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TOPIC: Taxes, Amended Returns, Amendment of AIC

Taxes, Amended Returns, Amendment of AIC 2 years 10 months ago #17085

  • Kezia S
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I just became the new accountant for two schools. And I was hoping you could advise me on a tax matter involving the schools. One school (School A) offers a college degree and TESDA programs, the other (School B ) is a preschool-high school. Both are registered under SEC under different names. However, both schools share the same location, share the same clerical and front office staff, and the same receipt and expense vouchers. Prior to this year, the financial information for both schools had been consolidated into one financial statement and one annual income tax return.
We are also now in the process of amending the Articles of Incorporation to merge the two schools into one since technically, both are just one corporation. The management here are working to make the Amendment certified and hope to remedy our taxation problem as soon as possible:
1. Should we pass separate financial statements for School A and B though the receipts are shared?
2. The Annual ITRs we passed were named under School A, but the past bookkeeper included the information of both School A and B. Does this need to be amended?
3. Any thoughts on the ramifications of the amended returns with BIR? I'm hoping it's nothing worse than penalties (i.e. legal case).
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Taxes, Amended Returns, Amendment of AIC 2 years 6 months ago #17288

Hi there, I am not a professional in tax related issues. My uncle's deals with the tax issue, therefore he had contacted an expert Bechara Tarabay suggested by his friend who have many years experience and give very suitable advice. If you contact him, he will give you the proper legal advice and guide you in the proper direction.
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