My CPA loves (robs) me. My lawyer loves (robs) me more.

CPA LOVES (ROBS) ME?

Closing of books of accounts and preparing the annual income tax return and financial statements are just around the corner. And, as all taxpayers knew, a service of an individual having a specialised intellect in accounting would be needed soon. It’s the time of the year when you have to be very careful in choosing what kind of accounting services are you going to pursue.

Hear the Japanese people pronounce the word ‘Love’ and you will understand it as ‘Rob’. It’s funny but annoying. For the past twenty (20) years, this is what running inside my head, “Is my CPA loving or robbing me?”

Two (2) parts of www.emelinotmaestro.com have been discussing about the Robbing Relationship with a CPA for too long. Their conversations are summarised hereunder.

“For the past several decades or so, my existing CPA solely handled the preparation of my books of accounts, annual income tax return and financial statements. And, for the same number of years, the BIR never missed a year to examine them. It’s examination is not cheap but financially draining and mentally anguishing.

I don’t know much about the ‘tax’ and ‘accounting’ things. For such, I engaged the services of a CPA to do them for me. I want to comply with the law of the Philippines because by doing so, I understand that I am pampering myself with respect and peace of mind. However, in my past and present situations, my CPA is not an ASSET anymore but more of a LIABILITY. I am becoming aware that CPAs should no longer be TRUSTED in doing what the BIR requires. I need someone who would NOT RECOMMEND to ‘bribe’ a revenue officer and can explain in a clear and accurate language the tax assessments, and rules and regulations which I can’t get or experience from the list of CPAs.

When I asked for their legal advise and assistance on the matters of taxation, it’s also frustrating and irritating to hear from my lawyers that it’s better to have a connection, - a brother, a friend, an associate, inside the BIR whose job is to fix things for me. There must be no fixing if only my CPA really understands the BIR-requirements and my lawyers have the competence to guide me. Both has the responsibility to protect me but I can’t feel it from them. It’s a waste of money in paying these people.

I come now in a conclusion that my CPA is doing me no good but there is no other professional to help and assist me to get rid off of incompetency and negligence. I wish there is a School where I can learn by myself the simplicity of the complexities being implemented by the BIR.”

This is a parable and ETM's personal belief and conviction.

September 29, 2015..