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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Summary of consolidated provision for income taxes | The provision for income taxes consists of:
| As of December 31,
| 2020 |  | 2019 |  | 2018
Current federal income tax provision | $ | 9,633,927 |  |  | $ | 13,952,230 |  |  | $ | 15,731,258 |
Current state and local income tax provision | 2,374,534 |  |  | 3,656,997 |  |  | 8,560,479 |
Deferred income tax expense (benefit) | 1,949,407 |  |  | 1,079,247 |  |  | (5,622,396) |
Provision for income taxes | $ | 13,957,868 |  |  | $ | 18,688,474 |  |  | $ | 18,669,341 |
Summary of reconciliation of income tax expense | A reconciliation of income tax expense at the statutory federal rate to the Company’s income tax expense is as follows:
| 2020 |  | 2019 |  | 2018
Income tax computed at statutory rate | $ | 10,945,831 |  |  | $ | 16,472,987 |  |  | $ | 13,646,583 |
Expense (benefit) attributable to redeemable noncontrolling interests(a) | 104,035 |  |  | (1,007,012) |  |  | 222,624 |
State and local income taxes, net of federal benefit | 1,875,882 |  |  | 2,835,215 |  |  | 2,993,730 |
Internal revenue code section 162 limitations | 632,705 |  |  | 625,009 |  |  | 400,060 |
Change in uncertain state and local tax positions, net of federal benefit | — |  |  | (47,197) |  |  | 2,982,337 |
Revaluation adjustment of net deferred tax assets(b) | — |  |  | — |  |  | (917,288) |
Excess tax deficit (benefit) on vesting of restricted stock | 612,930 |  |  | (70,878) |  |  | (667,697) |
Income tax benefit from dividends paid on restricted stock | (455,283) |  |  | (431,192) |  |  | (340,200) |
Interest and penalties | 1,460 |  |  | 101,010 |  |  | 786,711 |
Other | 240,308 |  |  | 210,532 |  |  | (437,519) |
Income tax expense | $ | 13,957,868 |  |  | $ | 18,688,474 |  |  | $ | 18,669,341 |
(a) The provision for income taxes includes expense (benefit) attributable to the fact that the Company’s operations include the Consolidated Funds, which are not subject to federal income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate tax levels. (b) The provision for income taxes for 2018 includes the remeasurement of our net deferred tax assets of $0.9 million due to additional state and local tax that the Company expects to pay in future tax periods.
Summary of deferred tax assets and liabilities | Net deferred tax assets consisted of the following as of December 31, 2020 and 2019:
| 2020 |  | 2019
Stock-based compensation | $ | 3,500,026 |  |  | $ | 4,571,430 |
Accrued compensation | 9,026,113 |  |  | 8,496,929 |
Unrealized gains | (3,145,177) |  |  | (2,150,699) |
Property and equipment | (963,610) |  |  | (553,265) |
Other assets and liabilities | 20,094 |  |  | 22,458 |
Net deferred tax assets | $ | 8,437,446 |  |  | $ | 10,386,853 |
Reconciliation of uncertain tax positions | The amount of uncertain tax positions as of December 31, 2020, 2019, and 2018, respectively, which would impact the Company’s effective tax rate if recognized and a reconciliation of the beginning and ending amounts of uncertain tax positions is as follows:
| 2020 |  | 2019 |  | 2018
Uncertain tax positions, beginning of the year | $ | — |  |  | $ | 2,982,337 |  |  | $ | — |
Gross addition for tax positions of the current year | — |  |  | — |  |  | — |
Gross additions for tax positions of prior years | — |  |  | — |  |  | 2,982,337 |
Reductions of tax positions of prior years for: |  |  |  |  |
Lapses of applicable statutes of limitations | — |  |  | — |  |  | — |
Settlements during the period | — |  |  | (2,935,140) |  |  | — |
Changes in judgment/excess reserve | — |  |  | (47,197) |  |  | — |
Uncertain tax positions, end of year | $ | — |  |  | $ | — |  |  | $ | 2,982,337 |

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