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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Summary of significant components of the provision for income taxes | Significant components of the provision for income taxes are as follows (in thousands):
|  | Year ended
|  | December 31,
|  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 8,885 |  | $ | 7,849
State |  |  | 1,737 |  |  | 973
Total current income tax provision |  |  | 10,622 |  |  | 8,822
Deferred: |  |  |  |  |  |
Federal |  |  | 189 |  |  | (70)
State |  |  | 16 |  |  | (6)
Total deferred income tax provision |  |  | 205 |  |  | (76)
Provision for income taxes |  | $ | 10,827 |  | $ | 8,746
Schedule of reconciliation of the Company’s effective tax rate from operations to the U.S. federal income tax rate |
|  | Year ended |
|  | December 31, |
|  | 2020 |  | 2019 |
Federal statutory rate |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 2.8 |  |  | 2.0 |
Energy efficiency credit |  | (2.3) |  |  | — |
Other |  | 0.7 |  |  | 0.3 |
Effective tax rate |  | 22.2 | % |  | 23.3 | %
Summary of deferred tax assets and liabilities | The tax effects of cumulative temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):
|  | Year ended
|  | December 31,
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 599 |  | $ | 547
Reserve accounts |  |  | 134 |  |  | 111
State taxes |  |  | 263 |  |  | 223
Payroll taxes |  |  | 297 |  |  |
Uniform capitalization |  |  | 45 |  |  | 45
Total deferred tax assets |  |  | 1,338 |  |  | 926
Deferred tax liabilities: |  |  |  |  |  |
Installment sale revenue |  |  | (1,006) |  |  | (1,221)
Depreciation |  |  | (1,740) |  |  | (969)
Accrued interest receivable |  |  | (526) |  |  | (465)
Other |  |  | (37) |  |  | (37)
Total deferred tax liabilities |  |  | (3,309) |  |  | (2,692)
Net deferred tax liabilities |  | $ | (1,971) |  | $ | (1,766)

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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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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