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Sunday, December 31, 2017

Welcome to WBBBB Accounting & Management Services

Hi to All!

Welcome to our WBBBB Accounting and Management Services (WBBBB AMS).

We offer the ff. services at affordable & reasonable fees to Micro-Small-Medium Entities (MSMEs):

1. Accounting / Bookkeeping
    a. Accounting & Bookkeeping of business transactions
    b. Set-up of Accounting System  
    c. Draft of Policies & Procedures Manuals (PPMs)
    d. Design of accounting forms

2. BIR Registration Consulting & Advisory
    a. Business Tax - is it VAT or is it Percentage
    b. Required Books Of Accounts a Taxpayer must register
    c. What is the Line of Business of your company
    d. Tax Type to be included in your Certificate Of Registration (COR)
    e. What are the Tax Returns/BIR requirements a Taxpayer 
          must file/pay on a monthly, quarterly and annual basis.

3. BIR Compliance based on COR/2303: 
   a. Preparation and e-filing of eFPS / eBirforms Tax Returns
         - WHT: 1601C, 1601E, 
         - Percentage or VAT : 2551M, 2550M, 2550Q, 
         - Quarterly ITR: 1701Q, 1702Q 
   b. Preparation of annual requirements:
         - 1604CF & Alphalist, 
         - 1604E & Alphalist, 
         - Annual registration 0605

4. Government Statutory Reporting : 
       - Online or USB SSS R3 & SSS Loans preparation & posting
       - Preparation of PHIC SPA & online PHIC payment posting 
       - Preparation of HDMF/Pag-ibig MCRF & Loans Templates

5. Preparation of Annual Audited Financial Statements and 
        Annual Income Tax Return (AITR 1701 / 1702)

6. Preparation of General Information Sheet (GIS)

7. Payroll Services: 
    - Payroll Computation, 
    - Timekeeping and DTR Summarization

8. Tax Advisory & Consulting Services : 
     - eLA, LN, Subpoena Duces Tecum, etc

9. Business Registration: 
    - SEC/DTI, 
    - Local City Business Permit 
    - BIR, SSS, PHIC, HDMF

10. Tutorials and Training Services


For your inquiries, you may contact us to the details below:

Cellphone:
0917 841 4250 (globe)
0925 789 2228 (sun)
0920 597 5237 (smart)

eMail:
wbbbb.ams@gmail.com

Landline: 
434 7179 
430 4698


Regards and God Bless to All!

Monday, October 3, 2016

Who are the responsible officials in the government offices charged with the duty to deduct, withhold and remit withholding taxes?


17) Who are the responsible officials in the government offices charged with the duty to deduct, withhold and remit withholding taxes?
The following officials are duty bound to deduct, withhold and remit taxes:
a) For Office of the Provincial Government-province- the Chief Accountant, Provincial Treasurer and the Governor;
b) For Office of the City Government-cities- the Chief Accountant, City Treasurer and the City Mayor;
c) For Office of the Municipal Government-municipalities- the Chief Accountant, Municipal Treasurer and the Mayor;
d) Office of the Barangay-Barangay Treasurer and Barangay Captain
e) For NGAs, GOCCs and other Government Offices, the Chief Accountant and the Head of Office or the Official holding the highest position.

Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013


Saturday, October 1, 2016

What are the obligations of Top 5,000 Individual Taxpayers?


16) What are the obligations of Top 5,000 Individual Taxpayers?
a) In addition to the obligations of a withholding agent, Top 5,000 Individual Taxpayers shall withhold the one percent (1%) creditable expanded withholding on the purchase of goods and two percent (2%) on the purchase of services (other than those covered by other withholding tax rates) from local suppliers where it regularly makes purchases. However, casual purchase of goods shall not be subject to withholding tax unless the amount of purchase at any one time involves P10,000 or more, in which case, it shall then be required to withhold the tax. The same rule apply to local/resident supplier of services other than those covered by separate rates of withholding tax. Provided, however, that for purchases involving agricultural products in their original state, the tax required to be withheld shall only apply to purchases in excess of the cumulative amount of P300,000 within the same taxable year. For this purpose, agricultural products in their original state shall only include corn, coconut, copra, palay, rice cassava, sugar cane, coffee, fruits, vegetables, marine food products, poultry and livestocks.
b) Taxes withheld shall be remitted under BIR Form 1601-E on a monthly basis thru the Electronic Filing and Payment System (EFPS) facility within the prescribed period.
c) Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307) shall be issued to the payees within twenty (20) days following the close of such payees’ taxable quarter or upon demand of the payees;
d) A list of regular supplier of goods and/or services shall be submitted on a semestral basis through e-submission facility or as an attachment under Electronic Filing and Payment System (EFPS). Deadline for submission of the list is not later than July 31 and January 31 of each year. However, initial list of regular suppliers should be submitted within fifteen (15) days from actual receipt hereof.
Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013



Thursday, September 29, 2016

Who are considered TOP 5,000 Individual Taxpayers?


15) Who are considered TOP 5,000 Individual Taxpayers?
Top 5,000 Individual Taxpayers shall refer to individual taxpayers engaged in trade or business or exercise of profession who have been determined and notified by the Bureau of Internal Revenue (BIR) as having satisfied any of the following criteria:
a) VAT payment or payable whichever is higher, of at least P100,000 for the preceding year;
b) Annual income tax due of at least P200,000 for the preceding year;
c) Total percentage tax paid of at least P100,000 for the preceding year;
d) Gross sales of P10,000,000 and above for the preceding year;
e) Gross purchases of P5,000,000 and above for the preceding year;
f) Total excise tax payment of at least P100,000 for the preceding year.

Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013


Tuesday, September 27, 2016

What are the obligations of Top 20,000 Corporate Taxpayers?



