Know your taxes: 2550M

Know your taxes: 2550M

For Accountants
Who should file 2550M? If you’re a VAT-registered business or a business required to register as a VAT payer, you should file for 2550M. When is the deadline for 2550M? 2550M must be filed and paid for not later than the 20th day of the following month for eBIR and for eFPS. However, for some groups, eFPS may be paid for until the 25th. What happens if the 20th falls on a weekend or a holiday? BIR usually moves the deadline to the next working day. Where do I file? 2550M may be filed via eBIR and EFPS. For eBIR filing, you file online then may choose to pay via:Authorized Agent Bank (AAB)GCashOnline paymentAuthorized Municipal or City TreasurerNote that the AAB depends on your location. For a full list of…
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Here’s Why You Shouldn’t Relax After the Tax Season

Here’s Why You Shouldn’t Relax After the Tax Season

For Accountants
When the tax season ends, it’s normal for us to take a chill pill until the next season is about to begin. We are in no way against this practice, but have you noticed how this affects us every year because this cycle doesn’t seem to be broken? We work overtime as the busy season starts picking up until we’re able to submit all the required reports. Then we lean back until the next tax season and undergo the same stress and hectic schedule. How do you end the cycle? Here are two tips from the experts: Put the previous tax season in retrospect. Identify the great things and bad ones. Which aspects were executed with ease? Which ones need improvement? Be realistic and honest. If your staff has to…
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