What was the amount due from the IRS for All Team in 2023?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
findings, and certain internal control related matters that we identified during the audit.
Tampa, Florida
May 30, 2024
ALL TEAM FRANCHISE CORPORATION BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
| 2023 | 2022 | |
|---|---|---|
| CURRENT ASSETS | ||
| Cash | $ 1,015,879 | $ 894,307 |
| Accounts receivable-trade, pledged, | 1,075,420 | 2,468,379 |
| less credit losses of |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the amount due from the IRS in 2023 was $49,780. This figure is listed as an asset on the balance sheet, meaning All Team expected to receive this amount from the IRS.
Specifically, the FDD presents two balance sheets, one as of December 31, 2023, and the other as of December 31, 2022. The 'Due from IRS' line item appears under 'Current Assets'. For 2023, the amount is $49,780, while for 2022, the amount is listed as '-'.
It is important to note that this 'Due from IRS' amount can fluctuate year to year, as seen in the 2024 balance sheet where the amount is listed as '-'. This fluctuation can be due to various factors such as overpayment of taxes in previous years or tax credits that All Team is eligible to receive. A prospective franchisee should consult with a financial advisor to understand the implications of these figures.