Amendment of Filed Financial Statement to BIR

The first time that I have laid my eyes on a Financial Statement (FS) that were already submitted to the Bureau of Internal Revenue (BIR) the first question that I asked...

"What if there are errors on the FS submitted and they were only discovered years after?"

 So I researched and found that...

BIR ALLOWS AMENDMENT

     Yes! Definitely, the BIR allows amending the filed FS. Regional Director JONAS DP. AMORA on one of his interview with GMA stated that:

"...because the BIR is cognizant that some taxpayers may have discovered errors, omissions, or new information to added to their income tax declaration"

 UNTIL FOREVER!!!

    "Walang forever..." This famous statement right now is also applicable to amending the files returns. Although it may seem that there is forever, once an electronic Letter of Authority ( LA ) or any other notice of audit is received, taxpayers are barred from making amendments to the tentative tax returns filed. (RMC 50-2013)

    Although the cited RMC is for tentative tax returns, this is also true to those that are not tentative on the premise that, the law and the BIR regulation is silent about it (as far as I know).


SO WHAT NOW

   Knowing that amendment is allowed until such time that an LA is received will you amend? What will the implications of the amendment be? How do I process the amendment? What do I need? Are there fees? Where would..... ah.. so many questions