THERE is always something exciting about the Christmas season, particularly for employees in the private sector. Millennial employees know this all too well — come Christmas, there is an abundance of memes about 13th month pay making the rounds in social media. For employers, there is likewise an inkling to welcome the new year with a positive mindset. For one, another year means a chance to turn over a new leaf and imbibe a fresh, new perspective to grow corporate operations.

But as with all beginnings, there is a need to first tie any loose ends from the prior year. In tax talk, this means that all reportorial requirements, as enforced by the Bureau of Internal Revenue (BIR), must be complied with as employers' transition to a new calendar year.