Radam, Soriano & Co. CPAs

Source: BIR FB Page

"𝗛𝗲𝗹𝗹𝗼 𝗕𝗜𝗥! 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝗯𝗮 𝗮𝗸𝗼 𝗺𝗮𝗴 𝘀𝘂𝗯𝗺𝗶𝘁 𝗻𝗴 𝗔𝘂𝗱𝗶𝘁𝗲𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀 𝘀𝗮 𝗕𝗜𝗥?"

𝗔𝗻𝗴 𝗞𝗮𝘀𝗮𝗴𝘂𝘁𝗮𝗻:

Sa ilalim ng TRAIN Law Republic Act No. 10963, Section 71, (ito ay bahagi ng batas na nag-amyenda sa Section 232 ng National Internal Revenue Code (NIRC), ang mga sumusunod na taxpayer ang pangunahing required mag-submit ng Audited Financial Statements (AFS) sa Bureau of Internal Revenue (BIR):

1. Mga Individual Taxpayers (Sole Proprietors/Professionals)

- Obligado kang magpa-audit sa isang Accredited CPA kung ang iyong gross annual sales, earnings, o receipts ay:

a. 𝗛𝗶𝗴𝗶𝘁 𝘀𝗮 ₱𝟯,𝟬𝟬𝟬,𝟬𝟬𝟬.
b. Kasama rito ang mga freelancers, online sellers, at professionals na 𝗛𝗜𝗡𝗗𝗜 𝗴𝘂𝗺𝗮𝗺𝗶𝘁 𝗻𝗴 𝗢𝗽𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 (𝗢𝗦𝗗).

2. Mga Korporasyon (Domestic at Foreign) na ang gross annual sales, earnings, o receipts ay 𝗹𝘂𝗺𝗮𝗺𝗽𝗮𝘀 𝘀𝗮 ₱𝟯,𝟬𝟬𝟬,𝟬𝟬𝟬.

Paalala sa Pag-submit:

Dapat itong i-file online sa pamamagitan ng eAFS System sa loob ng 15 araw matapos ang deadline ng pag-file ng Annual Income Tax Return.

The BIR has recently issued RMC No. 20-2026 whichs provides the following guidelines for the filing of 2025 Annual Income Tax Returns and paying corresponding taxes on or before April 15, 2026:

Filing Platforms:
Taxpayers should use the Electronic Filing and Payment System (eFPS) if mandated, or the Offline eBIRForms Package v7.9.5 for non-eFPS and "No Payment" returns. Certified Tax Software Providers (TSPs) are also authorized for specific returns.

Proof of Filing:
A Filing Reference Number (FRN) or Tax Return Receipt Confirmation (TRRC) serves as proof of filing; manual "Received" stamps are not required. eBIRForms users should keep a screenshot of the submission confirmation as additional proof.

Payment Options:
Taxes must be settled through eFPS, ePayment gateways (such as LandBank Link.Biz, UnionBank Online, or DBP PayTax), or e-wallets like Maya.

Submission of Attachments:
Required documents must be submitted electronically via the Electronic Audited Financial Statement (eAFS) system within 15 days of the filing deadline.

(From BIR website)

📝 AUDITED FS and ITR season is ongoing. Look for a SEC-registered Accounting Firm for your peace of mind.

✨ Radam, Soriano & Co. CPAs is a legitimate Audit and Accounting Firm that is being managed by CPAs who have real expertise in rendering services such as FS Audit, Tax Compliance, Bookkeeping, LOA Handling, and Consulting. We always apply due care and professionalism in dealing with clients.

Contact us now at 09338115215 or email us at [email protected] 📞

BIR Accreditation as Tax Practitioner

BIR Update:
Revenue Regulations No. 1-2026 amends Sections 3, 4, and 7 of RR No. 9-2025 to clarify filing and payment rules for VAT on local sales, provide optional VAT registration for certain Registered Business Enterprises (RBEs), extend the deadline for system reconfiguration, and exclude certain enterprises and activities from the coverage of VAT on local sales of RBEs under Section 295(D) of the NIRC of 997 (Tax Code), as Amended by Section 18 of Republic Act No. 12066.

