It may be more efficient, in terms of time and money, to outsource bookkeeping to a firm rendering professional services.

Starting a business is challenging and success may be easier achieved if the management focuses on the core business and outsource bookkeeping to a firm with Certified Public Accountants (CPA) who are knowledgeable of the latest accounting practices in the Philippines.

The IRS recommends the following guideline for keeping tax records:

• Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
• Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
• Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
• Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
• Keep records indefinitely if you do not file a return.
• Keep records indefinitely if you file a fraudulent return.
• Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

We’ve created this guide for you to reference as needed – especially if you are moving homes, undergoing renovations or spring cleaning!

Professional trust planning is a critical component of estate planning. At Pals, we work closely with your attorney to provide you with a trust plan that makes sense for you and your family. Pals trust planning professionals and estate trust accountants can also help you evaluate the pros and cons of each type of trust, as well as provide trust tax preparation, tax compliance, and trustee consulting services.