Accounting, Audit and Tax Matters

[r3roble]

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sad to say until now the final regulation for the implementation of RA 9504 has not yet come out...
maybe the law was hastily passed and they didn't expect the various negative impact it would cause upon implementing it... anyways, since many of us are still waiting, we were just contented with applying the provisions of the draft regulation that BIR people thinks as final ones, and try to shy away (for the moment) for those gray areas...

anyways, saddened with this news, i would like to share to you an article shared by Mr. Ganhinhin of P&A entitled "Deductibility of losses due to a typhoon". we know the vast losses that typhoon frank leave in it's tracks. so to those accounting people out there, kindly access the link to be able to know how losses due to typhoon will be treated and does BIR allows it.

Punongbayan & Araullo - Deductibility of lossess due to a typhoon

[r3roble]

Authorized signatories for LAs, TVNs

For purposes of issuing letters of authority (LAs) and tax verification notices (TVNs) for audit/verification of 2007 tax returns prescribed under Revenue Memorandum Order (RMO) 20-2008, the following are designated signatories with respect to regional assessment cases:

1. For LAs on 2007 income and business tax returns, and mandatory cases = Regional Director

2. For TVNs on 2007 income and business tax returns, and mandatory cases = Revenue District Officers

Mandatory cases include claims for issuance of tax credit or refund, estate tax returns, taxpayers retiring from business, taxpayers undergoing merger, consolidation, split-up, spin-off and other types of corporate reorganizations, protested cases, and taxpayers that transferred their principal place of business in taxable year 2007.

Under RMO 21-2008, the regional director may recommend the revocation of the authority of the revenue district officer to issue TVNs upon written recommendation and approval of the Commissioner of Internal Revenue, through the Deputy Commissioner-Operations Group.

(Source: Punongbayan & Araullo)

[r3roble]

I would like to share with you another article courtesy of P&A regarding RA 9504 (the law which increased the personal exemption and exemption of Minimum Wage Earners from tax). kindly click the link below:

Punongbayan & Araullo - Is BIR killing the spirit of RA 9504? (Part II)

[r3roble]

do you know that whenever you change employer, update your status and add dependents, you need to go to BIR and file BIR form 2305?

[maiagabrielle]

yup but the HR department should take care of that for you, you just need to fill in the blanks

[xyberblue]

do you know that whenever you change employer, update your status and add dependents, you need to go to BIR and file BIR form 2305?

I think it's the Admin's/HR's job to do that except for the contractuals.

[r3roble]

yes.. HR can process it for you... just fill up 2305 and attached required docs..
for change of employer attached certificate of employment, for change in status attached marriage certificate and for additional dependents attached the dependent's birth certificate..

however, you can also process this yourself and you might be surprise with your records at BIR...he he.

[rishee]

wala na lagi me WTX last time.. nganu man?

[r3roble]

wala na lagi me WTX last time.. nganu man?

sis, that's because of RA 9504... where nidako ang ato personal exemption so eventually mogamay ang tax or if you are a minimum wage earner (MWE) wala na jud ka tax... the sad part is the implementing rules and regulations (IRR) for RA 9504 has not yet released until now..

[rishee]

sis, that's because of RA 9504... where nidako ang ato personal exemption so eventually mogamay ang tax or if you are a minimum wage earner (MWE) wala na jud ka tax... the sad part is the implementing rules and regulations (IRR) for RA 9504 has not yet released until now..

a ok. thank you. nice to know.. dako jud difference nga walay tax... thanks P GMA!!