BIR Compliance for Taxpayers

We have always been fascinated by the effort and the courage of the small and medium business owners, but is frustrated to learn that they had hard times dealing with their books of accounts and BIR compliance. For tax purposes, simple things may mean a lot and may become a material issue or headache. Thus, this seminar-workshop is intended to educate participants in basic BIR compliance so they could either do it themselves or supervise the work of their retainer-paid CPA-bookkeeper.

Learning points:

• Understand the basic minimum requirements of non-VAT registered SOLE PROPREITORSHIP;
• Learn how to book keep your non-VAT registered service & trading business;
• Learn what BIR returns should be filed based on the transactions;
• Learn how to fill-out BIR Returns and avoid being assessed based on erroneous entries;
• Learn what to write and how to make proper entries on the books of accounts;
• Learn how to prepare simple financial statements;
• Learn and understand the financial figures of your business; and,
• Understand the work of your regularly paid bookkeeper and reasonably estimate their retainer fees.

Outline:

1. Fully understand when VAT, when non-VAT;
2. Proper substantiation of income and expenses
3. Proper treatment of input taxes on purchases;
4. Minimum tax types for non-VAT;
5. BIR allowed books of accounts; and,
6. Comprehensive illustration

• a. Recording on books of accounts;

1. Cash receipts books
2. Cash disbursements books
3. General journal
4. General ledger
5. Subsidiary sales journal
6. Subsidiary purchases journal

• b. Preparing and filing VAT registered BIR returns;

1. Annual Registration (BIR Form No. 0605)
2. Application for registration (BIR Form for Sole Prop.)
3. Documentary stamp tax return (BIR Form No. 2000)
4. Expanded Withholding taxes (BIR Form 1601-E)
5. Withholding tax on compensation (BIR Form 1601-C)
6. Certification of taxes withheld on compensation (BIR Form No. 2316)
7. Creditable withholding tax certificate (BIR Form No. 2307)
8. Quarterly income tax returns (BIR Form 1702Q)
9. Annual income tax returns (BIR Form No. 1702)
10. Monthly value-added tax returns (BIR Form No. 2551M/2551Q)

• c. Preparing financial statements

• d. Closing books of accounts

Schedule: Seminar workshop runs from 9:00 a.m.-5:00 p.m at  Unit 2309 Cityland 10 Tower 1, H.V. Dela Costa St. Cor. Ayala Avenue Makati City. We can also arrange for special group of at least five (5) participants at their own venue.

Package: Handouts/Notes and pencils/ Sample books of Accounts/Various BIR/Forms Comprehensive illustrations / Seminar-Workshop Certificate. Please bring calculator.

Advocate Tutor: Certified public Accountant (CPA) who has gained much professional experience being in the Tax Division of a law office based in Makati for more than six (6) years now, and as a part-time professor in the College of Accountancy – Polytechnic University of The Philippines, Taguig for about four (4) years now handling basic accounting & taxation subjects.

 Reservation: At least P1,000 reservation fee to be deposited to BDO Savings Account (Please refer to the reservation for  account details) & balance on seminar day. Official receipts shall be issued upon full payment on seminar day.