Quick Answer The BIR is currently reviewing its audit procedures and the issuance of Letters of Authority (LOAs). Once audits resume, the system is expected to rely more on digital…
Is Your Industry on the BIR Watchlist? Possibly, mainly if your business operates in a high-risk or data-visible industry. As the Bureau of Internal Revenue (BIR) strengthens its use of third-party data, digital reporting,…
Does the BIR’s Digital Transformation Make Audits Stricter? Yes, but more accurately, it makes audits smarter, faster, and more data-driven. With the Bureau of Internal Revenue (BIR) moving away from manual reviews…
Are Audits Only for Compliance? Most business owners view audits as something they have to do for the BIR, the SEC, a bank loan, or investor requirements. But when you step…
Understanding Your Options Under the TRAIN Law Under the TRAIN Law, you can choose between: 1. Graduated Income Tax (with Optional Standard Deduction or Itemized Deductions) 2. 8% Flat Income…
1. Incomplete or Unsupported Expenses This is one of the most common findings among SMEs. Even legitimate business expenses can be disallowed if supporting documents are missing or incorrect. Typical Issues Missing…
What Is the Estate Tax Amnesty? The estate tax amnesty allows heirs and beneficiaries to settle unpaid estate taxes at a significantly reduced cost. It removes civil penalties and interest, making it easier…
What Is an External Audit? An external audit is a yearly review of your financial statements by an independent CPA. The goal is to check whether your books are accurate, complete, and fairly presented. …
Why Choosing the Right External Auditor Matters Selecting an external auditor is more than a compliance task it’s a business decision that affects how regulators, banks, and investors perceive your company. The right audit…
Why SMEs Need a 30-Day Audit Preparation Plan Many SMEs in the Philippines only begin preparing once audit season starts — usually in Q1 or a few weeks before the…