This year had been a very rough year and at this point, we just want to forget it and go to the next, hoping it will be better. But for that to work out, we also have to prepare to tackle it.
One of the things we should prepare for is our taxes, so here is one important BIR form to start working on now:
What is BIR Form No. 1604-CF and Who shall file?
BIR Form No. 1604-CF or the Annual Information Return of Income Taxes Withheld on Compensation and Final Withholding Taxes shall be filed in triplicate by every employer or withholding agent/payor who is either an individual, estate, trust, partnership, corporation, government agency, and instrumentality, government-owned and controlled corporation, local government unit and other juridical entity required to deduct and withhold taxes on compensation paid to employees and on other income payments subject to Final Withholding Taxes.
When and Where to File?
The return shall be filed on or before January 31 of the year following the calendar year in which the compensation payment and other income payments subjected to final withholding taxes were paid or accrued.
The return shall be filed using Offline e-BIR Forms or the eFPS. You can find these on the BIR Website.
Penalty for Failure To File
In the case of each failure to file an information return, statement or list, or keep any record, or supply any information required by the Code or by the Commissioner on the date prescribed therefore, unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall, upon notice and demand by the Commissioner, be paid by the person failing to file, keep or supply the same, One thousand pesos ( P= 1,000.00) for each such failure: Provided, however, that the aggregate amount imposed for all such failures during a calendar year shall not exceed Twenty-five thousand pesos (P= 25,000.00).
If you need any help with preparing and filing this BIR Form or any other accounting or tax compliance tasks, F&Q is here to support you! Contact us today by emailing firstname.lastname@example.org or calling 8-809-6463.