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Year End Tax Reminders and Compliance
NIKKOLAI CANCERAN

Part 1: General Approach and Strategies in Tax Planning
• Timing of income and deduction
• Characterization and/or conversion of income
• Shifting of income and allocation of deduction
• Selecting the appropriate accounting method
• Use of excess tax credits
Specific Year End Tax Planning Options and Strategies
• Avoidin
g the improperly accumulated earning
• Getting relief from Minimum Corporate Income Tax
• Net Operating Loss Carry Over
• Option of Income Tax Carry Over or Income Tax Payment
• Tax Abatement
• Inventory at the End
Avoiding Improperly accumulated earnings Tax
• Imposition of Improperly Accumulated Earnings Tax
• Tax on Corporation Subject to Improperly Accumulated Earnings Tax
• Exceptions of the improperly accumulated earnings tax
• Evidence of Purpose to Avoid Income Tax and Evidence Determinative of Purpose
Relief from minimum corporate income tax
• Minimum corporate income tax on domestic corporation
• Imposition of Tax
• Carry Forward of Excess Minimum Tax

  • NIKKOLAI CANCERAN (Manager , Tax Advisory & Compliance Division. at P&A GRANT THORNTON)

    NIKKOLAI CANCERAN

    Manager , Tax Advisory & Compliance Division. at P&A GRANT THORNTON
Year End Tax Reminders and Compliance
NIKKOLAI CANCERAN

Part 2: Year End Strategies on Net Operating Loss Carry Over
• Net operating loss carry over (NOLCO)
• Optimized Tax Deduction
• Determination of the amount of optional standard deduction for corporations
• Determination of the optional standard deduction for general professional partnership (GPPs) and partners of GPPs
Implications of the optional standard deduction
• Itemized Deduction
• Maximized Deductible Expenses Allocation of Expenses
• Items not deductable
• Requirements for Deductibility
• Expenses in general
Requisites for valid deduction of bad debts from gross income
• Methods of treating research and development
• Currently deductible as ordinary and necessary expense
• Valuation of deductible contributions
• Treatment as deferred expenses
Tax Strategies of Fringe Benefits
• Special Treatment of Fringe Benefit
• Fringe benefit

  • NIKKOLAI CANCERAN (Manager , Tax Advisory & Compliance Division. at P&A GRANT THORNTON)

    NIKKOLAI CANCERAN

    Manager , Tax Advisory & Compliance Division. at P&A GRANT THORNTON
Lunch break
Year End Tax Reminders and Compliance
NIKKOLAI CANCERAN

Part 3 – Latest Tax Issuances
Revenue Regulations No. 1-2010
• Expanding the Coverage of Taxpayers Required to File Returns and Pay taxes Through the Electronic Filing and Payment System (EFPS) of the Bureau of Internal Revenue
Revenue Regulations No. 3-2010
• Submission of the Statement of Management Reponsibilit

Part 4
Revenue Memorandum Order No. 45-2010
• Revised guidelines in the requests for the production of the books of accounts and/or other records and documents and in the issuance of Subpoena Duces Tecum for failure of taxpayers to comply w/ the requests.
Revenue Regulation No. 13-2010
• Late/out-of-District Filing of Tax Returns
Revenue Regulation No. 16-2010
• Guidelines Rules & Porcedures in the Filing Confidential Information & the Investigation of Cases Arising Therefrom
Revenue Regulation No. 17-2010
• An Act Authorizing the Commissioner of Internal Revenue to Prescribe the Place for Payment of Internal Revenue Taxes by Large Taxpayers and Prescribing the Coverage and Criteria for determining Large Taxpayers
Revenue Memorandum Circular No. 39-2012
• Withholding of Income tax on Back wages, Allowances, and Benefits Received by Employees through Garnishments of Debts or Credits Pursuant to a Labor Dispute Award
Revenue Regulation No. 12-2012
• Deductibility of Depreciation Expense as it Relation to Purchase of Vehicles and other Expenses Related Thereto, and Input taxes Allowed
Revenue Regulation No. 13-2012
• VAT treatment on Sale of Adjacent Residential Lots, House and Lots or otherResidencial Dwelling, thereby Amending Certain Provisions of RR No. 16-2005, as amended, Otherwise Known as Consolidated VAT Regulation of 2005
Revenue Regulation No. 14-2012
• Proper tax Treatment of Interest Income Earnings on Financial Instruments and other Related Transactions

  • NIKKOLAI CANCERAN (Manager , Tax Advisory & Compliance Division. at P&A GRANT THORNTON)

    NIKKOLAI CANCERAN

    Manager , Tax Advisory & Compliance Division. at P&A GRANT THORNTON