What was the total provision for income taxes for Engel & Volkers in 2023?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
ense for the next five years and thereafter is summarized as follows:
| 2025 | $ | 608,883 | |
|---|---|---|---|
| 2026 | 608,883 | ||
| 2027 | 608,883 | ||
| 2028 | 608,883 | ||
| 2029 | 608,883 | ||
| Thereafter | $ | 5,276,989 8,321,404 |
NOTE 9. INCOME TAXES
The provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022, consisted of the following:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Current income taxes (benefit): Federal Sta |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the total provision for income taxes in 2023 was $775,045. This figure represents the sum of current income taxes and deferred income tax provisions for federal, state, and local entities.
Specifically, the current income taxes for 2023 include $392,650 for federal, $152,097 for state and local, and $284,198 for foreign entities. The deferred income tax provision (benefit) includes a federal amount of ($50,923) and a state and local amount of ($2,977). These components combine to give the total provision for income taxes of $775,045.
Prospective Engel & Volkers franchisees should understand how these income tax provisions can affect the overall financial health of the company. Reviewing these figures over the three-year period (2022-2024) can provide insights into the company's tax strategies and obligations, which can be a key factor in assessing the financial stability of the franchise.