R. Montalban & Co., CPAs

HIGHLIGHTS: We proudly congratulate the previous members of our team for successfully passing the May 2026 Licensure Examination for Certified Public Accountants.

As you join the profession, carry the values of excellence, perseverance, and integrity wherever you go. May this achievement open more opportunities, meaningful experiences, and greater purpose in your career and life. RMC is proud of you!

Congratulations to all examinees for successfully completing the 2026 CPA Licensure Examination!

Your months and years of sacrifice, discipline, sleepless nights, and perseverance have led you to this moment. Take pride in how far you have come, and remember that every effort you invested was not wasted.

Wait patiently and hope for favorable results. May all your hard work, prayers, and sacrifices bear fruit, and may this journey lead you closer to the CPA title you have long dreamed of achieving.

To the future CPAs of the Philippines, your journey is inspiring, and your dedication reflects the excellence and integrity expected of the accounting profession.

Padayon, future CPAs!

𝗕𝗜𝗥 𝗟𝗔𝗨𝗡𝗖𝗛𝗘𝗦 “𝗘𝗔𝗦𝗘 𝗢𝗙 𝗖𝗟𝗢𝗦𝗜𝗡𝗚 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦” 𝗚𝗨𝗜𝗗𝗘𝗟𝗜𝗡𝗘𝗦 𝗙𝗢𝗥 𝗧𝗔𝗫 𝗥𝗘𝗚𝗜𝗦𝗧𝗥𝗔𝗧𝗜𝗢𝗡 𝗖𝗔𝗡𝗖𝗘𝗟𝗟𝗔𝗧𝗜𝗢𝗡; 𝗧𝗔𝗫 𝗖𝗟𝗘𝗔𝗥𝗔𝗡𝗖𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗 𝗔𝗦 𝗙𝗔𝗦𝗧 𝗔𝗦 𝗧𝗛𝗥𝗘𝗘 𝗗𝗔𝗬𝗦

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 47-2026 on May 19, 2026, prescribing new guidelines to simplify the process for closing businesses and cancelling tax registration, as part of the implementation of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act.”

“This is our ‘Ease of Closing Business’ reform,” Commissioner Charlito Martin R. Mendoza said. “In line with President Ferdinand R. Marcos Jr.’s directive to make government services faster, better, and more responsive, and Finance Secretary Frederick D. Go’s push to make tax administration more investor-friendly and business-friendly, the BIR is making it easier for taxpayers who have already ceased operations to properly close their business and cancel their registration.”

“From improving the ease of doing business and the ease of paying taxes, this reform completes the BIR’s support for businesses through every stage of the business life cycle. If we make it easier to start and operate a business, then the government must also make it easier to properly close BIR registration once operations have already ceased,” he added.

Under RMC No. 47-2026, taxpayers who have already ceased operations may now apply for the closure or cancellation of their registration, either manually or electronically, through the Revenue District Office where their head office or branch is registered.

The Circular simplifies and standardizes documentary requirements. Together with the application form and the surrender of original BIR registration documents and permits previously issued to the business, taxpayers will only be required to submit two other document sets for closure: the list of ending inventory of goods and supplies, including capital goods for VAT-registered taxpayers, and the unused invoices, supplementary documents, and other unutilized accounting forms, together with their inventory.

Under the new guidelines, penalties for non-filing of tax returns shall no longer accrue once the taxpayer submits the complete documentary requirements for the closure or cancellation of registration. To prevent the further accumulation of open cases, the taxpayer’s registered form types shall likewise be placed under “deregistered” status upon submission of the complete requirements. Filing an application for the closure or cancellation of registration, however, does not preclude the Bureau from conducting an audit to determine any outstanding tax liabilities.

In addition, micro taxpayers shall not be subject to mandatory audit for closure and/or cancellation of business registration. Hence, tax clearances will be issued within three (3) working days from submission of complete documentary requirements for those with no open cases or outstanding liabilities. For micro taxpayers with open cases, tax clearance will be issued within three (3) working days from the submission of the complete documentary requirements and the payment of outstanding liabilities, including penalties.

Commissioner Mendoza encouraged taxpayers who have already ceased operations to avail themselves of the streamlined process to avoid the continued accumulation of penalties and to properly update their registration records with the Bureau.

Read the full RMC here:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2047-2026.pdf

For those who have submitted the attachments via email.

