Year end deadlines | GVA & Co., CPAs

Happy new year and happy 2012 balance sheet as well!

The calendar year 2012 has just ended and this means another year of accounting period for most businesses. The end of a year as well as the start of another year requires several things that needs to be accomplish. An example of it is the annual business registrations of most business establishments to the local government. Almost, if not all, government requirements are mandatory. That, it MUST be done.

With the on-going day-to-day business operations, sometimes its difficult to keep our minds ahead of the government requirements and deadlines. This article will provide you a simple reminder regarding the government requirements and deadlines so that you can do the right thing for your business organization and you won’t miss or forget a significant event. Because it is always cheaper to comply with the requirements than not complying at all. Stated otherwise, “COMPLIANCE is COSTLY, but NONCOMPLIANCE is even worst.”

Provided below are the events and requirements for your business undertakings as a result of the start of a new calendar year and the end of an accounting period. This does not however mean that you have to file all of the following items, but only choose what is applicable to your company or organization.

Disclaimer: The list is very general and incomplete. Some deadlines to government compliance may have been excluded or omitted. We advise you to check your requirements as it suits your company.

Due Date	Govt. Agency	Form	Required Action	Risk of Noncompliance
December 31, 2012	BIR		Registration of the manual books of accounts	Late registration are subject to fines and penalties
January 15, 2013	BIR	BIR Form 1601C	File and pay taxes withheld from employees	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 15, 2013	BIR	BIR Form 1601E with MAP	File and pay taxes withheld from suppliers	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 15, 2013	BIR		Registration of the loose-leaf bound books of accounts	Late registration are subject to fines and penalties
January 20, 2013	BIR	BIR Form 2551 (For NON-VAT)	File and pay percentage taxes	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 25, 2013	BIR	BIR Form 2550Q with SLSP	File and pay value-added taxes	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 30, 2013	BIR		Registration of computerized Books of Accounts	Late registration are subject to fines and penalties
January 31, 2013	BIR	BIR Form 1604 CF with the Alphalist of Employees	File or submit the annual information return of employees or alphalists. Release any tax refunds to the employees and distribute the income tax Form 2316 of the employees	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 31, 2013	BIR	Inventory list as of December 31, 2012	Submit to BIR the inventory list valued at cost exclusive of VAT	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 31, 2013	LGU	Business permits	Secure all necessary permits and licenses from the local government	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 31, 2013	BIR	BIR Form 0605 (RF)	Pay the annual BIR registration fee	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
January 31, 2013	BIR		Submit or file the lessee information sheet (For Lessors Only)	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
March 1, 2013	BIR	BIR Form 1604E with the Alphalist of Suppliers	FIle or submit to BIR the 1604E together with the Alphalist of Payees or suppliers	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
April 15, 2013	BIR	BIR Form 1700, 1701, or 1702 (Annual Income Tax Return with the SAWT)	File and pay income tax For corporations, an Audited Financial Statement should be filed together with the annual income tax return	Late filing are subject to penalties. Noncompliance will create an open case subject to penalties.
April 15, 16, 7, 18, and 19, 2013	SEC	AAFS	Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “1” and “2”)
April 22, 23, 24 ,25, and 26, 2013	SEC	AAFS	Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “3” and “4”)
April 29 and 30, May 2 and 3, 2013	SEC	AAFS	Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “5” and “6”)
May 6, 7, 8, 9 and 10, 2013	SEC	AAFS	Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “7” and “8”)
May 14, 15, 16, 17	SEC	AAFS	Submit an Annual Audited Financial Statement (For corporations with an SEC Registration Number that ends with “9” and “0”)
May 20, 21, 22 ,23 and 24, 2013	SEC	AAFS	Late submission of an Annual Audited Financial Statement (For corporations that failed to submit on the prescribed dates as stated by SEC Memo Circ 2-2013
Qualified date	SEC	GIS	Within 30days from the date of the annual stockholder’s meeting as stated in the by-laws (For corporations only)