The Securities and Exchange Commission (SEC) has released Memorandum Circular No. 9, s. 2026, stating the guidelines for the filing of Annual Financial Statements (AFS) and General Information Sheets (GIS). To ensure compliance and avoid penalties, corporations should observe the following requirements:

• Submission Deadline for AFS:
For corporations with a fiscal year ending on December 31, 2025, the deadline for filing AFS through the SEC Electronic Filing and Submission Tool (eFAST) is May 29, 2026.

• Mandatory Electronic Filing:
All annual reportorial requirements must be submitted through eFAST platform. The Commission will no longer accept submissions via email, mail, courier, or over-the-counter.

• General Information Sheet (GIS):
Corporations must file their GIS within 30 calendar days from the date of their actual annual stockholders' or members' meeting. Foreign corporations must file within 30 days of the anniversary of their SEC license issuance.

• Fiscal Year Variations:
Entities with fiscal years ending on dates other than December 31 must file their AFS within 120 calendar days from the end of their respective fiscal years.

• Audit Requirements:
Stock and non-stock corporations with total assets or liabilities exceeding ₱3,000,000 are required to submit Annual Audited Financial Statements (AAFS).

• BIR Verification:
AFS submissions (excluding consolidated statements) must be stamped "received" by the Bureau of Internal Revenue (BIR) or include the system-generated Transaction Reference Number from the BIR e-AFS system.

• eFAST Operations:
The eFAST platform remains accessible all the time; however, any submissions made on weekends, holidays, or during work suspensions will be considered filed on the next working day.

Failure to comply with these deadlines or the formal requirements set under Revised SRC Rule 68 may result in the imposition of penalties by the Commission.

Source: SEC website

🧑‍🏫 Looking for a SEC-registered Accounting Firm?

✨ Radam, Soriano & Co. CPAs is the answer. Our Accounting Firm is being managed by CPAs who have real expertise in rendering services such as FS Audit, Tax Compliance, Bookkeeping, LOA Handling, and Consulting. We always apply due care and professionalism in dealing with clients.

Contact us now at 09338115215 or email us at [email protected] 📞

📣 𝗦𝗘𝗖 𝗶𝘀𝘀𝘂𝗲𝘀 𝗿𝘂𝗹𝗲𝘀 𝗼𝗻 𝘁𝗲𝗿𝗺 𝗹𝗶𝗺𝗶𝘁 𝗼𝗳 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝗱𝗶𝗿𝗲𝗰𝘁𝗼𝗿𝘀

The Securities and Exchange Commission has issued Memorandum Circular No. 7, Series of 2026, prescribing a maximum cumulative term of 9 years for Independent Directors of publicly-listed companies to strengthen board independence and promote good corporate governance.

The Circular provides guidelines on the computation of term, cooling-off period, and penalties for non-compliance, and shall take effect on 01 February 2026.

🔗 Read the full Memorandum Circular here: https://www.sec.gov.ph/mc-2026/sec-mc-no-07-series-of-2026/

🙋‍♀️ Are you a CPA, CIA, or CICA who wants to have part-time or full-time income from our Accounting Firm while enjoying flexible working hours? Please see poster below for more details: 😀

The Bureau of Internal Revenue (BIR) launched a reform agenda aimed at overhauling tax audits and tightening accountability through a new oversight framework. During the agency’s Directors’ Conference, BIR Commissioner Charlito Martin R. Mendoza introduced a five-point program dubbed BIR DARES.

The initiative, which stands for Digital and Data Transformation; Audit Reform and Accountability; Revenue Collection and Base Protection; Employee Empowerment and Welfare Promotion; and Service Excellence and Stakeholder Engagement, is intended to align tax administration with President Ferdinand Marcos Jr.’s broader economic goals.

Read the full article in the comments section below.

Digest of BIR RMC No. 109-2025
(Clarification on Coverage of Audit Suspension under RMC No. 107-2025)

credit: TLC Philippines