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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). ....
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. ....