We have always been fascinated by the effort and the courage of the small and medium business owners, but is frustrated to learn that they had hard times dealing with their books of accounts and BIR compliance. For tax purposes, simple things may mean a lot and may become a material issue or headache. Thus, this seminar-workshop is intended to educate participants in basic BIR compliance so they could either do it themselves or supervise the work of their retainer-paid CPA-bookkeeper.

Outline:

1. Fully understand when VAT, when non-VAT;
2. Proper substantiation of income and expenses
3. Proper treatment of input taxes on purchases;
4. Minimum tax types for non-VAT;
5. BIR allowed books of accounts; and,
6. Comprehensive illustration

• a.Recording on books of accounts;

i.Cash receipts books

ii.Cash disbursements books

iii.General journal

iv.General ledger

• b.Preparing and filing VAT registered BIR returns;

i.Annual Registration (BIR Form No. 0605)

ii.Application for registration (BIR Form No. 1903 – Corp.)

iii.Documentary stamp tax return (BIR Form No. 2000)

iv.Expanded Withholding taxes (BIR Form 1601-E)

v.Final Withholding taxes (BIR Form 1601-F)

vi.Withholding tax on compensation (BIR Form 1601-C)

vii.Certification of taxes withheld on compensation (BIR Form No. 2316)

viii.Creditable withholding tax certificate (BIR Form No. 2307)

ix.Quarterly income tax returns (BIR Form 1702Q)

• c.Preparing financial statements

• d.Closing books of accounts