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Income Taxes (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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