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Income Taxes | 9 Months Ended
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Sep. 30, 2020
Income Taxes |
Income Taxes |
17. | Income Taxes
​ The Company’s effective tax rate was 26.0% and 20.0% for the three months ended September 30, 2020 and 2019, respectively. The effective tax rate for the three months ended September 30, 2020 was higher when compared to the same period in the prior year due to the release of reserves for uncertain tax positions of $819 in the three months ended September 30, 2019. The Company’s effective tax rate was 14.3% and 22.5% for the nine months ended September 30, 2020 and 2019, respectively. The following items caused the effective tax rate for the nine months ended September 30, 2020 to be significantly lower than the Company’s historical annual effective tax rate: ​
| ● | The Company recorded an impairment of nondeductible goodwill related to the Municipal reporting unit. This decreased the rate by 8.2% for the nine months ended September 30, 2020.
| ● | After an evaluation of recent profitability, future projections of profitability, and future deferred tax liabilities, the Company concluded that an additional valuation allowance of approximately $1,652 is necessary for certain state deferred tax assets. This decreased the rate by 0.3% for the nine months ended September 30, 2020.
​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The largest item affecting deferred taxes is the difference between book and tax amortization of goodwill and other intangibles amortization.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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