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NOTE 14 - INCOME TAXES | 12 Months Ended
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Feb. 02, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 14 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated:
|  | Fifty-Two |  |  | Fifty-Three |  |  | Fifty-Two |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | February 2, |  |  | February 3, |  |  | January 29, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current expense |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,755 |  |  | $ | 3,894 |  |  | $ | 1,687 |
Foreign |  |  | 41 |  |  |  | 50 |  |  |  | 54 |
State |  |  | 403 |  |  |  | 403 |  |  |  | 182 |
Total current expense |  |  | 4,199 |  |  |  | 4,347 |  |  |  | 1,923 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 214 |  |  |  | (35 | ) |  |  | (87 | )
State |  |  | 126 |  |  |  | 55 |  |  |  | 52 |
Total deferred taxes |  |  | 340 |  |  |  | 20 |  |  |  | (35 | )
Income tax expense |  | $ | 4,539 |  |  | $ | 4,367 |  |  | $ | 1,888 |
Total tax expense for fiscal 2014 was $4.5 million, of which $4.5 million was allocated to continuing operations and $59,000 benefit was allocated to Other Comprehensive Income. Total tax expense for the fiscal year ended February 3, 2013 was $4.4 million, of which $4.3 million was allocated to continuing operations and $51,000 was allocated to Other Comprehensive Income. Total tax expense for fiscal 2012 was $1.6 million, of which $1.9 million was allocated to continuing operations and $303,000 benefit was allocated to Other Comprehensive Income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fifty-Two |  |  | Fifty-Three |  |  | Fifty-Two |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | February 2, |  |  | February 3, |  |  | January 29, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income taxes at statutory rate |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 34.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 2.1 |  |  |  | 2.1 |  |  |  | 2.3 |
Officer's life insurance |  |  | (1.8 | ) |  |  | (3.1 | ) |  |  | (5.9 | )
Other, net |  |  | 2.1 |  |  |  | 0.6 |  |  |  | (3.2 | )
Effective income tax rate |  |  | 36.4 | % |  |  | 33.6 | % |  |  | 27.2 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were:
|  | February 2, |  |  | February 3, |
|  | 2014 |  |  | 2013 |
Assets |  |  |  |  |  |
Deferred compensation |  | $ | 3,455 |  |  | $ | 3,319 |
Allowance for bad debts |  |  | 448 |  |  |  | 455 |
State income taxes |  |  | 43 |  |  |  | 153 |
Property, plant and equipment |  |  | 370 |  |  |  | 220 |
Intangible assets |  |  | 745 |  |  |  | 989 |
Charitable contribution carryforward |  |  | 608 |  |  |  | 745 |
Inventories |  |  | 148 |  |  |  | 447 |
Other |  |  | 308 |  |  |  | 245 |
Total deferred tax assets |  |  | 6,125 |  |  |  | 6,573 |
Valuation allowance |  |  | (34 | ) |  |  | (139 | )
|  |  | 6,091 |  |  |  | 6,434 |
Liabilities |  |  |  |  |  |  |  |
Employee benefits |  |  | 320 |  |  |  | 328 |
Total deferred tax liabilities |  |  | 320 |  |  |  | 328 |
Net deferred tax asset without AOCI |  |  | 5,771 |  |  |  | 6,106 |
Deferred tax liability in AOCI |  |  | (56 | ) |  |  | (115 | )
Total net deferred tax asset |  | $ | 5,715 |  |  | $ | 5,991 |
At February 2, 2014 and February 3, 2013 our net deferred tax asset was $5.7 million and $6.0 million, respectively. We have net operating loss carryforwards for state income tax purposes of $869,000 which are available to offset future state taxable income through 2023. There is a valuation allowance against the tax benefit of the carryforward of $34,000 and $139,000, at February 2, 2014 and February 3, 2013, respectively. Except for the state net operating loss carryforwards, we expect to fully utilize the remaining deferred tax assets in future periods when the amounts become deductible. In fiscal 2014, an uncertain tax position was identified and accrued in the current year for which forthcoming remediation action steps will effectively settle the uncertainty in the next 12 months. In fiscal 2014, we also established a reserve of $103,000 for an uncertain tax position related to the use of a portion of state loss carryforwards in our current tax returns. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended February 2, 2014 and February 3, 2013 are as follows:
|  | February 2, |  |  | February 3, |
|  | 2014 |  |  | 2013 |
Balance, beginning of year |  | $ | - |  |  | $ | - |
Increase related to prior year tax positions |  |  | 279 |  |  |  |  |
Decrease related to prior year tax positions |  |  | - |  |  |  |  |
Increase related to current year tax positions |  |  | 80 |  |  |  |  |
Balance, end of year |  | $ | 359 |  |  | $ | - |
The net unrecognized tax benefits as of February 2, 2014, which, if recognized, would affect our effective tax rate are $303,000. We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. Interest expense of $3,000 and $0 was accrued as of February 2, 2014 and February 3, 2013, respectively. Because the possibility of the state tax jurisdiction examining our loss deduction is uncertain, we are unable to estimate the range of possible changes to the balance of unrecognized tax benefits of $103,000 related to that uncertainty. We do not anticipate a significant increase or decrease in the amount of the unrecognized tax benefits related to the state loss carryforwards within the next year. However, we do expect that the balance of unrecognized tax benefits of $200,000 related to the captive insurance underpayments will decrease in fiscal 2015 when we amend our prior year returns. Tax years beginning January 30, 2011, through February 2, 2014 remain subject to examination by federal and state taxing authorities.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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