14) What are the obligations of Top 20,000 Corporate Taxpayers?
a) In addition to the above responsibilities of a withholding agent, Top 20,000 private corporations shall withhold the one percent (1%) creditable expanded withholding tax on the purchase of goods and two percent (2%) on the purchase of services (other than those covered by other withholding tax rates) from local suppliers where it regularly makes purchases. However, casual purchase of goods shall not be subject to withholding tax unless the amount of purchase at any one time involves P10,000 or more, in which case, it shall then be required to withhold the tax. The same rule apply to local/resident supplier of services other than those covered by separate rates of withholding tax. Provided, however, that for purchases involving agricultural products in their original state, the tax required to be withheld shall only apply to purchases in excess of the cumulative amount of P300,000 within the same taxable year. For this purpose, agricultural products in their original state shall only include corn, coconut, copra, palay, rice cassava, sugar cane, coffee, fruits, vegetables, marine food products, poultry and livestocks.
b) Taxes withheld shall be remitted using BIR Form 1601-E on a monthly basis thru the use of the Electronic Filing and Payment System (EFPS) on the dates prescribed for e-filers. Filing shall be done on a staggered basis provided under RR 26-2002 and payment shall be made every 15th day following the end of the month for Jan-Nov and Jan. 20 of the following year for the month of December.
c) Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307) shall be issued to the payees within twenty (20) days following the close of such payees’ taxable quarter or upon demand of the payees;
d) A list of regular supplier of goods and/or services shall be submitted on a semestral basis through e-submission facility or as an attachment under Electronic Filing and Payment System (EFPS). Deadline for submission of the list is not later than July 31 and January 31 of each year. However, initial list of regular suppliers should be submitted within fifteen (15) days from actual receipt hereof.
Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013



Sunday, September 25, 2016

Who are considered TOP 20,000 Corporate Taxpayers?


13) Who are considered TOP 20,000 Corporate Taxpayers?
Top twenty thousand (20,000) private corporations shall include a corporate taxpayer who has been determined and notified by the Bureau of Internal Revenue (BIR) as having satisfied any of the following criteria:
a) Classified and duly notified by the Commissioner as a large taxpayer under Revenue Regulation No. 1-98, as amended, or belonging to the top five thousand (5,000) private corporations under RR 12-94, or to the top ten thousand (10,000) private corporations under RR 17-2003, unless previously de-classified as such or had already ceased business operations (automatic inclusion);
b) VAT payment or payable whichever is higher, of at least P100,000 for the preceding year;
c) Annual income tax due of at least P200,000 for the preceding year;
d) Total percentage tax paid of at least P100,000 for the preceding year;
e) Gross sales of P10,000,000 and above for the preceding year;
f) Gross purchases of P5,000,000 and above for the preceding year;
g) Total excise tax payment of at least P100,000 for the preceding year.
Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013



Friday, September 23, 2016

What are the duties and obligations of the withholding agent?


12) What are the duties and obligations of the withholding agent?
The following are the duties and obligations of the withholding agent:
a) To Register - withholding agent is required to register within ten (10) days after acquiring such status with the Revenue District office having jurisdiction over the place where the business is located
b) To Deduct and Withhold - withholding agent is required to deduct tax from all money payments subject to withholding tax
c) To Remit the Tax Withheld - withholding agent is required to remit tax withheld at the time prescribed by law and regulations
d) To File Annual Return - withholding agent is required to file the corresponding Annual Information Return at the time prescribed by law and regulations
e) To Issue Withholding Tax Certificates - withholding agent shall furnish Withholding Tax Certificates to recipient of income payments subject to withholding

Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013



Wednesday, September 21, 2016

Who is a withholding agent?



11) Who is a withholding agent?
A withholding agent is any person or entity who is required to deduct and remit the taxes withheld to the government.

Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013

Monday, September 19, 2016

Aside from the required withholding of income tax by government agencies and instrumentalities on their payments to their suppliers of goods and services, what other tax types must be withheld by them


10) Aside from the required withholding of income tax by government agencies and instrumentalities on their payments to their suppliers of goods and services, what other tax types must be withheld by them.
a) Value Added Tax – on all income payments subject to VAT
b) Percentage Tax – on all payments subject to percentage tax such as payments to the following:
- Any person engaged in business whose gross sales or receipts do not exceed P1,919,500 (RR 3-2012) and who are not VAT-registered persons. (Persons exempt from VAT under Sec. 109V of the Tax Code)
- Domestic carriers and keepers of garages, except owners of bancas and owners of animal drawn two wheeled vehicle
- Operators of international carriers doing business in the Philippines.
- Franchise grantees of electric, gas or water utilities
- Franchise grantees of radio and/or television broadcasting companies whose gross annual receipts of the preceding year do not exceed Ten Million (P10,000,000.00) Pesos and did not opt to register as VAT Taxpayers
- Communication providers with regards to overseas dispatch, messages or conversation from the Philippines
- Banks and non-bank financial intermediaries and finance companies
- Life insurance companies
- Agents of foreign insurance companies
- Proprietor, lessee, or operator of cockpits, cabarets, night or day clubs, videoke/karaoke bars, karaoke television, karaoke boxes, music lounges and other similar establishments, boxing exhibitions, professional basketball games, jai-alai and race tracks
- Winners in horse races or owner of winning race horses
- Every stock broker who effected a sale, barter, exchange or other disposition of shares of stock listed and traded through the Local Stock Exchange (LSE) other than the sale by a dealer in securities
- A corporate issuer/stock broker, whether domestic or foreign, engaged in the sale, barter, exchange or other disposition through Initial Public Offering (IPO) /secondary public offering of shares of stock in closely held corporations

Source : http://www.bir.gov.ph/index.php/tax-information/withholding-tax.html#wt0013