𝗣𝗨𝗕𝗟𝗜𝗖 𝗔𝗗𝗩𝗜𝗦𝗢𝗥𝗬 : 𝗕𝗜𝗥 𝗘𝗫𝗧𝗘𝗡𝗗𝗦 𝗗𝗘𝗔𝗗𝗟𝗜𝗡𝗘 𝗙𝗢𝗥 𝗘𝗔𝗙𝗦 𝗦𝗨𝗕𝗠𝗜𝗦𝗦𝗜𝗢𝗡𝗦 𝗨𝗡𝗧𝗜𝗟 𝗠𝗔𝗬 𝟮𝟱

The Bureau of Internal Revenue (BIR) has announced that it is extending the deadline for the submission of the 2025 Audited Financial Statements (AFS) and other mandatory attachments through the Electronic Audited Financial Statements (eAFS) facility until May 25, 2026.

The extension was finalized through Revenue Memorandum Circular No. 46-2026 to provide administrative relief to taxpayers who encountered eAFS system-related technical issues during the recently concluded 2025 Annual Income Tax Return (AITR) filing season.

Under this issuance, penalties arising solely from delayed attachment submissions during this period are waived.

The extension until May 25, 2026, strictly applies to the following taxpayers:

1. Those who were unable to successfully upload their 2025 AFS and attachments through the eAFS platform on or before May 15, 2026, due to system-related issues; and

2. Those who utilized the contingency email submission route on or before May 15, 2026, but have not yet received an official email acknowledgment receipt from their concerned BIR office.

Taxpayers who submitted their attachments through the prescribed contingency email procedure on or before May 15, 2026, and have already received an email acknowledgment from their concerned BIR office, are considered fully compliant.

They are not required to resubmit via the eAFS facility, though they may still choose to do so voluntarily.

The BIR clarified that this extension applies only to the submission of the AFS and related attachments through the eAFS facility. It does not extend the statutory deadline for the filing and payment of the Annual Income Tax Return (AITR) itself.

The full copy of the guidelines can be accessed through this link:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2046-2026.pdf

Although the busy tax season has already concluded, financial statement audits continue throughout the year as an essential mechanism for promoting accountability, transparency, and trust in business operations.

This article emphasizes that the importance of audit extends far beyond regulatory compliance. More than protecting businesses alone, audits also protect the people who rely on financial information prepared by others.

Ultimately, audits matter not only because regulations require them, but because trust depends on them.

Read the full article through this link: https://www.linkedin.com/pulse/audit-matters-beyond-compliance-remark-montalban-msa-ia-zmy1c

We proudly congratulate our SHS-ABM Immersion Students from University of Bohol - Victoriano D. Tirol Advanced Learning Center on your graduation!

Seeing all your hard work, growth, and dedication finally pay off is truly something worth celebrating. As you move forward to new beginnings, may you continue to dream big, stay grounded, and believe in yourselves. We are proud of each one of you, congratulations, team!

Photo Credit: UB Victoriano D. Tirol Advanced Learning Center official page

📣 𝗡𝗢𝗧𝗜𝗖𝗘: 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝗧𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗨𝘀𝗲 𝗼𝗳 𝟮𝟬𝟮𝟬 𝗙𝗼𝗿𝗺 𝗳𝗼𝗿 𝗙𝗶𝗹𝗶𝗻𝗴 𝗼𝗳 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗦𝗵𝗲𝗲𝘁 (𝗚𝗜𝗦) 𝗼𝗻 𝗲𝗙𝗔𝗦𝗧

The Securities and Exchange Commission has further extended the temporary use of the 2020 General Information Sheet (GIS) Form for filing through eFAST until 30 June 2026.

Corporations may continue to use the 2020 GIS Form during this extended period while completing the necessary setup or access arrangements for the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR).

📄 Download the form here:
https://bit.ly/2020GISForms

This extension aims to give corporations sufficient time to complete their HARBOR access and setup.

For concerns involving eFAST, eSECURE, or HARBOR, the public may visit the SEC Headquarters in Makati City or the nearest SEC Extension Office for on-site assistance.

For inquiries:
📞 Dial 1-4SEC (14732)
📧 SEC iMessage Portal: https://imessage.sec.gov.ph/

Read the full notice here: https://www.sec.gov.ph/notices-2026/extension-of-temporary-use-of-2020-form-for-filing-of-general-information-sheet-on-efast-until-30-june-2026/

2 DAYS LEFT! Pay as you file!

With the deadline fast approaching, the BIR is reminding taxpayers to pay their exact 2025 Annual Income Tax on the day of filing their Return.

Deadline: on or before May 15, 2026.

HIGHLIGHT: Today, we proudly celebrate a remarkable milestone achieved by the members of our team, our current and former associates and interns from Holy Name University, who have successfully completed their academic journey.

Your dedication, perseverance, and hard work have paid off, and we are honored to have been part of your growth. Congratulations, team! Your journey is just beginning, and we are cheering you on every step of the way.