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Income Taxes | 9 Months Ended
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Sep. 30, 2021
Income Taxes [Abstract] |
Income Taxes | 7. Income TaxesThe effective income tax rate for the three months ended September 30, 2021 was 14.7%, a decrease from an effective income tax rate of 24.7% for the three months ended September 30, 2020. The decrease is primarily due to elevated excess tax benefits from option exercises and equity vesting in the three months ended September 30, 2021 as compared to the three months ended September 30, 2020, and a federal return to a provision tax benefit recorded during the three months ended September 30, 2021. The return to provision tax benefit is primarily related to a tax accounting method change filed during the three months ended September 30, 2021 resulting in an increase to the 2020 federal net operating loss carried back to tax year 2017. This tax benefit is due to the federal income tax rate differential between the 2020 rate of 21% and the 2017 rate of 35%. The effective income tax rate for the nine months ended September 30, 2021 was 19.5%, an increase from an effective income tax rate of 6.4% for the nine months ended September 30, 2020. The increase is primarily due to increased profit before tax and fewer excess tax benefits related to option exercises in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020, partially offset by a federal return to provision tax benefit recorded in the nine months ended September 30, 2021. The return to provision tax benefit is primarily related to a tax accounting method change filed during the nine months ended September 30, 2021 resulting in an increase to the 2020 federal net operating loss carried back to tax year 2017. This tax benefit is due to the federal income tax rate differential between the 2020 rate of 21% and the 2017 rate of 35%.On March 11, 2021, President Biden signed the American Rescue Plan Act (“ARPA”). The ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), through December 31, 2021. For the three and nine months ended September 30, 2021, we recorded an employee retention credit of $11,446 which primarily offset payroll tax expense.The CARES Act also provides for the deferral of the employer-paid portion of social security payroll taxes. We elected to defer the employer-paid portion of social security payroll taxes through December 31, 2020, totaling $70,816 and remitted all deferred amounts to the IRS during the three months ended September 30, 2021.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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