What Kim Henares Wants You To Do Today?

Hear what these TAX Quotes are telling you …. 

“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 - Finance Secretary Margarito Teves’

“If there will be differences and conflicts in taxability of income and deductibility of expenses between what is contained in the Tax Code, and that of other standards approved and adopted by the Accounting Standards Council, the Tax Code shall prevail - BIR Chief Kim Henares.’

‘The cost of preparing generally accepted accounting principles basis financial statements is excessive and in many cases unnecessary. Translating tax return information into a financial statement format can be a cost effective strategy - The National Society of Accountants in the United States of America.’

‘Therefore, it is the financial statements which are in conformity with the Tax Code that should be attached in the filing of income tax return - BIR’s Legal Service Commissioner, Mr James Roldan’

EmelinoTMaestro.com can't blame you if your personal attachment to the Financial Standards and Principles is too strong and too tight. And, you can't be stopped from using them in preparing your books of accounts and financial statements.. Don't worry. Because by doing so, it's common and you don't have a contagious disease. However, you have a very serious problem that may increase your chances of being BIR investigated this year.

If you can't be stopped in using and issuing PFRS/GAAP basis financial statements, the BIR expects you that you will perform what you stated in the so-called 'STATEMENT OF MANAGEMENT'S RESPONSIBILITIES'. Because upon signing it, you bound yourself to have a reconciling book of accounts where the disparities and differences between your PFRS/GAAP (financial standards and principles) and the TAX ACCOUNTING RULES are recorded, reconciled, explained and kept. 

If you don't have a reconciling book of accounts and don't know the ways in reconciling your PFRS/GAAP entries versus TAX ACCOUNTING ENTRIES, don't worry so much because www.facebook.com/Kataxpayer will help you extinguish your legal obligations to the Bureau of Internal Revenue.

According to the BIR Chief, the purposes of using the TAX ACCOUNTING RULES are to (1) avoid troubles and irritations between you and the revenue officers examining your tax returns and financial statements, and (2) help and assist the revenue officers to easily understand your books of accounts and the accounting entries therein.

In this view, there will be a TAX ACCOUNTING SHORT-COURSE to be held this month and you, including your friends and employees, are cordially invited to attend.

For the first 100 participants, the three-session event has an investment cost of 1,000 pesos plus 12% VAT. However, references materials, books and snacks to be used therein are optional to be bought.

Share, Register and Pay Now.
Please email your concerns to
09989793922@MaestroTaxation.org
so that a reply may come to you.