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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 4,024 |  |  | $ | 12,419 |  |  | $ | (5,112) |
Canada | (5) |  |  | (27) |  |  | (83) |
Total | $ | 4,019 |  |  | $ | 12,392 |  |  | $ | (5,195) |
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,
| 2024 |  | 2023 |  | 2022
Income tax provision computed at US federal statutory rate | $ | 844 |  |  | 21.0 | % |  | $ | 2,603 |  |  | 21.0 | % |  | $ | (1,091) |  |  | 21.0 | %
Canadian rate differential | — |  |  | — |  |  | — |  |  | — |  |  | 87 |  |  | (1.7) |
State and local income taxes, net of federal income taxes | 359 |  |  | 8.9 |  |  | 349 |  |  | 2.8 |  |  | 128 |  |  | (2.5) |
Stock-based compensation | 158 |  |  | 3.9 |  |  | 452 |  |  | 3.6 |  |  | 319 |  |  | (6.1) |
Other permanent items | 153 |  |  | 3.8 |  |  | — |  |  | — |  |  | — |  |  | — |
Compensation subject to Section 162(m) | 185 |  |  | 4.6 |  |  | — |  |  | — |  |  | — |  |  | — |
Other, net | 105 |  |  | 2.7 |  |  | (532) |  |  | (4.2) |  |  | (10) |  |  | 0.2 |
Provision for income taxes | $ | 1,804 |  |  | 44.9 | % |  | $ | 2,872 |  |  | 23.2 | % |  | $ | (567) |  |  | 10.9 | %
Effective income tax rate | 44.9 | % |  |  |  | 23.2 | % |  |  |  | 10.9 | % |  |
Income Tax Provision (Benefit) as Set Forth in the Consolidated Statements of Income | Income tax provision as set forth in the Consolidated Statements of Operations consisted of the following components (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Current taxes: |  |  |  |  |
U.S. Federal | $ | 2,664 |  |  | $ | 1,370 |  |  | $ | 14 |
State and local | 658 |  |  | 466 |  |  | 237 |
Foreign | — |  |  | — |  |  | 98 |
Total current taxes | 3,322 |  |  | 1,836 |  |  | 349 |
Deferred taxes: |  |  |  |  |
U.S. Federal | (1,359) |  |  | 1,014 |  |  | (888) |
State and local | (159) |  |  | 22 |  |  | (44) |
Foreign | — |  |  | — |  |  | 16 |
Total deferred taxes | (1,518) |  |  | 1,036 |  |  | (916) |
Total income tax provision | $ | 1,804 |  |  | $ | 2,872 |  |  | $ | (567) |
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,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Stock-based compensation expense |  | $ | 1,156 |  |  | $ | 1,160 |
Operating lease liabilities |  | 735 |  |  | 1,039 |
Compensation and benefits payable |  | 1,867 |  |  | 1,465 |
Accrued contingent consideration |  | 490 |  |  | — |
Deferred compensation |  | 468 |  |  | 464 |
Acquisition expenses |  | 885 |  |  | 876 |
Other |  | 91 |  |  | — |
Total deferred tax assets |  | 5,692 |  |  | 5,004 |
Deferred tax liabilities: |  |  |  |
Property and equipment |  | (36) |  |  | (160) |
Intangibles |  | (2,137) |  |  | (1,917) |
Unrealized gains on investments |  | (642) |  |  | (614) |
Operating lease right-of-use assets |  | (633) |  |  | (915) |
Contingent consideration |  | — |  |  | (636) |
Other |  | — |  |  | (36) |
Total deferred tax liabilities |  | (3,448) |  |  | (4,278) |
Net deferred tax assets |  | $ | 2,244 |  |  | $ | 726 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2024 and 2023 follows (in thousands):
Balance at December 31, 2022 | $ | 21 |
Reductions for tax positions related to prior years | (21) |
Balance at December 31, 2023 | — |
Balance at December 31, 2024 | $ | — |

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