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Income Taxes | 9 Months Ended
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Jun. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes |
7. | INCOME TAXES:
We account for income taxes in accordance with FASB Accounting Standards Codification 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence. As of September 30, 2018 and June 30, 2019, we had a valuation allowance on our deferred tax assets of $119,000. During each of the three months ended June 30, 2018 and 2019 we recognized an income tax provision of $6.7 million. During the nine months ended June 30, 2018 and 2019, we recognized an income tax provision of $10.6 million and $10.2 million, respectively. The effective income tax rate for the three months ended June 30, 2018 and 2019 was 27.9% and 26.0%, respectively. The effective income tax rate for the nine months ended June 30, 2018 and 2019 was 27.6% and 25.8%, respectively. Due to the passage of the Tax Cuts and Jobs Act legislation in December 2017 which lowered the federal corporate tax rate from 35% to 21% (among other changes), our deferred tax assets were re-measured as of December 31, 2017 resulting in an approximately $889,000 reduction in our beginning deferred tax assets and corresponding increase in our income tax provision for the nine months ended June 30, 2018, partially offset by the utilization of Hurricane Irma and Hurricane Harvey Employee Retention credits in fiscal 2018.

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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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