NEWS & EVENTS
FREE WEBINAR: Roles of Top Withholding Tax Agents (June 7, 2022 via ZOOM)
by Atty. Arnold A. Apdua, CPA
Atty. Arnold A. Apdua, CPA, a managing partner of AAA and CO., CPAs will conduct a FREE WEBINAR on June 7, 2022, 10:00am - 12:00nn via Zoom.
Atty. Apdua is one of the most invited tax speakers by various CPA and private organizations in the country. He was a Bureau of Internal Revenue Revenue Officer and a former professor at the University of Asia and the Pacific, University of the East, and Pamantasan ng Lungsod ng Maynila.
Limited slots available!
Click the button below to register.
AAA and Co., CPAs appointed to represent AGA in the Philippines
March 10, 2022
Together as one!
AAA and Co. CPAs joined one of the largest international law and audit firms Alliott Global Alliance. We strongly believe that international cooperation will bring only benefits to our clients and further personal and professional development to all of us.
Click here to read more.
Reminders on Income Tax Filing
March 4, 2022
Make every peso count!
The filing of annual income tax return (ITR) on April 15, 2022 is fast approaching and the Bureau of Internal Revenue (BIR) is expecting that business owners give their share to our country by paying the correct amount of taxes.
But are you sure that you are paying the correct amount of income tax?
With the glaring differences in preparing the financial statements and income tax return, there might be items missed as you finalize your income tax return, and that could probably result to an assessment of deficiency taxes. Take note that the BIR imposes penalty on unpaid taxes such as 25% surcharge, 12% interest and compromise penalty, ranging from P1,000 to P50,000.
And with that, we would like to remind you to consider these items in finalizing your ITRs:
Revenues and sales should be properly classified, whether as taxable or exempt.
Revenues that are subject to final taxes are no longer included in the computation of personal and corporate income tax.
Lessors should include advance rentals as part of the taxable income in the year received.
Advance payments made by clients for services to be rendered are taxed in the year received.
Real property sold during the year should be properly classified whether as capital or ordinary asset and subject to the appropriate tax.
Unrealized foreign exchange losses and gains are not recognized for income tax purposes.
Expenses claimed should be supported by documents such as invoices and receipts.
Verify and comply with the thresholds in claiming expenses such as representation expenses, charitable contributions and depreciation of vehicles.
Expenses claimed should be subjected to withholding tax, if applicable.
40% optional standard deduction and 8% personal income tax should have been availed in the 1st quarter of the year to qualify in the same taxable year.
Net operating loss for taxable years 2020 and 2021 may be carried-over to the next five (5) taxable years, instead of three (3) years.