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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes by Jurisdiction | Income (loss) before income taxes by jurisdiction was as follows (in thousands):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 12,419 |  |  | $ | (5,112) |  |  | $ | 13,989 |
Canada | (27) |  |  | (83) |  |  | 14 |
Total | $ | 12,392 |  |  | $ | (5,195) |  |  | $ | 14,003 |
Difference between the Federal Corporate Tax Rate and the Effective Tax Rate | The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands).
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Income tax provision computed at US federal statutory rate | $ | 2,603 |  |  | 21.0 | % |  | $ | (1,091) |  |  | 21.0 | % |  | $ | 2,935 |  |  | 21.0 | %
Canadian rate differential | — |  |  | — |  |  | 87 |  |  | (1.7) |  |  | — |  |  | — |
State and local income taxes, net of federal income taxes | 349 |  |  | 2.8 |  |  | 128 |  |  | (2.5) |  |  | 372 |  |  | 2.7 |
Stock-based compensation | 452 |  |  | 3.6 |  |  | 319 |  |  | (6.1) |  |  | 859 |  |  | 6.1 |
Compensation subject to Section 162(m) | — |  |  | — |  |  | — |  |  | — |  |  | 180 |  |  | 1.3 |
Other, net | (532) |  |  | (4.2) |  |  | (10) |  |  | 0.2 |  |  | (106) |  |  | (0.8) |
Total income tax expense | $ | 2,872 |  |  | 23.2 | % |  | $ | (567) |  |  | 10.9 | % |  | $ | 4,240 |  |  | 30.3 | %
Effective income tax rate | 23.2 | % |  |  |  | 10.9 | % |  |  |  | 30.3 | % |  |
Income Tax Provision (Benefit) as Set Forth in the Consolidated Statements of Income | Income tax provision as set forth in the Consolidated Statements of Comprehensive Income (Loss) consisted of the following components (in thousands):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Current taxes: |  |  |  |  |
U.S. Federal | $ | 1,370 |  |  | $ | 14 |  |  | $ | 3,482 |
State and local | 466 |  |  | 237 |  |  | 356 |
Foreign | — |  |  | 98 |  |  | (218) |
Total current taxes | 1,836 |  |  | 349 |  |  | 3,620 |
Deferred taxes: |  |  |  |  |
U.S. Federal | 1,014 |  |  | (888) |  |  | 446 |
State and local | 22 |  |  | (44) |  |  | 30 |
Foreign | — |  |  | 16 |  |  | 144 |
Total deferred taxes | 1,036 |  |  | (916) |  |  | 620 |
Total income tax provision | $ | 2,872 |  |  | $ | (567) |  |  | $ | 4,240 |
Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below (in thousands).
|  | As of December 31,
|  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Stock-based compensation expense |  | $ | 1,160 |  |  | $ | 1,138 |
Deferred rent |  | 1,039 |  |  | 1,330 |
Compensation and benefits payable |  | 1,465 |  |  | 1,328 |
Federal unrecognized tax benefit |  | — |  |  | 4 |
Deferred compensation |  | 464 |  |  | 446 |
Acquisition expenses |  | 876 |  |  | 841 |
Other |  | — |  |  | 9 |
Total deferred tax assets |  | 5,004 |  |  | 5,096 |
Deferred tax liabilities: |  |  |  |
Property and equipment |  | (160) |  |  | (186) |
Intangibles |  | (1,917) |  |  | (1,593) |
Unrealized gains on investments |  | (614) |  |  | (318) |
Leases |  | (915) |  |  | (1,214) |
Contingent consideration |  | (636) |  |  | — |
Other |  | (36) |  |  | (23) |
Total deferred tax liabilities |  | (4,278) |  |  | (3,334) |
Net deferred tax assets |  | $ | 726 |  |  | $ | 1,762 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2023 and 2022 follows (in thousands):
Balance at December 31, 2021 | $ | 25 |
Reductions for tax positions related to prior years | (4) |
Balance at December 31, 2022 | 21 |
Reductions for tax positions related to prior years | (21) |
Balance at December 31, 2023 | $ | — |

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