2023 tax returns - not yet

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by a searcher from University of South Carolina - Darla Moore School of Business
in Charleston, SC, USA

2yrs ago

2023 tax returns - not yet

I am set to close on a business by the end of April. Sellers do not have the 2023 tax returns yet (said they are going to be extended). The bank does not yet have their 2023 returns done yet.

Would anyone here be concerned with not having the 2023 returns yet? My accountant has reviewed bank statements and done a mini-QOE, but I'm a bit concerned that something could be misrepresented if taxes have not yet been reported.

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reply by an intermediary 2yrs ago
from Clemson University in Raleigh, NC, USA

If the SBA is guaranteeing the buyers note 2023 will be required for funding. The immediately prior period that they are basing underwriting on is ALWAYS required by the SBA. Because no lender is going to qualify on 2022 at this point the 2023 tax return is going to be a must.

reply by a lender 2yrs ago
from California State University, Chico in Indianapolis, IN, USA

I've seen plenty of SBA loans fund with the latest tax returns on extension but if you're super concerned about it and it sounds like you are you could always ask for audited financials for that tax year. There will be a cost associated to that of course but if that's what is gonna take to get the deal closed it is what it is.