unit 12 session 3
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UNIT 12
TAXATIONTAXATIONSession 3Session 3
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Topics
Review of Last session
Test of baseline knowledgeTransactions with the BIR
Advising Clients
Calculating liabilities
ConfidentialityGo TopGo Top
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Review of Last session
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Test of baseline
knowledge
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Go TopGo Top
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Bureau of Internal Revenue (BIR)Bureau of Internal Revenue (BIR)
is an attached agency ofDepartment
of Finance.
collects more than one-half of the
total revenues of the government.
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Go TopGo Top
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The Tax PractitionerThe Tax Practitioner
Applies fiscal acumen, accounting expertise and
compliance knowledge to ensure that a company's tax-
reporting systems adhere to National and localregulatory guidelines.
Typically only work a few months during a year in order
to help people file their taxes.
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Education
Bachelors degree in accounting, auditing, taxation
orbusiness management
CPA license a plus
Masters degree in taxation Classes in business, accounting or finance can be
especially useful for this job.
Continuing Taxation Training
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SkillsSkills
Tax professionals should have exceptional math skills.Tax professionals should have exceptional math skills.
They should also be proficient in computeruse.They should also be proficient in computeruse.
Thorough knowledge of current tax laws.Thorough knowledge of current tax laws.
They must place strong emphasis on detail andThey must place strong emphasis on detail anddeadlines.deadlines.
Ability to read quickly but thoroughly is necessary forAbility to read quickly but thoroughly is necessary for
this job.this job.
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Duties
Help prepare tax returns to keep clients fromHelp prepare tax returns to keep clients from
paying unnecessary taxes.paying unnecessary taxes.
Analyze tax forms,Analyze tax forms,
Enterdata into a computer system,Enterdata into a computer system,
Performmathematical operations andPerformmathematical operations and
Submit forms to appropriate governmentSubmit forms to appropriate government
offices.offices. Helps a company conform to lawsHelps a company conform to laws andand
regulationsregulations
Ensure that employees adhere to tax rulesEnsure that employees adhere to tax rules
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Nature of WorkNature of Work
Tax professionals may work individually orbe hiredTax professionals may work individually orbe hired
by a tax preparation firm, legal office or accountant.by a tax preparation firm, legal office or accountant.
Since the tax season is between January andmidSince the tax season is between January andmid--
April, tax professionals typically are only hired
forApril, tax professionals typically are only hired
forthese few months instead of working yearthese few months instead of working year--round.round.
May have long hours, andmay be required to workMay have long hours, andmay be required to work
nights and weekends in order to get documentsnights and weekends in order to get documents
submitted in a timely fashion.submitted in a timely fashion.
Many of these professionals hold other jobs duringMany of these professionals hold other jobs during
the rest of the year.the rest of the year.
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Go TopGo Top
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Tax LiabilityTax Liability
The total monetary amount that a person or aThe total monetary amount that a person or a
corporation is legally obliged to pay to thecorporation is legally obliged to pay to the
government.government.
Also used in the context ofunpaid taxes that areAlso used in the context ofunpaid taxes that are
carried forward to the next financial year.carried forward to the next financial year.
Th
us, it can
be concl
uded
that tax liab
ility is the totalThu
s, it canb
e conclud
ed
that tax liab
ility is the totalamount of taxes payable to the taxation agencies,amount of taxes payable to the taxation agencies,
departments andbodies.departments andbodies.
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Steps in Calculating Tax LiabilitiesSteps in Calculating Tax Liabilities
Step 1: Acquire appropriate Tax Forms
Step 2: The next step is to calculate your total income for
the year. There are many points that are to beconsidered while doing so. Here's a check list that you
may follow.
Wages
Salaries
Interest received
Capital gains
Rent received
Dividend
Returns over investment
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Steps in Calculating Tax LiabilitiesSteps in Calculating Tax Liabilities
Step 3: The next step is to start the calculation of your
adjusted gross income. The adjusted gross income is
calculated by making legitimate adjustments and tax
deductions from your general gross income (a total of all
your incomes). This will give you your taxable income.
Step 4: Look for your total value of tax exemption. The
value is deducted from your income and you will receive
your taxable income.
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Confidentiality of Tax Return Information
By law, information about your tax return is strictly
confidential. This means that no one at the BIR may tell
anyone -- whether your relative, a neighbor, a reporter,
or another government employee -- anything about your
tax return or your relationship with the BIR, unless the
law allows such a disclosure.
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Tax DisclosureTax Disclosure
TaxpayersTaxpayers maymay makemake publicpublic anythinganything theythey wantwant
aboutabout theirtheir ownown taxtax mattersmatters.. ForFor example,example, youyou maymay
talktalk withwith reporters,reporters, speakspeak inin aa publicpublic forum,forum, oror eveneven
testifytestify beforebefore CongressionalCongressional committeecommittee.. TheThe BIRBIR
doesdoes notnot havehave thethe samesame freedomfreedom toto respondrespond..
TheThe lawlaw allowsallows thethe governmentgovernment toto disclosedisclose youryour taxtax
informationinformation toto anyoneanyone youyou designatedesignate.. However,However, thethe
governmentgovernment cannotcannot gogo beyondbeyond thethe termsterms ofof youryour
consentconsent.. WhenWhen aa marriedmarried couplecouple filesfiles aa jointjoint taxtax return,return, eithereither
spousespouse maymay grantgrant aa validvalid consentconsent toto disclosedisclose
informationinformation aboutabout thatthat returnreturn..
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Sources
The Fundamentals of Taxation 2009, HectorThe Fundamentals of Taxation 2009, Hector
S. De Leon & Hector M. De Leon, Jr., RexS. De Leon & Hector M. De Leon, Jr., Rex
Book Store ISBN 978Book Store ISBN 978--971971--2323--52825282--99
http://www.bir.gov.phhttp://www.bir.gov.ph
http://buzzle.comhttp://buzzle.com
http://ehow.comhttp://ehow.com
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Topics for Research
The National Internal Revenue
Code
Tax Procedure in the
Philippines
Go TopGo Top
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Required
Describe the Philippine Tax
Environment
Go TopGo Top
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