COST-SAVING DEVICE FOR MICRO, SMALL AND MEDIUM ENTERPRISES
“TAX ACCOUNTING FOR WHOLESALER, DEALER AND DISTRIBUTOR”
HIGHLIGHT
1, Tax-basis Financial Statements. The recording and recognition of business transactions for financial accounting purposes, in a majority of situations, differ from the application of tax rules on the same transactions resulting to disparity of reports for financial accounting vis-a-vis tax accounting (RR 8-2007). In case of differences, the provisions of the Tax (accounting) Code shall prevail (RMC 22-2004). Therefore, it is the financial statements which is in conformity with the Tax (accounting) Code that should be attached in the filing of Income Tax Return (BIR Ruling No. M-111-2006).
LEARNING OBJECTIVES
1, to remove self/client from being so dependent on the advises of external CPAs, lawyers, influence-peddlers, consultants and the likes
2, to know the peculiarities and similarities of tax accounting, financial accounting and managerial accounting
3, to understand why tax accounting is superior over financial accounting and managerial accounting
4, to grasp/explain the applicable tax rules, regulations and doctrines
5, to evaluate the existing accounting policies and practices
6, to develop accounting procedures in tune with the regulatory requirements
7, to figure out how to favorably use the three (3) layers of tax accounting
8, to prepare, maintain, store and retrieve all admissible source documentations
9, to identify which evidences are either for internal use only/confidential or for external/BIR/public purposes
10, to design/use all understandable tax accounting titles/names
11, to make the correct and on-time accounting entries in the books of accounts
12, to prepare and produce relevant returns, reports, lists, statements and schedules
13, to submit the required returns and reports on time and at the appropriate BIR-office/s
14, to collect, collate and comprehensively connect all legal information
15, to avoid any BIR attempt in criminally prosecuting and public humiliating self/client
16, to prevent the payment of fines, surcharges, interest and penalties
17, to identify/solve all tax problems
18, to identify/profit from tax advantages/opportunities
TOPICS FOR VALUE ADDED, WITHHOLDING AND INCOME TAXES
1, Understanding the Taxation-Terminologies
2, Developing a Chart of Accounts
3, Picking an Accounting Period/s
4, Choosing an Accounting Method
5, Designing the True/Correct Entries
6, Updating the Prescribed Books of Accounts
7, Preparing the Applicable Tax Returns
8, Producing the Required Reports, Schedules, Lists and Statements
9, Drafting the Tax-Basis Financial Statements and the Required Disclosures
10, Identifying the Tax Advantages and Disadvantages
11, Substantiating all Interpretations/Recommendations
12, Supporting all Facts with Laws of the State
13, Engaging in Tax Planning/Strategies
14, Migrating from Tax Accounting Entries to Financial/Managerial Accounting
COMPETENCE PROFILE
1, Be able to identify problems having brought by the use of financial accounting and managerial accounting
2, Be able to correctly and timely apply the specific and available tax accounting solutions
3, Be able to understand the basis tax accounting rules, regulations and doctrines in a situation
4, Be able to recognized the tax/legal problems/issues in a business scenario
5, Be able to identify the legal options and do appropriate choice/s
6, Be able to critically apply the relevant tax laws and the rules issued under their authority in a situation
7, Be able to select a structure that would protect self/client from BIR’s criminal prosecution
8, Be able to provide recommendations to maximized after-tax profits
9, Be able to acquire a general recognition of admissible evidences, relevant tax forms and material reports, lists, schedules, notes and statements
10, Be able to collect any legal information
11, Be able to prepare/draft all necessary notes and disclosure
12, Be able to work in high level tax accounting practice
13, Be able to engage in tax planning and strategies in an collaborated structure
14, Be able to design and develop all admissible source document
15, Be able to maintain/store/retrieve all important documentary requirements
16, Be able to make the true/correct entries in the appropriate books of accounts
17, Be able to communicate the entries in the books of accounts through the use of BIR Forms and required reports, schedules, lists, statements and the likes
18, Be able to communicate information, relatively complex idea in a clear and comprehensive manner
19, Be able to conduct research and convey results
20, Be able to substantiate with facts and laws any conclusion and suggestion.
WHO SHALL ATTEND
1, Those who are currently employed so that he/she may increase his/her value thus his/her salary/wage in an organization
2, Those who are currently looking for an employer so that he/she may increase his/her marketability/chance to be hired and get his/her desired compensation
3, Those who may have the likelihood in receiving an LN so that he/she/it may have an opportunity to stop/avoid existing/potential BIR’s illegal acts/advances and harassment
QUALIFICATION
1, No specific educational attainment is necessary. Even those who failed to finish their primary schooling but are now considered to be a very successful and thriving business persons must know how should they protect their fortunes and family not only from the external side that is the BIR but most importantly from their hired “professionals’ who may be a CPA, lawyer, influence-peddler, consultant and the likes
2, An understanding of either Tagalog, Tagalish or English is a plus sign.
3, He/She must pay the required Investment Fee
INVESTMENT FEE
1, A NON MEMBER shall pay 20,000-peso fee
2, All members of Katax Club shall pay 15,000-peso fee
3, All payments are non refundable
4, A seat may be assigned to an acceptable replacement
5, A failure to attend a session shall mean a waiver and forfeiture thereof.
KATAX CLUB
1, Send a digital biodata with your current ID picture and scanned copy of government-issued ID card/s to erickalonzo@maestrotaxation.org
2, Pay the 500 pesos annual membership due either through credit card using the 'SHOP' module as shown above or deposit it via BPI Savings 9579-0638-47 under the name of Emelino T Maestro. If it would be deposited, please scan and send the deposit slip to jocelyn@maestrotaxation.org within 24 hours from the moment of depositing.
3, VAT registered official receipt shall be issued accordingly
4, Annual membership is due on January 1
5, KATAX CLUB’s ID shall be issued
EARLY BIRD RATE
1, If the payment is made 15 days before the happening of the event, he/she shall be entitled to a 2,500-peso discount.
INDEPENDENT SALES AGENT (ISA)
1, He/She shall receive a 500-peso commission for each NON MEMBER who actually paid the Investment Fee. The term ‘NON MEMBER’ shall include the NON MEMBER who decided to be a member after he/she was encouraged to attend any event being offered.
H, TAXATION
a, The Investment Fee is subject to 12% value added tax. If there is a need to withhold a tax, the rate to be used is 15% and the issuance of BIR Form No. 2307 must be submitted on or before the date of the event. The failure/refusal to do so shall mean that the attendee is authorizing ETM and his staff to prepare for and in his/her behalf the BIR Form No. 2307
b, The commission includes the 12% value added tax and 10% expanded withholding tax. Provided that the expanded withholding tax shall be withheld and remitted to the BIR within the prescribed moment and the corresponding BIR Form No. 2307 shall be scanned and sent via email address. Provided finally, that the ISA shall provide his/her true/complete name, TIN, home/business address and email address by way of scanning and sending his/her BIR-issued TIN card and/or duly-filed tax return/s. The failure to do so shall mean that his/her commission shall be held until complete abeyance.
VENUE AND SCHEDULE
1, Venue.... Sofitel Hotel, PICC, Pasay City, Metro Manila
2, Day........... Aug 8, 15, 22 and 29, 2013 and Sep 5, 2013
3, Time............2-5 in the afternoon
CONTACT DETAILS
1, Mobile 0998 979 3922, 0922 801 0922
2, Manila 437 4027, 440 4816, 439 3918, 921 6107
3, Wireless 330 2874, 425 9225
4, Office Unit 419, Corporate 101, Mo. Ignacia, Quezon City
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