PROBLEMS OF GRADUATING STUDENTS
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
Dec 17, 2013, #Undergraduatesfortaxation
When I was a freshly graduate from Pamantasan ng Lungsod ng Maynila 28 years ago, I learned early enough that to be employed immediately and getting my desired salary would only just be a dream because I was in the bottom of the list of candidates who would be hired due to the fact that my fellow fresh graduates (1) who came from prestigious schools like Ateneo, La Salle or UP, (2) who either has a latin honor or came from the top of his class, and (3) who already passed the licensure exams are overflowing on the priority list. Ending, I accepted a 37.50 pesos/day job (when the minimum wage is already 64 pesos a day) as an accounting clerk cum messenger in a government owned and controlled corporation.
This scenario has never changed since then. Many of the graduating students may find themselves as a less desirable candidate for a job. Many also from those who graduated last year still have to find a job.
I cannot forget what the former Vice-President Salvador ‘Doy’ Laurel has said to a batch of graduating students long time ago. He said, ‘Kung pagpapatung-patungin ang librong pinabasa sa inyo, test papers na sinagutan ninyo at school projects na nilahukan ninyo, siguro aabot ito hanggang second floor ng PICC. Ang masakit nito ay katiting na katiting lang sa napag-aralan ninyo ang magagamit ninyo sa inyong hanapbuhay o totoong buhay.”
What he said is true yesterday and still true today.
The schools had taught you well the ability to think BUT IT DID NOT TEACH YOU HOW TO THINK AND ACT LEGALLY. We are in a society where the superiority of laws of State is overwhelming and encompassing. Your acts must always within its parameters else you would either be fined, imprisoned or deported. Law makes us civilized residents of the Philippines. And, without it, we are called ‘criminals’ or ‘fugitives’.
Saying so, it is better to advertise to your potential employers that (1) YOU KNOW THE LAW and (2) YOU CAN USE THE LAW EITHER TO SOLVE HIS PROBLEMS OR PREVENT POSSIBLE PROBLEMS TO OCCUR.
Most of the employers’ problems today arise from their ignorance of the Bureau of Internal Revenue’s rules and regulations. If you would only take a moment to study the cause and effect of their failure to comply with them. You would find yourself in the priority list of the desirables.
What is a CAREER AND BUSINESS OPPORTUNITY PROGRAM? It is systematic approach in increasing the corporate/business value of a would-be employee by way of aligning his knowledge and knowhow in solving the chronic and operational problems of his potential employer.
Every employer would like to know that the would-be employee had already and seriously immersed himself to the laws governing BIR’s tax mapping, inventory-taking, surveillance, tax evasion strategies, audit and investigation and deficiency tax assessments. When he sees that the latter had already undergone special seminar/course/training in the said field, the chance of being employed and getting the desired salary rate is within grasp.
The employer may see this as a substantial cash saving for him because he would no longer send the chosen employee to a tax training/seminar to understand the rules governing his business operations and the ratio of preparing a wrong and irrelevant report (in which a fine is imposable) that would be submitted to the BIR would be sufficiently addressed.
For all students who are graduating this year or graduated last year, MCM Trust Fund has a special offer to all of you. It would substantially reduce your investment fee if you would place your name, mobile and email address at the comment portion of this post. So that if there would be enough numbers to be taught about the rules governing the business of taxation, you would be properly informed.
Contact details:
Rico Colayco
0917 540 4629
Juliet
0998 979 3922
Tuesday, 24 December 2013
The Greatest Secrets of GAAP and PFRS, Revealed
Who’s being fooled? A CHRISTMAS GIFT TO YOURSELF!
by EMELINO T MAESTRO, Father of Tax Accounting, Tax Guru
Dec 24, 2013 #CPASecretsPhilippines
Justifying that their existence is necessary and too important, many Certified Public Accountants and some BIR-revenue officers are promoting consciously the use of generally accepted accounting principles (GAAP) and Philippine Financial Reporting Standards (PFRS).
