FD Lopez Accounting Office

📢 SEC ADOPTS NEW PHILIPPINE FINANCIAL REPORTING STANDARDS (PFRSs) AND PIC Q&As

The Securities and Exchange Commission (SEC) has issued SEC Memorandum Circular No. 22, Series of 2026, adopting the latest Philippine Financial Reporting Standards (PFRSs) and Philippine Interpretations Committee (PIC) Questions and Answers as part of the Commission's financial reporting rules.

The circular includes significant updates such as:
✔️ PFRS 18 – Presentation and Disclosures of Financial Statements
✔️ PFRS 19 – Subsidiaries without Public Accountability: Disclosures
✔️ IFRS S1 & IFRS S2 – Sustainability and Climate-related Financial Disclosures
✔️ Amendments to PFRS 9, PFRS 7, and PFRS 17
✔️ New and updated PIC Q&As
✔️ Annual Improvements to PFRS Accounting Standards

These pronouncements are expected to enhance the quality, transparency, and comparability of financial reporting in the Philippines.

📌 Companies, accountants, auditors, and finance professionals are encouraged to review these updates and assess their impact on financial reporting and compliance.

For guidance on the application of these standards and their implications on your financial statements, feel free to contact our team.

🗓️ July 2026 BIR Tax Deadlines 📝

Don't wait until the last minute! Mark your calendars and ensure all required tax returns are filed on time to avoid surcharges and penalties.

📢 Good news for qualified Micro Taxpayers!

The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 4-2026, providing a one-time opportunity to settle delinquent taxes, assessments, and open stop-filer cases through the availment of tax and/or penalty abatement.

✅ Who May Avail?

Micro taxpayers with annual gross sales of less than ₱3,000,000, including those who have already ceased business operations.

✅ Cases Covered

✔ Delinquent Accounts
✔ Tax Assessments (Preliminary or Final, Disputed or Not)
✔ Open Stop-Filer Cases
✔ Certain pending administrative, judicial, and collection cases, subject to the conditions of the Regulations

✅ Threshold

The total basic tax liabilities and/or penalties covered must not exceed ₱80,000 per taxable year.

💰 Abatement Fee

A non-refundable fee of ₱5,000 shall be paid upon acceptance of the application. If the application is denied, the amount shall be applied as partial payment of the taxes or penalties involved.

📅 Availment Period

Applications may be filed until December 31, 2026.

📌 How to Apply

1. File an Application for Abatement with the Revenue District Office (RDO) having jurisdiction over the taxpayer.
2. Indicate the applicable tax types and basic amount due.
3. Pay the ₱5,000 abatement fee using BIR Form 0605.
4. Submit proof of payment within five (5) working days.
5. Receive the Certificate of Availment from the RDO.

⚠ Important Reminder

Failure to comply with the documentary and payment requirements may result in the denial or voidance of the application.

For assistance in determining your eligibility and preparing your application, feel free to contact our office.

📢 TAX ALERT | BIR EXTENDS TAX FILING DEADLINES FOR EARTHQUAKE-AFFECTED TAXPAYERS

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 62-2026 extending the filing, payment, and submission deadlines for taxpayers affected by the recent earthquake in South Central Mindanao.

✅ Covered Areas:
• RDO No. 110 – General Santos City & Sarangani
• RDO No. 111 – South Cotabato

New Deadline:
Most tax returns, remittances, attachments, and submissions originally due from June 8 to June 29, 2026 are now extended until June 30, 2026.

✔ No penalties, surcharges, or interest shall be imposed, provided compliance is made within the extended period.

If your business is covered by the affected Revenue District Offices, we encourage you to review your filing obligations and take advantage of the extension.

For guidance and compliance assistance, feel free to contact our team.



Source: Revenue Memorandum Circular No. 62-2026.

🎉 Hurray! Congratulations, GIA F. GERMAN, CPA🎉

We are incredibly proud to celebrate your success in passing the CPA Licensure Examination. From being an intern in our firm to becoming a Certified Public Accountant, your journey reflects hard work, dedication, and perseverance.

Wishing you continued success as you begin this exciting new chapter in your professional career.

Welcome to the profession, Gia German ! 💙

📢 BUSINESS OWNERS & TAXPAYERS — TAKE NOTE!

The Bureau of Internal Revenue has issued BIR RMC No. 47-2026 simplifying the procedures for the closure and cancellation of business registration.

✔ Simplified documentary requirements
✔ Streamlined processing procedures
✔ Faster cancellation of registration
✔ Applicable to individuals, corporations, online sellers, and other registered taxpayers

⚠ Reminder: Failure to formally close your business registration with the BIR may result in continued tax obligations, penalties, and filing requirements.

