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  • May purchase a business, P&L question

    updated 2 years, 10 months ago 0 Member · 1 Post
  • Katie

    Member
    January 16, 2020 at 7:22 am

    I’m exploring the possibility of buying a small general store. The owner provided me a p&l for 2019. On the income side he recorded ~200k in income for food and bev taxes by category (coffee tax,alcohol tax, prepared foods tax, etc) He has separate lines for the items themselves. I don’t see anywhere on the p&l that it gets paid out to the state. My understanding of the law is that these taxes are due monthly, and the business owner keeps a percentage as compensation for the paperwork. He’s got something wrong if I don’t see this payment reflected on his P&L anywhere, right? I’m going to ask him but just wanted confirmation that I’m on the right track to ask the question. – by /hq/peachysk8 – –

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