Are you familiar with statement “IGNORANCE OF THE LAW EXCUSES NO ONE FROM COMPLIANCE THEREWITH.”? It is your basic obligation not only to the State (Republic of the Philippines) but also most relevant to yourself. Failure to educate yourself with the laws of the State is a crime that is called ‘negligence’. In other language, you may be criminally prosecuted and also handsomely penalized for your neglect to perform a legal duty. And, part of your obligation to yourself is NOT TO BE IGNORANT OF THE LAWS OF THE PHILIPPINES.
GAAP/PFRS as they are emphasizing is just a “principle” and ‘standard’. They may a stepping stone in creating your own policies and procedures. To follow or not to use them is only an option. In short, you are neither required to learn nor follow/use them.
The truth is that GAAP and PFRS are irrelevant and immaterial as far as taxation is concerned. They are the reason for the miseries, troubles and problems of every taxpayer in the Philippines. For further enlightenment, please read Sections 232 and 257, National Internal Revenue Code.
In 2007, the BIR Commissioner has already clarified that GAAP and PFRS are for the observance of big and large corporations (see RR 8-2007). Thus, individuals, small corporations and partnerships are not obliged, mandated and bound to use GAAP and PFRS.
Scalawags and corrupt revenue officers are rejoicing whenever GAAP/PFRS-basis financial statements are the attachments to the income tax return because not only they are contrary to the laws of the State, their disparity thereto creates opportunity and illegal income to an enterprising revenue officer.
SEC, Board of Accountancy and many CPAs are saying that the financial statements that must be prepared by corporations and individuals residing in the Philippines should be within the principles and standards of GLOBALIZATION. Gumising ngay kayo... Walang foreigner na pupunta dito sa Pinas para lang kumuha ng financial statements ng isang corporation sa SEC. Ni wala nga sa SEC website ang mga financial statements ng mga partnerships at corporations... Pinagkakaperahan pa nga nila ito... Tinanggap nilang libre ang mga ito eh di dapat libre lang ang mga ito....
Para naman sa financial statements ng mga individuals, di ka papayagan ng BIR ng makasilip man lang ng mga financial statements ng ini-file dito..
E ngayon.. Ano ang gamit talaga ng financial statements na hindi ka puedeng makakuha o makabasa man lang?
Furthermore, the Philippine Supreme Court says that it is not and will not be bound to use the work of a CPA for they are using only, in making a decision or resolution, the laws of the State. So what really is the use of the CPA in the lives of the Filipino taxpayers.... Ala eh..
To liberate yourself from tax troubles, yearly bribing, mental and physical stress/disease brought by the works of many CPAs conniving with scalawag revenue officers, it is time to change your business policy and strategy... You can start learning and invoking the use of the laws of the State in your accounting and financial operations.
YOU'RE INVITED….
Topic…TOP SECRETS IN UNDERSTANDING A BIR ELECTRONIC LETTER OF AUTHORITY
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 9am-12pm
- Day: January 23, 2014
please click this link to register “https://www.facebook.com/events/735100689835797/”
* Venue: Seda Centrio, Cagayan De Oro
* Time: 9am-12pm
* Day: March 14, 2014
Topic…..TAX MAPPING
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 2-5pm
- January 23, 2014
please click this to register “https://www.facebook.com/events/497248617061444/”
* Venue: Seda Centrio, Cagayan De Oro
* Time: 2-5pm
* Day: March 14, 2014
For details pls. call Mario @
(02) 440-4816,
(02) 921-6107,
(02) 439-3918,
(0998) 9793922
You're also invited….
… Tax Accounting for Retailer, Wholesaler, Dealer, etc
Venue…. SEDA Hotel, Davao City
Jan 20, 2014…. 2-5 pm
Jan 21, 2014 … 9-12 am
Jan 21, 2014 … 2-5 pm
please click this link to register “https://www.facebook.com/events/1375765729347105/”
Venue …GREENLEAF Hotel, General Santos City
Jan 23, 2014…. 2-5 pm
Jan 24, 2014 … 9-12 am
Jan 24, 2014 … 2-5 pm
please click this link to register “https://www.facebook.com/events/502673169845983/”
Pay early to pay a lesser amount…
For details, please call Juliet and Eric
02-439 3918
02-921 6107
0998-979 3933
0922-802 0922
Huwag magpaalila sa mga taong pretending to be honest and competent in the field of taxation. Learn it. Love it. Live it. (it means income tax)
Thanks a lot for sharing this Christmas Gifts to others.
