How did the accrued state taxes for Beggars Pizza change in 2023?
Beggars_Pizza Franchise · 2025 FDDAnswer from 2025 FDD Document
our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Restatement to Prior Period Financial Statements
As disclosed in Note 5, the Company elected to pay the Illinois Pass-Through Entity Tax ("PTE Tax") on behalf of
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
Based on the 2025 Beggars Pizza Franchise Disclosure Document, information regarding accrued state taxes is not explicitly detailed. However, Note 5 discusses the Illinois Pass-Through Entity Tax (PTE Tax). In 2021, Beggars Pizza elected to pay the Illinois PTE Tax on behalf of its members, and the financial statements for that year were restated to reflect this payment as a distribution to members rather than a miscellaneous expense. The amount of this PTE Tax payment in 2021 was $35,586.
While the FDD mentions the PTE Tax election and its restatement in 2021, it does not provide specific figures for accrued state taxes or how they changed in 2023. The financial statements included in Item 21 provide a broader overview of the company's financial position, but without a direct mention of state taxes, it's difficult to assess the exact changes in 2023.
A prospective Beggars Pizza franchisee should inquire directly with the franchisor about the specific details of state tax liabilities and payments for 2023. Understanding these figures is crucial for assessing the financial health and tax obligations of the franchise. It would be beneficial to request a detailed breakdown of all tax-related expenses and liabilities for the years in question to gain a comprehensive understanding.