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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2020
Income Taxes |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliations of the U.S. statutory rate with the Company’s effective tax rate for each of the nine months ended September 30, 2020 and 2019 are summarized in the table below:
|  | For the Nine Months Ended September 30, |
|  | 2020 |  | 2019 |
Federal income tax benefit at statutory rate |  | (21.0) | % | (21.0) | %
Effect of: |  |  |  | — |
Change in valuation allowance |  | (660.0) |  | (15.1) |
Foreign rate differential |  | (295.9) |  | (1.8) |
Return to provision true up |  | (14.8) |  | (0.3) |
Withholding tax |  | — |  | 4.5 |
State income tax net of federal benefit |  | (120.1) |  | 1.8 |
Foreign operations permanent difference - foreign exchange gains and losses |  | 90.3 |  | (39.3) |
Increase in unrecognized tax benefits (ASC 740) |  | 410.5 |  | 30.8 |
Tax effects of foreign operations |  | 1,610.6 |  | 84.8 |
Effect of share based compensation |  | 263.7 |  | — |
Others |  | 29.0 |  | (4.2) |
Effective tax rate |  | 1,292.3 | % | 40.2 | %
Schedule Of unrecognized Tax Benefits | The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the nine months ended September 30, 2020 (in thousands):
|  | Unrecognized
|  | tax benefits
Balance - January 1, 2020 |  | $ | 2,957
Increase for current year tax position |  |  | 225
Decrease for prior year tax position |  |  | (161)
Interest accrual |  |  | 125
Foreign currency remeasurement |  |  | (100)
Balance - September 30, 2020 |  | $ | 3,046

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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