Sunday, 22 December 2013
Refusal to Issue Invoice and Official Receipt
BANKS WHO REFUSED TO ISSUE INVOICES/RECEIPTS
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
Dec 20, 2013, #NonVATinvoiceNonVATreceipt
Banks and other financial intermediaries that are registered with the Bangko Sentral ng Pilipinas are required to issue the following (RR 18-2012), viz;
NON-VAT SALES INVOICES - for purposes of Percentage Tax pursuant to Section 116 of the NIRC, as amended, it is a written account evidencing the sale of goods and/or properties issued to customers in an ordinary course of business, whether cash sales or on account (credit) which shall be the basis of the Percentage Tax liability of the seller.
NON-VAT OFFICIAL RECEIPTS - for purposes of Percentage Tax pursuant to TITLE V of the NIRC, as amended, it is a proof of sale of service and/or leasing of properties which shall be the basis of the Percentage Tax liability of the seller. It is a written admission or acknowledgment of the fact that money has been paid and received for the payment or settlement between persons rendering services and its customers.
However, there are reports that the BIR Regional Directors and Revenue District Officers are encouraging these banks not to issue NONVAT official receipts for the interest payments made by its client-borrowers. Likewise, they also instructed not to issue NONVAT sales invoices for the sales of real (land) and personal (car) properties that they acquired through forfeiture. Accordingly, the Philippine Government is losing revenue for the alleged manipulation and misrepresentation being knowingly perpetuated by these banks and other financial intermediaries and their cohorts who are RDs and RDOs…
COA, Ombudsman and CSC must look into this mess and conduct a preliminary investigation for the Philippine Government is losing, by way of disobeying RR 18-2012, millions of revenue.
How to help the Philippine Government? All taxpayers paying any fee or interest on borrowed amounts from banks and the likes should ask for NonVAT official receipts which can be used to substantiate a deductible expense.
You're invited….
… Tax Accounting for Retailer, Wholesaler, Dealer, etc
Venue…. SEDA Hotel, Davao City
Jan 20, 2014…. 2-5 pm
Jan 21, 2014 … 9-12 am
Jan 21, 2014 … 2-5 pm
Venue …GREENLEAF Hotel, General Santos City
Jan 23, 2014…. 2-5 pm
Jan 24, 2014 … 9-12 am
Jan 24, 2014 … 2-5 pm
Pay early to pay a lesser amount…
For details, please call Juliet and Eric
02-439 3918
02-921 6107
0998-979 3933
0922-802 0922
Free 7 day tax consultation on topics related to BIR electronic letter of authority, deficiency tax assessment and tax mapping operations to those who will register and pay on or before January 10, 2014, 5pm
DIVINE GRACE FRESCO
PRESIDENT, ETM TAX AGENT OFFICE (ETM-TAO), INC
Unit 419, Corporate 101, Mother Ignacia, Quezon City
Thanks for passing this to others..
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
Dec 20, 2013, #NonVATinvoiceNonVATreceipt
Banks and other financial intermediaries that are registered with the Bangko Sentral ng Pilipinas are required to issue the following (RR 18-2012), viz;
NON-VAT SALES INVOICES - for purposes of Percentage Tax pursuant to Section 116 of the NIRC, as amended, it is a written account evidencing the sale of goods and/or properties issued to customers in an ordinary course of business, whether cash sales or on account (credit) which shall be the basis of the Percentage Tax liability of the seller.
NON-VAT OFFICIAL RECEIPTS - for purposes of Percentage Tax pursuant to TITLE V of the NIRC, as amended, it is a proof of sale of service and/or leasing of properties which shall be the basis of the Percentage Tax liability of the seller. It is a written admission or acknowledgment of the fact that money has been paid and received for the payment or settlement between persons rendering services and its customers.
However, there are reports that the BIR Regional Directors and Revenue District Officers are encouraging these banks not to issue NONVAT official receipts for the interest payments made by its client-borrowers. Likewise, they also instructed not to issue NONVAT sales invoices for the sales of real (land) and personal (car) properties that they acquired through forfeiture. Accordingly, the Philippine Government is losing revenue for the alleged manipulation and misrepresentation being knowingly perpetuated by these banks and other financial intermediaries and their cohorts who are RDs and RDOs…
COA, Ombudsman and CSC must look into this mess and conduct a preliminary investigation for the Philippine Government is losing, by way of disobeying RR 18-2012, millions of revenue.
