CPA-financial statements may cause your DOWNTIME

CPA-financial statements may cause your DOWNTIME

45,000 taxpayers every year suffer a syndrome called 'Bribing'. Each has to cash-out 350,000 pesos in order to appease their hearts and minds against the bombardments being perpetuated by the BIR-friends of their CPAs. Thus, 15 billion peso bribe money changed and will change hands annually.

To stop this century old problem, please ask your CPAs to prepare your financial statements using only the provisions of the Tax Code. Don't mind the threat of the Securities and Exchange Commission that you would be penalised if you would not use the Philippine Financial Reporting Standards. The SEC's rules say that you just need to justify the use of the tax basis financial statements. Thus, its officials and employees cannot do anything to harm you. Ignorance of the law which is the Tax Code has a corresponding criminal penalty. If the rule of SEC is contrary to the Tax Code, the latter shall prevail over the former. However, the SEC rule altogether respects the Tax Code over their administrative rules and regulations. You cannot be faulted if you are just following the language of the laws of this State.

To help you and your CPA, please read, comprehend and use Section 257(A), NIRC and connect it with Section 232(A), NIRC. These are the governing rules in the accepting and signing a CPA engagement letter.

Kataxpayer or Katax is also a CPA as well as his daughter but he should expose to you the incompetent and unnecessary practices of many CPAs.

DON'T BUY SERVICES OF A CPA THAT YOU DON'T NEED AND UNDERSTAND.

DON'T SUBMIT FINANCIAL STATEMENTS THAT ARE NOT IMPORTANT AND RELEVANT TO THE BIR. Because at the end of the day or in June/July 2014, you will be the one to receive a BIR's electronic Letter of Authority. Keep this in your mind, your CPA-prepared financial statements are the source of your yearly BIR audit.

DONATE YOUR PRELIMINARY ASSESSMENT NOTICE AND/OR FORMAL LETTER OF DEMAND AND/OR FINAL ASSESSMENT NOTICE TO ETM because he would you them to profile the indecent practices of many Revenue Officers assigned in the assessment function. Call 439 3918/921 6107

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subject to change without notice and demand
a privileged communication
Katax's personal belief and conviction