AS 2024 draws to a close, staying informed about tax compliance requirements is essential. This year has seen the enactment of various tax reforms, introducing significant changes to tax reporting and compliance.
Thus, it is crucial to remain updated on these new laws and understand their implications to mitigate potential tax exposures and penalties. Below are some important tips and reminders:Payroll taxesReview the tax treatment of employee compensation to determine whether it is subject to withholding tax on compensation, fringe benefit tax, or tax exemption.
Beyond ensuring that books are duly registered and tax returns are submitted on time, the year-end is also an ideal time to review and reconcile discrepancies between accounting books, tax returns and balances per annual alpha list of employees/payees, summary alpha list of withholding taxes , summary of sales, purchases and importations and inventory list.
Up The Year: Tax Compliance Checklist
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