How to help the Philippine Government? All taxpayers paying any fee or interest on borrowed amounts from banks and the likes should ask for NonVAT official receipts which can be used to substantiate a deductible expense.
You're invited….
… Tax Accounting for Retailer, Wholesaler, Dealer, etc
Venue…. SEDA Hotel, Davao City
Jan 20, 2014…. 2-5 pm
Jan 21, 2014 … 9-12 am
Jan 21, 2014 … 2-5 pm
Venue …GREENLEAF Hotel, General Santos City
Jan 23, 2014…. 2-5 pm
Jan 24, 2014 … 9-12 am
Jan 24, 2014 … 2-5 pm
Pay early to pay a lesser amount…
For details, please call Juliet and Eric
02-439 3918
02-921 6107
0998-979 3933
0922-802 0922
Free 7 day tax consultation on topics related to BIR electronic letter of authority, deficiency tax assessment and tax mapping operations to those who will register and pay on or before January 10, 2014, 5pm
DIVINE GRACE FRESCO
PRESIDENT, ETM TAX AGENT OFFICE (ETM-TAO), INC
Unit 419, Corporate 101, Mother Ignacia, Quezon City
Thanks for passing this to others..
Injudicious Modus Operandi (BIR) of Revenue Officers
Newest and Injudicious Modus Operandi of Revenue Officers
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
Dec 19, 2013, #BIRfalsereturnsurcharge
According to Section 203, National Internal Revenue Code, the BIR has 3 years from the date the return was filed to make an assessment of a tax. If the BIR through its revenue officers (RO) failed to do the same, the taxpayer is off the hook in receiving a deficiency tax assessment and thus, he already avoided to be criminally prosecuted and harassed.
Conniving with Regional Directors and Revenue District Officers having unusual moral values, ROs are/werer issuing left and right deficiency tax assessments. These assessments contained figures and allegations that are not even supported by facts and laws or are/were based on their presumptions and caprices. Disturbing so much, they are showing that the returns filed by taxpayers who are under investigation and their tax case are prescribing are false and fraudulent. Or, in other words, the assessments contained the dangerous 50% surcharge.
Unacceptable is also the action of his superior specially the Regional Director and the Revenue District Office who are cuddling and promoting and tolerating this kind of injudicious acts and behaviours. They too should be removed from office.
Because this approach became so effective in the case of PacMan and in the area of GenSan and Zamboanga City, it is therefore being deliberately used nationwide.
How to fight back? Taxpayers should unite and expose these malicious intention because this new and injudicious modus operandi would only benefit the ROs. The RO, as he is saying in issuing the hastily made assessment notices, is just protecting the interest of the Philippine Government. No, he is not doing this to protect the Government but to cement his place inside the BIR for RO who failed to finish his investigation within 180 days or before the return filed would prescribed shall be removed from the service or transferred to the undesirable Districts of the BIR.
YOU'RE INVITED….
Topic…TOP SECRETS IN UNDERSTANDING A BIR ELECTRONIC LETTER OF AUTHORITY
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 9am-12pm
* Day: January 23, 2014
* Venue: Seda Centrio, Cagayan De Oro
* Time: 9am-12pm
* Day: March 14, 2014
Topic…..TAX MAPPING
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 2-5pm
* January 23, 2014
* Venue: Seda Centrio, Cagayan De Oro
* Time: 2-5pm
* Day: March 14, 2014
For details pls. call Mario @
(02) 440-4816,
(02) 921-6107,
(02) 439-3918,
(0998) 9793922
Those who will register and pay early shall be given a free 7-day consultation for the above topics and 20% discount for the preparation of a reply or protest against any BIR notices such as tax mapping, surveillance, inventory taking, deficiency tax assessment notices.
Early payment should be first made before the said discount and free consultation shall be given.
