We are also now in the process of amending the Articles of Incorporation to merge the two schools into one since technically, both are just one corporation. The management here are working to make the Amendment certified and official as soon as possible and are very willing to remedy the taxation dilemma:
1. Should we pass separate financial statements for School A and B though the receipts are shared?
2. The Annual ITRs we passed were named under School A, but the past bookkeeper included the information of both School A and B. Does this need to be amended?
3. Any thoughts on the ramifications of such an amendment with BIR? Hoping nothing worse than penalties and surcharges (i.e. a legal case)