Make sure to properly process your business closure to avoid future compliance issues.

📢 𝗔𝗧𝗧𝗘𝗡𝗧𝗜𝗢𝗡 𝗧𝗔𝗫𝗣𝗔𝗬𝗘𝗥𝗦!

The Bureau of Internal Revenue issued Revenue Memorandum Circular No. 046-2026 extending the submission period for 2025 Audited Financial Statements (AFS) and other attachments through the eAFS Facility.

🗓️ 𝗡𝗲𝘄 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲: 𝗠𝗮𝘆 𝟮𝟱, 𝟮𝟬𝟮𝟲

✅ Applicable to taxpayers who:
• Experienced eAFS system-related issues on or before May 15, 2026
• Submitted via official BIR email but did not receive acknowledgment receipt

📌 Taxpayers who successfully submitted through the prescribed contingency email procedure and received acknowledgment from the concerned office are already considered compliant. No re-submission through eAFS is required.

⚠️ Please note:
This extension applies only to the submission of AFS and attachments through the eAFS facility and does not extend the deadline for filing the Annual Income Tax Return.

For guidance and compliance, kindly coordinate with your concerned RDO or visit the BIR website.

🚨 𝗕𝗜𝗥 𝗨𝗣𝗗𝗔𝗧𝗘 | RMO No. 011-2026

The Bureau of Internal Revenue has increased the collection threshold for delinquent tax accounts from ₱20,000 to ₱80,000 effective immediately.

📌 What does this mean?

✅ The BIR may no longer prioritize aggressive collection enforcement for small delinquent accounts below ₱80,000.

✅ The new threshold may serve as the basis for possible administrative write-off of certain old tax accounts, subject to existing laws and procedures.

⚠️ Important Reminder:
This does NOT automatically cancel or forgive unpaid taxes. Tax liabilities may still legally exist unless formally written off by the BIR.

💡 Purpose of the update:
To help the BIR focus collection efforts on accounts that are more practical and economical to pursue.

📅 Effective Date:
May 12, 2026

📢 TAX ADVISORY | eBIRForms Email Confirmation Delay

Taxpayers are advised that delays or non-receipt of system-generated email confirmations from eBIRForms may be caused by:

✔️ Full or inactive email inbox
✔️ Emails redirected to Spam/Junk folders
✔️ Company firewall restrictions blocking BIR emails

🔔 In case you do not receive a confirmation email:

✅ Take a screenshot of the “Submit Successful” pop-up message as proof of filing
✅ Proceed with electronic payment through BIR ePay facilities or Authorized Agent Banks (AABs)
✅ You may also visit the nearest RDO e-lounge for assistance

📌 Always check your Spam/Junk folder and ensure that emails from [[email protected]](mailto:[email protected]) are allowed in your inbox.

Stay compliant. File and pay your taxes on time. 💼🇵🇭

🚨 ATTENTION TAXPAYERS! 🚨

The Bureau of Internal Revenue has released the NEW eBIRForms Offline Package Version 7.9.6.0! 💻

Make sure your system is up-to-date to avoid filing issues.

Here are the major updates you need to know about:

📅 DEADLINE EXTENSION: Great news for Micro and Small Taxpayers! The deadline for filing the 2025 Annual Income Tax Return (AITR) using the new BIR Form 1701-MS has been extended from April 15 to May 15, 2026.

📝 NEW FORM ADDED: The package now includes BIR Form No. 1701-MS (August 2024 version).

🔢 EXPANDED TIN BRANCH CODE: The TIN Branch Code field has been expanded from three (3) to five (5) digits across all tax returns.

🆕 NEW ATCs: New Alphanumeric Tax Codes added for BIR Form No. 1601-EQ (specifically for income payments by top withholding agents to manufacturers/importers of motor vehicles, medicines, and fuels).

📈 RATE INCREASE: Tax rate updated to 20% for Form 1602Qv2018 (Schedule 1: Foreign Currency Deposit).

🛠️ SYSTEM UPGRADES: Enjoy improved submission security and comprehensive bug fixes for various forms (including 0619E, 1601FQ, 1604F, and more).

⚠️ VERY IMPORTANT REMINDER:
Before installing or updating, BACK UP your current eBIRForms application and data files to avoid accidental data loss. Once updated, previous data may no longer be recoverable if not properly saved.

⬇️ DOWNLOAD IT NOW:
Get the official updated package directly from the BIR Website at 🌐 www.bir.gov.ph