DIVINE GRACE FRESCO
PRESIDENT
ETM TAX AGENT OFFICE (ETM-TAO), INC
Unit 419, Corporate 101, Mother Ignacia, Quezon City
0922 801 0922
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
Dec 19, 2013, #BIRfalsereturnsurcharge
According to Section 203, National Internal Revenue Code, the BIR has 3 years from the date the return was filed to make an assessment of a tax. If the BIR through its revenue officers (RO) failed to do the same, the taxpayer is off the hook in receiving a deficiency tax assessment and thus, he already avoided to be criminally prosecuted and harassed.
Conniving with Regional Directors and Revenue District Officers having unusual moral values, ROs are/werer issuing left and right deficiency tax assessments. These assessments contained figures and allegations that are not even supported by facts and laws or are/were based on their presumptions and caprices. Disturbing so much, they are showing that the returns filed by taxpayers who are under investigation and their tax case are prescribing are false and fraudulent. Or, in other words, the assessments contained the dangerous 50% surcharge.
Unacceptable is also the action of his superior specially the Regional Director and the Revenue District Office who are cuddling and promoting and tolerating this kind of injudicious acts and behaviours. They too should be removed from office.
Because this approach became so effective in the case of PacMan and in the area of GenSan and Zamboanga City, it is therefore being deliberately used nationwide.
How to fight back? Taxpayers should unite and expose these malicious intention because this new and injudicious modus operandi would only benefit the ROs. The RO, as he is saying in issuing the hastily made assessment notices, is just protecting the interest of the Philippine Government. No, he is not doing this to protect the Government but to cement his place inside the BIR for RO who failed to finish his investigation within 180 days or before the return filed would prescribed shall be removed from the service or transferred to the undesirable Districts of the BIR.
YOU'RE INVITED….
Topic…TOP SECRETS IN UNDERSTANDING A BIR ELECTRONIC LETTER OF AUTHORITY
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 9am-12pm
* Day: January 23, 2014
* Venue: Seda Centrio, Cagayan De Oro
* Time: 9am-12pm
* Day: March 14, 2014
Topic…..TAX MAPPING
* Venue: Boracay Mandarin, Kalibo Aklan
* Time: 2-5pm
* January 23, 2014
* Venue: Seda Centrio, Cagayan De Oro
* Time: 2-5pm
* Day: March 14, 2014
For details pls. call Mario @
(02) 440-4816,
(02) 921-6107,
(02) 439-3918,
(0998) 9793922
Those who will register and pay early shall be given a free 7-day consultation for the above topics and 20% discount for the preparation of a reply or protest against any BIR notices such as tax mapping, surveillance, inventory taking, deficiency tax assessment notices.
Early payment should be first made before the said discount and free consultation shall be given.
DIVINE GRACE FRESCO
PRESIDENT
ETM TAX AGENT OFFICE (ETM-TAO), INC
Unit 419, Corporate 101, Mother Ignacia, Quezon City
0922 801 0922
Tuesday, 17 December 2013
KIM HENARES SHOULD BE HELD LIABLE FOR THE UNCOLLECTED 300B DELINQUENCY TAXES
Kim Liable to 300B Delinquent Accounts
by Emelino T Maestro, Father of Tax Accountant, Tax Guru
Dec 16, 2013 #BIRdelinquentaccounts
Last Sunday's headline was BIR failed and still fails to collect 300B worth of internal revenue taxes (per COA-report).
Kim who is the current BIR Commissioner reasoned out that this amount came from previous administrations (GMA, ERAP, RAMOS, etc)..Be they might be, her justification is out of context and totally comical.
As a responsible revenue officer she has a job to inventory-take what are to be collected immediately, what are the potential collectibles and what are protested deficiency tax assessments.
ETM believes that she is only escaping the legal duties that the law vested in her shoulders. Please be reminded that 3 and a half years had passed by but she and her fellow revenue officers deliberately failed and ignored and are still failing and ignoring to collect the said amount at the expense of the Filipino people. This may be called 'misfeasance and nonfeasance' in a grand scale. And, revenue officers may face criminal and administrative penalties of acting incorrectly and irregularly and not acting at all on the tasks at hand. COA must file these charges at the Office of the Ombudsman for criminal case and Civil Service Commission for administrative case. Moreover, any taxpayer may also file the same charges against Kim and other revenue officers at the same forums.
