Online Taxation for Beginners by EmelinoTMaestro

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Topics that might change your perspectives and prospectives...

A. Register a business
1. Single proprietor (Entrepreneur)
2. Corporation
3. Cooperative
4. Joint venture
5. Partnership
6. Estate
7. Trust

B. Books of accounts
1. Registration
2. Types
3. Submission
4. Safekeeping, retrieval and disposal
5. Renewal

C. Invoices, receipts and other accountable forms
1. Registration
2. Types
3. Format
4. Safekeeping, retrieval and disposal
5. Reprinting

D. Retire a business
1. Single proprietor (Entrepreneur)
2. Corporation
3. Cooperative
4. Joint venture
5. Partnership
6. Estate
7. Trust

E. Update an information
1. Accounting method
2. Accounting period
3. Registered address
4. Registered activity
5. Tax type
6. Trade name
7. Representative
8. File
9. Clearance
10. Loss

F. Accounting
1. Types
2. Differences
3. Uses and purposes
4. Cycle
5. Sales
6. Optional standard deduction (OSD)
7. Allowable itemised deduction (AID)
8. Value added tax
9. Withholding taxes
10. Income tax
11. Creditable taxes
12. SSS premium
13. PHIC premium
14. HDMF premium

G. Withholding taxes
1. Expanded
2. Compensation
3. Final
4. Fringe benefit

H. Employee-employer relations
1. Registration
2. Transfer
3. Resignation
4. Retirement
5. Rehiring
6. Compensation
7. Withholding tax
8. Reportorial requirements

I. De minimis
1. Monetised unused vacation leave
2. Medical allowance
3. Rice subsidy
4. Uniform and clothing allowance
5. Actual yearly medical benefits
6. Laundry allowance
7. Achievement awards
8. Christmas and anniversary gifts
9. Daily overtime meals allowance
10. 13th month and other benefits

J. Fringe benefit
1. Housing
2. Expense arrangement
3. Household personnel
4. No-interest bearing advances or loans
5. Membership in social clubs
6. Holiday and vacation expenses
7. Foreign travel expenses
8. Education assistance
9. Insurance expenses

K. Audit notice
1. Letter of Authority (eLA)
2. Letter Notice (LN)
3. Mission Order (MO)
4. Access Letter (AL)
5. Open Cases (OC)

L. Non-compliance threat
1. Run After Tax Evader (RATE)
2. Subpoena Duces Tecum (SDT)
3. Oplan Kandado (OK)
4. Tax Mapping (TCVD)
5. Inventory Taking

M. Collection notice
1. Preliminary Collection Letter (PCL)
2. Final Collection Letter (FCL)
3. Final Notice Before Seizure (FNBS)
4. Warrant of Garnishment (WG)
5. Warrant of Distraint and Levy (WDL)

N. Reporting periods
1. Withholding tax (EWT, FWT, WTC)
2. Value added tax (VAT)
3. Income tax (IT)
4. Excise tax (ET)
5. Documentary stamp tax (DST)
6. Percentage tax (PY)
7. Fines and penalties (MC)
8. Reportorial requirements

O. Assessment notice
1. Preliminary Assessment Notice (PAN)
2. Formal Letter of Demand (FLD)
3. Details of Discrepancies (DD)
4. Final Assessment Notice (FAN)

P. Tax Agent accreditation (BIR)
1. Initial application
2. Renewal

Q. Real property valuation
1. Zonal value (ZV)
2. Fair market value (FMV)
3. Selling price (SP)

R. Tax Clearance
1. Bidding
2. Outstanding liability

S. Reportorial requirements
1. Balance Sheets
2. Revenue and Expenses
3. Cash Flows
4. Retained Earnings
5. Changes in Equity
6. Notes and Disclosures
7. VAT Summary Lists
8. Alpha Lists
9. Inventory List
10. Books of Accounts