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Income Taxes

6 Months Ended

Jun. 30, 2021

16.	Income Taxes

The provision for income taxes for the three months ended June 30, 2021 and 2020 reflects effective tax rates of 29.7% and 24.9%, respectively, and 27.1% and 24.3% for the six months ended June 30, 2021 and 2020, respectively. The increase in the effective tax rate for the three and six months ended June 30, 2021 was primarily attributable to an increase in the Company’s amount

of disallowed compensation-related deductions in the current year and an increase to the Company’s valuation allowance recorded on certain deferred tax assets.

As the Company continues to monitor tax implications of the CARES Act and other state, federal and foreign stimulus and tax legislation, we may make adjustments to our estimates and record additional amounts for tax assets and liabilities. Additionally, market disruption due to COVID-19 may affect the Company’s ability to realize our deferred tax assets. Any adjustments to our tax assets and liabilities could materially impact our provision for income taxes and our effective tax rate in the periods in which they are made.

- 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.

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