Navigating BIR Tax Compliance: A Guide for Small Business Owners
As a small business owner, you may have a lot on your plate. From managing employees to keeping up with customer demands, there are a lot of things that need your attention. But one of the most important things that you need to keep in…
Expert Tips for Staying Up-to-Date with BIR Tax Laws and Compliance
Staying up-to-date with the latest Bureau of Internal Revenue (BIR) tax laws and compliance requirements can be a daunting task for any business owner or professional. However, with a little bit of knowledge and effort, you can easily navigate the complex world of BIR regulations…
How to Keep a Daily Record of your Business Transactions
Keeping a daily record of your business transactions is an important aspect of managing a successful business. Not only does it help you keep track of your income and expenses but it also helps you make informed decisions about the future of your business. If…
Five (5) Tax Compliance Hacks for Start-ups After Business Registration
Starting a new business is a big undertaking, and it’s important to ensure that you have all your ducks in a row when it comes to tax compliance. Failing to properly handle your taxes can lead to significant fines and penalties, and it can even…
What are the De Minimis Benefits Allowed Under the TRAIN Law?
‘De minimis benefits’ is a term every employee would love to hear from their employer. If you are an employee receiving supplemental compensation, you must be very happy because that is tax-free. Meanwhile, employers can consider this as part of the company’s salaries and wages,…
Tips on How to Manage Company’s Payroll in Compliance to Government Regulations
Business owners must follow the different labor laws implemented in our country. The Department of Labor and Employment (DOLE) implements laws promoting employees’ welfare. At the same time, the Bureau of Internal Revenue (BIR) enforces our tax laws on compensation income. It is essential to…
Who are required to issue Electronic Receipts or Commercial Invoices?
Do you know that you only issue or ask for a BIR-registered receipt or sales invoice for transactions involving P100.00 or more? Thus, for your next sales transaction, ensure that you give or get the receipt or invoice accordingly. As a registered taxpayer, you must…
Can a Foreigner Register a One-Person Corporation (OPC) in the Philippines?
Many Filipinos believe foreigners cannot own properties or establish a business unless married to a Filipino citizen. In reality, however, foreigners are permitted by law to buy properties or manage a business in the Philippines. Unlike Filipino business owners, foreigners have more documents to process…
Why Businesses Should Outsource their Accounting and Tax
Many small businesses and start-ups struggle when it comes to managing the financial aspect of their business. Most of them end up with inaccurate financial reports, erroneous budget projections, and tax compliance penalties. While managers concentrate more on growing their business, they shouldn’t neglect this…
Tips on How to Grow your Business in the New Normal
Small and Medium Enterprises (SMEs) are among the most vulnerable sectors greatly impacted by the COVID-19 pandemic. Like any other business, many SMEs were forced to reduce business operations due to the limited movement of people because of the lockdowns. In a positive light,…
