IT is the first day of June and the submission of attachments to 2021 annual income tax returns (AITRs), most specially audited financial statements for that year, has finally been accomplished. Special thanks to the BIR (Bureau of Internal Revenue) for allowing tentative AITRs to be filed by April 18, 2022, which may be amended on or before May 16, 2022 without the imposition of interest, surcharge and penalties, and submission of relevant attachments by May 31, 2022. It has again been a longer tax season than usual and the BIR initiative was very welcome. I congratulate all CPAs in public practice for another feather in our hats.
We all take some rest after every tax season but the cycle continues. As early as now, we must prepare and plan for the 2022 tax season since as things go back to normal, the possibility is high that the BIR will extend no more relief come April 15, 2023 when it comes to filing AITRs.
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