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If you are a franchisor, you may be aware of a requirement by the Federal Trade Commission (FTC) that, after an initial period of time, your franchise operations should be audited by an independent CPA. This audit report is generally included as an exhibit in your Franchise Disclosure Documents (FDD), and filed annually. At Laney, Boteler and Killinger, we have several professionals with extensive knowledge geared specifically toward meeting this FTC requirement. Our professionals have dedicated many years providing both tax and accounting services to various franchisors. We are knowledgeable regarding specific tax and accounting issues that are common to most franchisors, to include accounting for advance deposits received from franchisees and other revenue recognition issues that related to development fees, franchise fees, royalty and license fees.
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