statements for SEC purposes. Software Support: Accounting software often assists with BIR and PFRS computations and reconciliations. FREE BOOKS 🤍Manual For LoA Specialista Confidential https://drive.google.com/file/d/1yJ14... "25 FAQs BIR Letter of Authority. Coverage. Comprehension. Compliance" https://drive.google.com/drive/folder... "25 FAQs Subpoena Duces Tecum. Coverage. Comprehension. Compliance." https://drive.google.com/drive/folder... 🤍HOW TO DONATE https://drive.google.com/file/d/19k-K... SAMPLE CONTRACT FOR CPAs https://drive.google.com/file/d/1Wbj4... 🤍IMPORTANT LEGAL NOTICE Read our laws. Comprehend their meanings. Know their immediate and future effects. Apply them timely and consciously. This video explained how you may free yourself from tax ignorance and declare your independence and self-reliance today. For the record, ITS CONTENTS ARE FROM MY PERSONAL BELIEFS AND CONVICTION. 🤍WHO IS EMELINO T MAESTRO? https://drive.google.com/file/d/1Qw8V... 🤍HOW TO BOOK A CONFIDENTIAL TAX CONSULTATION https://drive.google.com/file/d/1MpZv... 🤍HOW TO SETTLE TAXSPECIALISTA'S PROFESSIONAL FEE https://drive.google.com/file/d/1tOZR... 🤍HOW TO BECOME A MEMBER OF TAXSPECIALISTA-COMMUNITY    / @emelinotmaestro   Membership-Benefits 🤍   • Tax Saving Schemes of Rich Taxpayers New M...   🤍Basic Answers to Common Questions Q: What should I do if I receive a BIR Letter of Authority? A: You should cooperate with the BIR revenue officers who will be conducting the audit or investigation. Provide them with all the requested documents and information. You may also want to consult with a tax advisor to help you with the process. Q: What happens if I disagree with a deficiency assessment? A: You have 30 days from the date you receive the deficiency assessment to file a protest with the BIR. The protest must be in writing and must state the reasons why you disagree with the assessment. If the BIR does not approve your protest, you may file a petition with the Court of Tax Appeals. Q: Can I pay a deficiency assessment in installments? A: Yes, you may be able to pay a deficiency assessment in installments. However, you must request this from the BIR and the BIR must approve your request. Q: What are the common grounds for deficiency assessments? A: The common grounds for deficiency assessments include: Failure to file a tax return Filing an incorrect tax return Failure to pay taxes on time Underreporting of income Overstating deductions Q: Can I be audited even if I filed my tax return on time and paid all my taxes? A: Yes, you can still be audited even if you filed your tax return on time and paid all your taxes. The BIR may select taxpayers for audit for a variety of reasons, such as random selection, industry-wide audits, or specific leads. Q: What should I do to prepare for an audit? A: The best way to prepare for an audit is to keep accurate and complete records of your income and expenses. You should also be familiar with the tax laws that apply to you.