Putting Money Value in Your Service Business (Accounting and Bookkeeping)

Knowing the value of your business is vital should an unexpected buyer come along and the timing is right for you to sell. You'll want to get the best price you can so make sure you have an accurate idea of your business's worth.Procedure for Distraint and Garnishment. - The officer serving the warrant of distraint shall make or cause to be made an account of the goods, chattels, effects or other personal property distrained, a copy of which, signed by himself, shall be left either with the owner or person from whose possession such goods, chattels, ... In both cases, the BIR shall issue a collection letter requiring the taxpayer to pay the deficiency tax or taxes on these undisputed items. This is a process that may eventually lead to the BIR's exercise of collection enforcement measures such as the service of a warrant of distraint/garnishment.GARNISHMENT. Also known as wage execution. A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor. Often used to collect child support payments. The process by which a judgment creditor seizes money, which is owed to his judgment debtor, from a third party known as a ...Whether the taxpayer agrees or refuses to pay the proposed deficiency taxes, the docket of the case will be endorsed for review to the Assessment Division of the Regional Office (in the case of findings on taxpayers registered with the BIR district offices), or to the BIR Commissioner or her duly authorized ...Ours is a self-assessment system of paying taxes, where taxpayers determine their respective tax liabilities and pay them to the tax authorities. Revenue officers, however, through proper authorization, may conduct examinations after tax returns have been filed or should have been filed. The ultimate ...It has a check and balance mechanism where the tax authority (Bureau of Internal Revenue or BIR) has the right to conduct tax assessment or examination within three (3) years from required filing or from late filing (or 10 years, for fraudulent returns or if no tax return filed) to determine the extent of compliance of taxpayers.Deficiency assessment is an assessment of an additional income tax to cover a deficiency in income revealed upon an audit of the return made by the taxpayer. It is the amount that a taxpayer owes in.The SC stressed that the BIR must issue an LOA prior to issuing a Preliminary Assessment Notice (PAN), a Final/Formal Assessment Notice (FAN), or a Final Decision on Disputed Assessment (FDDA) to the taxpayer; otherwise, the assessment is rendered void for lack of due process.Assessment based only on Letter Notice is void. Due to technological advances, taxpayers can actually find themselves under the scrutiny by the Bureau of Internal Revenue (BIR), even though no detailed examination of the books and records is conducted. This is possible through the BIR's Reconciliation of Listing for.The Notice of Assessment shall inform the Taxpayer of this fact, and that the report of investigation submitted by the Revenue Officer conducting the audit shall be given due course. The formal letter of demand calling for payment of the taxpayer's deficiency tax or taxes shall state the facts, the law, rules and regulations, ...