Q: Are these webinars recorded and will we have access to them?
A: Yes. The webinars are recorded, and you can access the recordings. We'll provide you with more information in an email after this session.
Q: What about the comment about being on a fiscal year on Page 7? Would that only apply to a C Corp?
A: This question about the term "fiscal year" implying a Subchapter C Corporation business entity type for Total Coverage, Inc. is based on Larry Crevin’s comment on Page 7 of the interview transcript that reads "...Right now we’re on a fiscal year...". From that comment alone we can draw no conclusion, since most Non-Subchapter C corporations are required to use the calendar year as their tax year. However, there are exceptions allowed under the IRS tax code Section 444 for a fiscal year election that is not December 31. Fiscal year ends are often used by seasonal businesses, regardless of entity type to present a more accurate financial picture.
Q: Do you mind explaining Deferred Tax Assets again?
A: Consider a Deferred Tax Asset as a tax refund due (an asset) at some future point but not due and collectible in the next period. That is, it is deferred as a collectible amount until some later time period.
Course overview: Understanding Financial Statements and Business Organizations