Future of BIR Audit Strategies with Recommended Life, Liberty, and Livelihood Protection

The Bureau of Internal Revenue (BIR) is stepping up its audits of PCAB-accredited contractors. The BIR is particularly focused on challenging the representation of fixed assets in the balance sheets of these contractors. The BIR is concerned that some contractors may be overstating the value of their fixed assets in order to reduce their taxable income.

The BIR is using a variety of methods to challenge the representation of fixed assets in the balance sheets of PCAB-accredited contractors. These methods include:

1. Reviewing the contractor's records to verify the purchase price and depreciation schedule of fixed assets.
2. Comparing the contractor's fixed assets to industry standards.
3. Conducting document audits.
4. Inventory-taking of fixed assets through cross-referencing.

The BIR's focus on challenging the representation of fixed assets in the balance sheets of PCAB-accredited contractors is a sign that the BIR is taking a more proactive approach to tax collection. The BIR is sending a message to taxpayers that they will be held accountable for their tax obligations.

If you are a PCAB-accredited contractor, it is important to be aware of the BIR's focus on fixed assets. You should make sure that your fixed assets are properly valued and depreciated. You should also be prepared to provide documentation to support the representation of your fixed assets in your balance sheet.

By following these tips, you can help to ensure that your taxes are paid properly and that you avoid any problems with the BIR.

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DOWNLOAD IMPORTANT INFO

RR V-1 Tax Bookkeeping Regulations
https://drive.google.com/file/....d/1iiQE-JI7tcKI0b3yK

RMO 15-95 Tax Fraud Audit Guidelines
https://drive.google.com/file/....d/1noMKraWBlgC7xmoIJ

RAMO 1-2020 General Audit Guidelines
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RAMO 1-2022 VAT Audit Guidelines
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BIR FORM 2110
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