Taxpayers should unite to fight all incompetencies and nonfeasance.
A course in TAX ACCOUNTING FOR RETAILER WHOLESALES, DEALER AND DISTRIBUTOR shall be held at Davao (Jan 20-21) and Gensan (Jan 23-24).
Contact details:
0998 979 3922
0922 801 0922
Register early to avail the PROMO RATE.
Thanks for passing this message to others.
Saturday, 14 December 2013
POST EMPLOYMENT PROGRAM, Your survival kit if you will be forcefully separated from your work
This may happen to you.
The management already told you, ‘Pack up. The company no longer needs your services. Get your final check now at our Cashier’s Office.”
Yes, ETM knows that you are too young to retire because you have a family to feed, a housing loan to repay and have kids studying in private schools. And, you are too old to get a new job that offers the same compensation package that you are receiving now.
Scenario planning plays a vital role in preventing a Yolanda-type disaster to happen. This is sometimes called ‘midlife crisis.’ According to NSO’s statistics, such crisis is a happy-home wrecker, a reason to take one’s life and a justification to be dependent on illegal drugs and other vices
What is a POST-EMPLOYMENT PROGRAM? A action plan. A fallback. A cushion. If the syndrome ‘TOO YOUNG TO RETIRE AND TOO OLD TO BE EMPLOYED’ happens, you would have a free flowing source of income that would sustain your daily needs, repay your loans and can still help you send your kids to schools.
Who are qualified to take it? Those who have a degree in Law, Arts, Commerce and Business Administration, preferably those who have no PRC-license, and the only source of livelihood anchored to his one and only employer is strongly encouraged to take it.
Current scenario! Alarming as it is. The market place today is flooded with lawyers and CPAs. Their numbers already exceeded the demand which is one of the reasons why you would be bumped off of your comfortable office seat by a newly passed one who may provided the management the same results as you are giving it but at the fraction of the compensation that you are receiving.
Because of the Bureau of Internal Revenue’s tightened rules, the knowhow of lawyers and CPAs as far as taxation is concerned is becoming irrelevant and immaterial. And, this area/field of expertise that is taxation is your key not only to increase your value in your company but also will give you an opportunity to harness your potential as an entrepreneur.
Before you can be trusted by others either as a competent Tax Accountant or a reliable Tax Consultant, you have to provide them with relevant evidence that would elicit a favorable action. It is good to remember that this evidence must not be too tasking and time-consuming to get.
A TAX AGENT LICENSE, for example, which is being granted by the Bureau of Internal Revenue (BIR) is best to be secured while you are yet to become a CPA or a lawyer or you are NOT a CPA or a lawyer for its requirements are too easy to comply with.
Unlike in the CPA field where you need to pass its Board Exams and be employed as an apprentice for the period of three (3) years before you would be allowed to practice it, in Tax Agent Practice, an eighteen (18) credit hours of special training, seminars or short term courses in National Internal Revenue Code (taxation) on top of the degree either in Arts, Commerce, Business Administration or Law is only what you need. Without it, the BIR would neither accept nor evaluate your Application for Tax Agent (BIR Form No. 1916).
What is a TAX AGENT? He is an individual who offers his important tax services for a fee to others. His jobs includes the preparation and certification of returns, statements and other papers, representation of a client before the BIR and drafting of reports, protests and the likes. His professional fee may range from 2,000-25,000 pesos per consultation or 150,000- more than a million pesos per tax case. If you wish to have an electronic copy of the BIR-rule governing the practice of Tax Agents and its application form, feel free to submit a request via KATAXPAYER FACEBOOK.
There is no age limit required in securing this prestigious Tax Agent License.
The two (2) initial courses that you must undergo are, viz;
A. Tax Accounting
COURSE DESCRIPTION
Many taxpayers confirmed that the use of GAAP (now known as PFRS) created more tax troubles, penalties and health deterioration. Recently, The National Society of Accountants in the United States of America says, “The cost of preparing generally-accepted-accounting-principles-based financial statements is EXCESSIVE and in many cases UNNECESSARY. Translating tax return information into a financial statement format can be a COST EFFECTIVE strategy.” which means that YOU DON'T NEED TO USE AND/OR BE MANIPULATED/FORCED TO USE THE GAAP/PFRS.
