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Note 6 - Income Taxes | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
6. | INCOME TAXES
The income tax provision from operations consists of the following:
Year ended December 31, (in thousands) |  | 201 9 |  |  | 201 8 |
Current |  | $ | 1,991 |  |  | $ | 284 |
Deferred |  |  | 555 |  |  |  | (280 | )
Total |  | $ | 2,546 |  |  | $ | 4 |
Following is a reconciliation of estimated income taxes at the statutory rate from operations to estimated tax expense (benefit) as reported:
Year ended December 31, |  | 201 9 |  |  | 201 8 |
Statutory rate |  |  | 21 | % |  |  | 21 | %
State and local taxes, net of federal benefit |  |  | 3.7 |  |  |  | -- |
Equity compensation |  |  | (5.7 | ) |  |  | -- |
Other |  |  | (0.2 | ) |  |  | (21 | %)
Effective rate |  |  | 18.8 | % |  |  | -- | %
Net deferred tax assets consist of the following at December 31:
(in thousands) |  | 201 9 |  |  | 201 8 |
Deferred tax assets: |  |  |  |  |  |  |  |
Unrealized loss on investments |  | $ | 582 |  |  | $ | 475 |
Federal and state tax credits |  |  | -- |  |  |  | 294 |
Fixed assets |  |  | (370 | ) |  |  | (185 | )
Other |  |  | 95 |  |  |  | 171 |
Total deferred tax asset |  |  | 307 |  |  |  | 755 |
Less valuation allowance |  |  | (582 | ) |  |  | (475 | )
Net deferred tax (liability) asset |  | $ | (275 | ) |  | $ | 280 |
On December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act of 2017, which, among other provisions, decreases the maximum federal corporate income tax rate from 35% to 21% beginning January 1, 2018. We had a net deferred tax liability of approximately $0.3 million and a net deferred tax asset of $0.3 million at December 31, 2019 and December 31, 2018, respectively. The gross deferred tax asset has been offset by a valuation allowance in 2019 and 2018 of $0.6 million and $0.5 million, respectively, because the company believes that it is more likely than not that the amount will not be realized. We have maintained a valuation allowance on deferred tax assets resulting from unrealized capital losses as we are not able to conclude that is it more likely than not that these will be realized due to the unpredictability of future capital gains. No deferred taxes have been provided on temporary differences related to investments in foreign subsidiaries because these investments are considered to be permanent. We have recognized tax benefits from all tax positions we have taken, and there has been no adjustment to any carry forwards (net operating loss or research and development credits) in the past two years. There were no unrecognized tax benefits as of December 31, 2019 and 2018. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There were no accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the periods presented. We have determined we have no uncertain tax positions. We file a consolidated U.S. federal income tax return for all subsidiaries in which our ownership equals or exceeds 80%, as well as individual subsidiary returns in various states and foreign jurisdictions.

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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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