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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Taxes |
Income Taxes | 4. INCOME TAXES Income tax expense is comprised of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Federal: |  |  |  |  |  |
Current |  | $ | 1,574 |  |  | $ | 212 |
Deferred |  |  | (382 | ) |  |  | 416 |
|  |  | 1,192 |  |  |  | 628 |
State: |  |  |  |  |  |  |  |
Current |  |  | 456 |  |  |  | 340 |
Deferred |  |  | (124 | ) |  |  | 159 |
|  |  | 332 |  |  |  | 499 |
|  | $ | 1,524 |  |  | $ | 1,127 |
The provision for income taxes differs from the amount determined by applying the federal statutory tax rate to pre-tax income as a result of the following (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Income taxes at statutory rate |  | $ | 1,910 |  |  |  | 21.0 | % |  | $ | 796 |  |  |  | 21.0 | %
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit |  |  | 267 |  |  |  | 2.9 | % |  |  | 443 |  |  |  | 11.7 | %
Stock Compensation |  |  | (63 | ) |  |  | (0.7 | )% |  |  | — |  |  |  | — | %
Deferred true-ups |  |  | 17 |  |  |  | 0.2 | % |  |  | 10 |  |  |  | 0.3 | %
Provision-to-return |  |  | 5 |  |  |  | 0.1 | % |  |  | (33 | ) |  |  | (0.9 | )%
CARES Act Benefit |  |  | (4 | ) |  |  | (0.1 | )% |  |  | (79 | ) |  |  | (2.1 | )%
PPP Loan Forgiveness |  |  | (565 | ) |  |  | (6.2 | )% |  |  | — |  |  |  | — | %
Other |  |  | (43 | ) |  |  | (0.4 | )% |  |  | (10 | ) |  |  | (0.3 | )%
|  | $ | 1,524 |  |  |  | 16.8 | % |  | $ | 1,127 |  |  |  | 29.7 | %
Deferred tax assets (liabilities) are as follows (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 51 |  |  | $ | 26 |
Allowance for doubtful accounts |  |  | 109 |  |  |  | 100 |
Accrued vacation |  |  | 61 |  |  |  | 60 |
Deferred buy-back asset |  |  | 942 |  |  |  | 1,259 |
Deferred income |  |  | 774 |  |  |  | 314 |
Right-of-use asset |  |  | 53 |  |  |  | 75 |
Other |  |  | 102 |  |  |  | 80 |
Gross deferred tax assets |  |  | 2,092 |  |  |  | 1,914 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Retainage |  |  | (284 | ) |  |  | (424 | )
Deferred buy-back obligation |  |  | (846 | ) |  |  | (1,069 | )
Fixed assets |  |  | (2,770 | ) |  |  | (2,685 | )
Prepaid expenses |  |  | (72 | ) |  |  | (114 | )
Amortization - intangibles |  |  | (16 | ) |  |  | (8 | )
Realized gain loss |  |  | (6 | ) |  |  | — |
Lease liability |  |  | (53 | ) |  |  | (75 | )
Gross deferred tax liabilities |  |  | (4,047 | ) |  |  | (4,375 | )
Valuation allowance |  |  | — |  |  |  | — |
Net deferred tax liability |  | $ | (1,955 | ) |  | $ | (2,461 | )
As of December 31, 2021 and 2020, the Company had approximately $2,361 and $2,611, respectively, of state NOL’s available to offset future state taxable income. The state NOL’s begin expiring at various times between 2028 and 2037.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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