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Executive Summary
November 17, 2014
Historical basis.
With the inflexible regulation and audit procedures of the Bureau of Internal Revenue (BIR), the preparation and use of MANAGERIAL accounting which is preferred by many businesses and FINANCIAL accounting that is being pursued by the Securities and Exchange Commission (SEC) through its agents, - Certified Public Accountants (CPA) have encountered a DEVASTATING setback.
In the words of the BIR Chief, the major disparities from these accounting approaches must strictly be reconciled with the TAX ACCOUNTING RULES. And, the entries thereof must separately written and kept in a specific book that is the reconciling book of accounts (RR 8-2007). Of course, the sum of which must also be disclosed in the NOTES TO ANNUAL INCOME TAX RETURN (1701/1702).
Legal basis.
The safeguarding of assets and maximising of profitability (managerial accounting) have consistently been your focused. Moreso, to make your investors and creditors always happy, a future-pace financial disclosures that showed a substantial growth in revenues and assets became your standard operating procedures (financial accounting). All in all, these approaches had placed you, through the years, to have an enormous taxable sales and a bigger than life net taxable income. However, in reality, you have too little (or none at all) cash to pay for your value added tax and income tax therefor.
In that view, Katax EmelinoTMaestro still believes that your managerial and financial secrets should remain and be kept 'SECRET' because these secrets have became the blueprint of so many revenue officers in harassing, oppressing, vexing or intimidating you who may, one way or the other, have (1) too little (or none at all) knowledge and knowhow, and (2) no proper communication skill to express and explain the context and meaning of your managerial reports and financial disclosures against the law-mandated TAX ACCOUNTING RULES.
Doubtlessly, because you're a law-abiding taxpayer, you are really committed to comply correctly and on time with the BIR's TAX ACCOUNTING RULES And not to repeat again, the REAL STARTING POINT is your LITERACY IN TAX ACCOUNTING RULES which THE TALP WILL AND CAN DEFINITELY DELIVER AND PROVIDE.
Venue and Time.
The venue, date and time of each session shall be emailed or texted to you once you are already enrolled.
Learning objectives
1, to remove self/client from being so dependent on those who are pretending to be competent
2, to know the peculiarities and similarities of tax accounting, financial accounting and managerial accounting
3, to understand why tax accounting is superior over the 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 the favourable uses of the three (3) layers of tax accounting
8, to prepare, maintain, store and retrieve all admissible source documents
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/produce relevant returns, reports, lists, statements and schedules
13, to submit all the required returns/reports on time and at the proper BIR-office/s
14, to collect, collate and comprehensively connect all legal information
15, to avoid any BIR attempt to 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
Expected outcomes. Be able to
1, identify problems brought by the use of financial accounting and managerial accounting
2, understand the tax accounting rules, regulations and doctrines in a situation
3, correctly and timely apply the specific and tax accounting solutions
4, recognise the tax/legal problems/issues
5, identify the legal options and do the appropriate choice/s
6, apply in a situation the relevant tax laws and the rules issued thereunder their
7, select a structure that would protect self/client from BIR’s criminal prosecution
8, provide recommendations to maximise after-tax profits
9, acquire a general recognition of admissible evidences, relevant tax forms and important reports, lists, schedules, notes and statements
10, collect & collate any legal information
11, prepare/draft all necessary notes and disclosures
12, work in high level tax accounting practice
13, engage in tax planning and strategies in an collaborated structure
14, design and develop all admissible documents
15, maintain/store/retrieve all important documentary requirements
16, make the true/correct entries in the appropriate books of accounts
17, communicate the entries in the books of accounts through the use of BIR Forms and required reports, schedules, lists, statements and the likes
18, communicate information, relatively complex idea in a clear and comprehensive manner
19, conduct research and convey its results
20, substantiate with facts and laws any conclusion or suggestion.
Important.
In some instances and unavoidable circumstance, some of the session dates and topics/issues may change without notice and obligation. Keep self posted.
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