The Essentials of Income Tax and Preparation of Income Tax Return (ITR)
About the Training/Workshop
Overview
It is the duty of almost every taxpayer to file Income Tax Return (ITR) and Financial Statements (FS). We, however, should exercise caution in filing the ITR and FS since several deficient tax assessment or penalties arose from just carelessly indicating therein the incorrect amount or words or from non-compliance with the required regulations.
In addition, the BIR has the authority to audit all internal revenue taxes and the majority of the findings on deficiency taxes came from income tax. The rule on Income Tax is very complicated and involves several technicalities and thus, requires extensive study and research.
Accordingly, it is imperative to know, at least, the basic laws, rules, and regulations regularly used and applied by the BIR officials in the preparation of ITR and investigation of income tax so that a proper defense can be made in refuting their findings and avoid or minimize future income tax exposure.
Objectives
• To know the basic principles of Income Tax Laws
• To know the meaning, kinds, and requisites of Gross Income
• To learn the conditions or rules on the deductibility of Business Expense
• To know the nature, rules, and effect of Minimum Corporate Income Tax (MCIT)
• To know the nature, rules, and consequences of Improperly Accumulated Earnings Tax (IAET)
• To know the rules for filing and preparation of ITR
• To know the attachments in filing ITR
Who Should Participate
• Business Owners (Single Proprietor or Stockholders)
• Business Managers and other employees
• Accountants (Whether employee or practitioner)
• Others who want to know about Income Tax and latest BIR Issuances
Key Topics
I. Basic concepts of Income Tax
a. Definition
b. Types of Income Tax
c. Sources of Income Tax Laws
II. Types of Taxpayers
a. Individual
b. Corporation
III. Income Tax
a. Gross Income
b. Allowable Deductions
c. Conditions/Limitations for deductibility of Expenses
1. Representation Expense
2. Interest Expense
3. Taxes
4. Losses
5. Net Operating Loss Carry-Over (NOLCO)
6. Bad Debts Expense
7. Depreciation Expense
8. Pension Contributions
9. Donations
10. Research and Development Expense
d. Optional Standard Deductions
IV. MCIT
a. When a corporation becomes subject to MCIT
b. Computation of MCIT
c. MCIT vs RCIT
d. Corporations subject to MCIT
e. Corporations exempt from MCIT
V. IAET
a. Nature
b. A Corporation subject to IAET
c. Reasonable needs of Business
d. Computation of IAET
VI. Rules on Filing ITR
a. EFPS and eBIR Forms
b. Classes of ITR
c. Time of Filing
d. Place of Filing
e. Penalties for Late Filing and Payment
VII. General Instructions in filling up ITR/Walk-through in filling up ITR (1702)
VIII. List of Attachments to the ITR
a. Enumeration of the attachments
b. Explanation of each attachment
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TIME: 9:00 AM to 4:00 PM
VENUE: Unit 2 2/F Intellect Bldg. MacArthur Highway, Brgy. San Sebastian, Tarlac City, Tarlac
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