AS we swiftly approach the year-end, with just over a month remaining, accountants are deeply engaged in readying their books of accounts and essential documentation for financial and tax reporting. As a manager overseeing these intricate accounting tasks during this period, allow me to share some guidelines, reminders and critical deadlines. These are designed to ensure the timely completion of our year-end accounting and tax checklist, mitigating the risk of potential penalties with the Bureau of Internal Revenue (BIR).
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February 10, 2021 The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 17-2021 dated Jan. 26, 2021 to inform all concerned taxpayers that the deadline of filing and submission of the following returns and attachments are extended from Jan. 31, 2021 to Feb. 28, 2021:
Annual Information Return of Income Taxes Withheld on Compensation (BIR Form 1604-C) and Annual Alphabetical List of Employees/Payees from Whom Taxes Were Withheld (Alphalist) for the year 2020;
Annual Information Return of Income Payments Subjected to Final Withholding Taxes (BIR Form 1604-F) and Alphalist for the year 2020;
Quarterly Alphalist of Payees as attachments to BIR Form Nos. 1601-EQ and 1601-FQ for the fourth quarter of 2020.
By Arianne Cyril L. Mandac
Earlier this month, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 4-2021, which lays down the guidelines for the filing of tax returns and attachments, as well as the payment of the taxes due. The RMC did not, essentially, introduce any changes to the prescribed manner of filing and payment of tax returns, but it is nevertheless important to refresh ourselves on these guidelines to ensure proper compliance and avoid unnecessary penalties and inconvenience.
ELECTRONIC FILING AND PAYMENT OF TAX RETURNS
The electronic mode of filing of tax returns can either be via the eBIR Forms or the Electronic Filing and Payment System (eFPS) Facility. Several regulations were previously issued by the tax authority, which identified taxpayers for whom the filing of tax returns using these electronic filing platforms is mandatory. Nevertheless, other taxpayers may also opt to voluntarily file their tax returns electronically.