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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income Tax (Benefit) / Expense | The following table presents the components of provision (benefit) for (from) income taxes for the periods indicated:
|  | Year Ending December 31, |
|  | 2019 |  |  | 2018 |
Current income tax expense |  |  |  |  |  |
Federal |  | $ | 271,000 |  |  | $ | 948,000 |
State and local |  |  | 252,000 |  |  |  | 26,000 |
Total Current income tax expense |  |  | 523,000 |  |  |  | 974,000 |
Deferred income tax expense (benefit) |  |  |  |  |  |  |  |
Federal |  | $ | 312,000 |  |  | $ | (3,248,000 | )
State and local |  |  | 283,000 |  |  |  | (2,328,000 | )
Total Deferred income tax expense (benefit) |  |  | 595,000 |  |  |  | (5,576,000 | )
Total Provision (benefit) for (from) income taxes |  | $ | 1,118,000 |  |  | $ | (4,602,000 | )
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate applicable to income before provision for income taxes is as follows for the periods indicated:
|  | Year Ending December 31, |
|  | 2019 |  |  | 2018 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Net effect of |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 0.2 | % |  |  | 0.2 | %
Depreciation |  |  | — |  |  |  | (0.9 | %)
Tax amortization of intangible assets |  |  | (1.2 | %) |  |  | (3.8 | %)
Other temporary differences |  |  | — |  |  |  | (1.3 | %)
Net operating loss |  |  | — |  |  |  | (2.6 | %)
Increase due to state and local taxes, net of U.S. federal income tax effects |  |  | 4.0 | % |  |  | 0.6 | %
Lease liabilities |  |  | (0.3 | %) |  |  | — |
Total Current effective income tax rate |  |  | 23.7 | % |  |  | 13.2 | %
Reversal of deferred tax assets valuation allowance |  |  | — |  |  |  | (75.8 | %)
Total Effective income tax rate |  |  | 23.7 | % |  |  | (62.6 | %)
Schedule of Deferred Tax Assets (Liabilities) | Below is a breakout of the deferred tax assets, net of valuation allowance as of the periods indicated.
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 5,322,000 |  |  | $ | 5,811,000 |
Total Deferred tax assets |  |  | 5,322,000 |  |  |  | 5,811,000 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Furniture, equipment and leasehold improvements |  | $ | (430,000 | ) |  | $ | (193,000 | )
Lease liabilities |  |  | 89,000 |  |  |  | — |
Contribution carryover |  |  | — |  |  |  | — |
Intangible assets |  |  | — |  |  |  | — |
Other reconciling items |  |  | — |  |  |  | (42,000 | )
Total Deferred tax liabilities |  |  | (341,000 | ) |  |  | (235,000 | )
Total Deferred tax assets |  | $ | 4,981,000 |  |  | $ | 5,576,000

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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