The Bureau of Internal Revenue's position between GAAP and TAX ACCOUNTING can be deciphered from "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 (RR 8-2007). In case of differences, the provisions of the Tax (accounting) Code shall prevail (RMC 22-2004). Therefore, it is the financial statements which is in conformity with the Tax Code that should be attached in the filing of Income Tax Return (BIR Ruling No. M-111-2006)."
Tax Accounting has three (3) layers which would start at the value added tax accounting, then would be followed by withholding tax accounting and would end up with income tax accounting. All of them shall comprehensively tackle the three (3) important requirements of the Tax Code which the BIR expects you to be knowledgable of. They are document accounting, book-entry making and timely-and-correct report-filing.
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Accounting
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Unit
|
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Value added tax
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3
|
|
Withholding tax
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3
|
|
Income tax
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3
|
B. Tax Consulting
INTRODUCTION
The United States of America’s Armed Forces is literally employing the tactics known as ‘preemptive strike’. It is based on the principle that an enemy is planning a devastating attack against the lives, liberty and livelihoods of its citizens.
In taxation, particularly in the Philippines, eLA, LN and SDT have a very disastrous and damaging consequences on the lives, liberty and livelihood of its recipient-taxpayers (usually their effects are similar to what Typhoon Yolanda did in the Visayas).
To control and contain their aftermath, potential recipients and practicing consultants must know how to prepare/issue a preemptive strike. Thus, the first approach is to clearly and completely understand them.
COURSE DESCRIPTION
A. KNOWING eLA
- What does a BIR eLetter of Authority (eLA) mean?
- What is so frightening about it?
- How to overcome fear that it brings?
- What story it tells?
- What rights, privileges, obligations and benefits does it create?
- How to use it against BIR officials/to your advantage?
- How to properly manage/handle it?
- What rules govern it?
B. COMPREHENDING LN
- What is a Letter Notice (LN)?
- What beauty and benefits does it bring?
- How to use the rules that created it to protect you from high deficiency VAT/income tax assessment, Oplan Kandado, and tax evasion charge?
- What important actions are needed to avoid receiving it again?
C. UNDERSTANDING SDT
- What is a Subpoena Duces Tecum (SDT)?
- Who is/are allowed to approve/issue it?
- Who in particular is/are required to be SDTed?
- Should it be feared? Ignored?
- What are the best ways to overcome it?
- What are its scope and coverage?
- What are your rights and privileges under the SDT proceedings?
- How to use it to your advantages?
- How to properly handle it?
EXPECTED OUTCOMES
1. To be able to understand the legal and regulatory requirements that cover/govern the eLA/LN/SDT
2. To be able to examine and evaluate their disadvantages and advantages
3. To be able to harness and use their powers, disadvantages and advantages to your benefits
4. To be able to protect/promote the rights and privileges of a taxpayer
5. To be able to extinguish without the unnecessary hindrance and unwanted expenses the obligations that they created
6. To be able to read and comprehend their content and context
7. To be able to identify and determine the crimes that are being deliberately employed by BIR officials
8. To be able to develop a tax audit planning, technique or strategy that would deprive BIR officials to harass and oppress you
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Consulting
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Unit
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eLetter of Authority
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3
|
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Letter Notice
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3
|
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Subpoena Duces Tecum
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3
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CERTIFICATE OF SPECIAL TRAINING LEVEL 101 (Understanding Tax Accounting as well as eLetter of Authority, Letter Notice and Subpoena Duces Tecum) with 18 credit hours shall be issued to those who successfully completed the 2 courses.
For the training/investment/enrollment fee and the place, time and date of the above courses, feel free to call Manila Office
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437 4027
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921 6107
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440 4816
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330 2874
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439 3918
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425 9225
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0998 979 3922
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0922 801 0922
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VISIT/LIKE.. KATAXPAYER FACEBOOK
EMELINO T MAESTRO
FATHER OF TAX ACCOUNTING
TAX GURU
Tuesday, 3 December 2013
RR 18-2013... A pain in the taxpayer's neck (New Rules in Assessing a Tax)
New BIR Rules on Issuing and Protesting Assessments
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
"Small and simple crime that is habitually performed nationwide is the biggest crime of all."
