What was the change in due from IRS for All Team in 2022?
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, |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the 'Due from IRS' item reflects the amount All Team anticipates receiving from the IRS, typically related to tax refunds or overpayments. In 2022, the 'Due from IRS' was not listed, meaning the value was zero.
In 2023, the 'Due from IRS' was $49,780. This indicates that during 2023, All Team either overpaid its taxes or was eligible for certain tax credits or refunds, leading to this receivable from the IRS.
In 2024, the 'Due from IRS' was again zero. This suggests that All Team either received the refund during 2024, the situation changed such that they were no longer due a refund, or the amount was immaterial and not separately disclosed. A prospective franchisee should seek clarification from All Team regarding the specific circumstances behind these fluctuations to better understand the company's tax management and financial health.