{"ok":true,"canonical_url":"https://dealroom.so/glossary/tax-filings","api_url":"https://dealroom.so/api/public/glossary/tax-filings","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"tax-filings","term":"Tax filings","group":"People and paperwork","definition":"These are the financial reports a business submits to the government, like federal and state income tax returns. As a buyer, you need to review past filings to verify the business's reported income and expenses.","what_it_means":"Lenders require several years of business tax returns and personal tax returns from the seller to underwrite the loan. You'll use these, alongside other financial statements, during due diligence to confirm the accuracy of the seller's profit claims. Always compare tax filings with internal P&L statements.","url":"https://dealroom.so/glossary/tax-filings","official_sources":[],"related":[{"slug":"tax-return","term":"Tax return","url":"https://dealroom.so/glossary/tax-return"},{"slug":"irs-transcripts","term":"IRS transcripts (4506-T)","url":"https://dealroom.so/glossary/irs-transcripts"},{"slug":"profit-and-loss-statement","term":"Profit and Loss Statement","url":"https://dealroom.so/glossary/profit-and-loss-statement"},{"slug":"due-diligence","term":"Due diligence","url":"https://dealroom.so/glossary/due-diligence"}],"related_questions":[{"question":"What if the business assets are located in multiple states, requiring multiple UCC filings?","url":"https://dealroom.so/for-lenders/questions/what-if-the-business-assets-are-located-in-multiple-states-requiring-multiple-ucc-filings"},{"question":"What if the business I'm acquiring has pending tax audits or unresolved tax issues?","url":"https://dealroom.so/sba-7a/questions/what-if-the-business-i-m-acquiring-has-pending-tax-audits-or-unresolved-tax-issues"},{"question":"Do unfiled tax returns or overdue taxes prevent SBA approval?","url":"https://dealroom.so/sba-7a/questions/do-unfiled-tax-returns-or-overdue-taxes-prevent-sba-approval"},{"question":"Are business life insurance premiums generally tax deductible for the company?","url":"https://dealroom.so/sba-7a/questions/are-business-life-insurance-premiums-generally-tax-deductible-for-the-company"},{"question":"What if a business applicant has outstanding federal tax liens or delinquencies?","url":"https://dealroom.so/for-lenders/questions/what-if-a-business-applicant-has-outstanding-federal-tax-liens-or-delinquencies"},{"question":"What are the tax implications of key-person life insurance premiums and benefits?","url":"https://dealroom.so/sba-7a/questions/what-are-the-tax-implications-of-key-person-life-insurance-premiums-and-benefits"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Tax filings","url":"https://dealroom.so/glossary/tax-filings","source_type":"DealRoom Data"}}