Here are the gists of RR 18-2013
1. Notice for Informal Conference (NIC) was removed. Thus, you shall no longer receive such Notice from the Revenue District Officer
2. After an eLetter of Authority is served, expect that a Preliminary Assessment Notice (PAN) shall be prepared and served.
3. The PAN shall state the fact and the laws from which the deficiency tax assessment is derived. Otherwise, the such assessment is to be considered 'Void'
4. A protest should be made within 15 days from receipt of the PAN otherwise a FLD/FAN shall be prepared and issued.
5. The protest may either be a request for reconsideration or reinvestigation which you must clearly stated in the body of the protest.
6. Although a protest against PAN is lodged on time, still FLD/FAN shall be prepared and issued which will give you a thirty day period to protest it (again?)..{ETM recommends that instead of filing a protest against PAN, a request for extension to file such protest must be prepared and submitted in order to buy time}
7. Failure to dispute all allegations in the said assessment, the amounts shown therein shall become final and collectible.
8. Failure to supply the facts and the laws from which the protest is derived, the amounts shown in such assessment shall become final and collectible
9. Failure to dispute some issues in the said assessment, the amounts pertaining to undisputed issues shall become final and collectible.
10. Failure to submit all relevant records in support of the protest shall make the amount due thereon to become final and collectible.
11. Commissioner shall not accept a request for reinvestigation but only request for reconsideration
On December 23, 2013 at La Salle Campus, RCBC Plaza, Makati City, a open forum on how to deal with this new rule shall be held... ALL ETM STUDENTS, CLIENTS AND FRIENDS ARE INVITED TO ATTEND. Registration and payment of P1,120.00 investment fee shall be on or before December 17, 2013. The room shall accommodate 64 pax. Bring your own snack, pencil and paper. Be informed, be punctual. Starts at 2pm and ends at 5pm
For details, please call
Dhen 0922 801 0922,
Sonia 439 3918,
Juliet 921 6107
Eric 0998 979 3922
Email Katax at kataxpayer@gmail.com
by Emelino T Maestro, Father of Tax Accounting, Tax Guru
"Small and simple crime that is habitually performed nationwide is the biggest crime of all."
Here are the gists of RR 18-2013
1. Notice for Informal Conference (NIC) was removed. Thus, you shall no longer receive such Notice from the Revenue District Officer
2. After an eLetter of Authority is served, expect that a Preliminary Assessment Notice (PAN) shall be prepared and served.
3. The PAN shall state the fact and the laws from which the deficiency tax assessment is derived. Otherwise, the such assessment is to be considered 'Void'
4. A protest should be made within 15 days from receipt of the PAN otherwise a FLD/FAN shall be prepared and issued.
5. The protest may either be a request for reconsideration or reinvestigation which you must clearly stated in the body of the protest.
6. Although a protest against PAN is lodged on time, still FLD/FAN shall be prepared and issued which will give you a thirty day period to protest it (again?)..{ETM recommends that instead of filing a protest against PAN, a request for extension to file such protest must be prepared and submitted in order to buy time}
7. Failure to dispute all allegations in the said assessment, the amounts shown therein shall become final and collectible.
8. Failure to supply the facts and the laws from which the protest is derived, the amounts shown in such assessment shall become final and collectible
9. Failure to dispute some issues in the said assessment, the amounts pertaining to undisputed issues shall become final and collectible.
10. Failure to submit all relevant records in support of the protest shall make the amount due thereon to become final and collectible.
11. Commissioner shall not accept a request for reinvestigation but only request for reconsideration
On December 23, 2013 at La Salle Campus, RCBC Plaza, Makati City, a open forum on how to deal with this new rule shall be held... ALL ETM STUDENTS, CLIENTS AND FRIENDS ARE INVITED TO ATTEND. Registration and payment of P1,120.00 investment fee shall be on or before December 17, 2013. The room shall accommodate 64 pax. Bring your own snack, pencil and paper. Be informed, be punctual. Starts at 2pm and ends at 5pm
For details, please call
Dhen 0922 801 0922,
Sonia 439 3918,
Juliet 921 6107
Eric 0998 979 3922
Email Katax at kataxpayer@gmail.com
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