HOW TO COMPLETE A TAX ANNUALIZATION FOR 2019
Completing an annualization of payroll
Step One: Preparation
This article is the first in a series that will explain what you need to do in order to annualize your 2019 payroll and prepare for your BIR tax filings in Jan 2020.
Preparation for the annualization process is key and before you start, you need to gather the following:
- All payroll registers for 2019.
- All final pays that were calculated in 2019.
- All special, off-cycle or manual payments that were made to employees but not part of a regular payroll run.
- The BIR 2316 forms from the former employer for all employees.
- A summary of the bank account statement for the bank account used for payroll. The required information is the transaction date and the anount deducted from the company account. If the description of the transaction is also available, that is great but is it not required.