Author Archives: Jonathan Ruiz CPA

About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.

Tips on How to Pass the CPA Board?

CPA board examination is one of the hardest licensure exams in the Philippines next to Bar exam. Some students failed in their first try and never stops until they passed. Here are 5 tips that I applied personally to passed … Continue reading

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CPA SPLE BATCH 2018

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SUMMARY OF TAXING INCOME FOR ESTATES AND TRUSTS

What is an “estate” and when is it considered as a separate income taxpayer? An “estate” is the totality of the property left by a deceased person, whether real, personal, tangible or intangible. An “estate” is considered as a separate … Continue reading

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SUMMARY OF TAXING INCOME FOR PARTNERSHIPS (PH) AND PARTNERS

Taxable PH Tax exempt PH     GPPH/JV or Consortium for CP/EO All other PH       Extension of the partners Corporation   Calendar/Fiscal accounting period Calendar accounting period only for GPPH QF/P – within 60 days ff. close … Continue reading

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CO-OWNERSHIP

Is a co-ownership taxable? Generally no, because the activities of the co-owners are usually limited to the preservation of the property owned in common and collection of the income therefrom.   What is the tax liability of the co-owners? They … Continue reading

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Surtax /IAET

Surtax   Penalty tax 10% of the improperly Improperly accumulated accumulated profits profits tax every TY (CY/FY) Additional tax to the R/NCIT Effectivity: Starting January 1, 1998 accumulated profits Corp. Covered: Every domestic corporation formed or availed for the purpose … Continue reading

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QUARTERLY CORPORATE RETURNS

Who are required to file? Every corporation or partnership subject to income tax shall file a quarterly summary declaration of its gross income and deductions on a cumulative basis. Time of filing and payment The return shall be filed and … Continue reading

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