What possible tax strategy can be made by Once, Inc. to mitigate the possible tax effect of non-deductible expenses?

Once, Inc. is a domestic company engaged in manufacturing goods. Based on previous tax assessments made by the Bureau of Internal Revenue, material amount of expenses claimed for income tax purposes were considered as non-deductible expenses due to insufficient supporting documents. Management is forecasting that the same will be recurring in the next three (3) taxable years.

 

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Mitigating the Tax Effect of NonDeductible Expenses for Once Inc Once Incs challenge with nondeductible expenses due to insufficient documentation cre... View the full answer