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NOTE 14 - INCOME TAXES | 12 Months Ended
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Jan. 28, 2018
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-Two |  |  | Fifty-Two |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | January 28, |  |  | January 29, |  |  | January 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current expense |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,022 |  |  | $ | 14,470 |  |  | $ | 7,196 |
Foreign |  |  | 85 |  |  |  | 86 |  |  |  | 41 |
State |  |  | 1,390 |  |  |  | 1,471 |  |  |  | 771 |
Total current expense |  |  | 13,497 |  |  |  | 16,027 |  |  |  | 8,008 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 4,038 |  |  |  | (1,902 | ) |  |  | 244 |
State |  |  | (13 | ) |  |  | (216 | ) |  |  | 22 |
Total deferred taxes |  |  | 4,025 |  |  |  | (2,118 | ) |  |  | 266 |
Income tax expense |  | $ | 17,522 |  |  | $ | 13,909 |  |  | $ | 8,274 |
Total tax expense for FY18 was $17.5 million, of which $17.5 million expense was allocated to continuing operations and $26,000 tax benefit was allocated to other comprehensive income. Total tax expense for fiscal 2017 was $14.1 million, of which $13.9 million was allocated to continuing operations and $204,000 was allocated to other comprehensive income. Total tax expense for fiscal 2016 was $8.6 million, of which $8.3 million was allocated to continuing operations and $277,000 expense 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-Two |  |  | Fifty-Two |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | January 28, |  |  | January 29, |  |  | January 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Income taxes at statutory rate |  |  | 33.9 | % |  |  | 35.0 | % |  |  | 35.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 2.1 |  |  |  | 2.2 |  |  |  | 2.1 |
Domestic Production Deduction |  |  | -0.3 |  |  |  | -0.4 |  |  |  | -0.6 |
Officer's life insurance |  |  | -0.6 |  |  |  | -1.2 |  |  |  | -1.1 |
Captive Life Insurance |  |  | 0.0 |  |  |  | -1.3 |  |  |  | 0.0 |
Excess tax deductions on stock-based compensation |  |  | -0.4 |  |  |  | 0.0 |  |  |  | 0.0 |
Tax Cuts and Jobs Act of 2017 |  |  | 4.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Change in Valuation allowance |  |  | 0.0 |  |  |  | 1.3 |  |  |  | 0.0 |
Other |  |  | -0.4 |  |  |  | -0.1 |  |  |  | -1.6 |
Effective income tax rate |  |  | 38.3 | % |  |  | 35.5 | % |  |  | 33.8 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were:
|  | January 28, |  |  | January 29, |
|  | 2018 |  |  | 2017 |
Assets |  |  |  |  |  |
Deferred compensation |  | $ | 3,226 |  |  | $ | 4,817 |
Allowance for bad debts |  |  | 1,437 |  |  |  | 955 |
State income taxes |  |  | 173 |  |  |  | 32 |
Intangible assets |  |  | - |  |  |  | 609 |
Inventories |  |  | - |  |  |  | 662 |
Employee benefits |  |  | 214 |  |  |  | 144 |
Capital loss carryover |  |  | 335 |  |  |  | 525 |
Other |  |  | 305 |  |  |  | 460 |
Total deferred tax assets |  |  | 5,690 |  |  |  | 8,204 |
Valuation allowance |  |  | (335 | ) |  |  | (525 | )
|  |  | 5,355 |  |  |  | 7,679 |
Liabilities |  |  |  |  |  |  |  |
Inventory |  |  | 315 |  |  |  | - |
Intangible assets |  |  | 108 |  |  |  | - |
Property, plant and equipment |  |  | 1,520 |  |  |  | 131 |
Unrecognized pension actuarial gains |  |  | 148 |  |  |  | 284 |
Total deferred tax liabilities |  |  | 2,091 |  |  |  | 415 |
Net deferred tax assets |  |  | 3,264 |  |  |  | 7,264 |
At January 28, 2018 and January 29, 2017 our net deferred tax asset was $3.3 million and $7.3 million, respectively. On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Act") was signed into law. As a result of the new tax law we recorded an additional tax expense of $1.8 million for fiscal 2018 due to the re-measurement of deferred tax assets and liabilities. The decrease in valuation allowance of $190,000 is due to the remeasurement of the deferred tax assets and liabilities as a result of the Tax Act. The effects of the Tax Act discussed above may be subject to update upon further guidance or interpretation of its provisions. We expect to fully realize the benefit of the deferred tax assets, with the exception of the capital loss, in future periods when the amounts become deductible. The capital loss carry forward is $1.4 million and expires in fiscal 2022. 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 January 28, 2018 and January 29, 2017 are as follows:
|  | January 28, |  |  | January 29, |
|  | 2018 |  |  | 2017 |
Balance, beginning of year |  | $ | 248 |  |  | $ | 279 |
Increase related to prior year tax positions |  |  | - |  |  |  | - |
Decrease related to prior year tax positions |  |  | (157 | ) |  |  | (31 | )
Increase related to current year tax positions |  |  | - |  |  |  | - |
Balance, end of year |  | $ | 91 |  |  | $ | 248 |
The net unrecognized tax benefits as of January 28, 2018, which, if recognized, would affect our effective tax rate are $80,000. We expect that $48,000 of gross unrecognized tax benefits will decrease within the next year. We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. Interest expense of $10,000 and $23,000 was accrued as of January 28, 2018 and January 29, 2017, respectively. Tax years ending February 1, 2015, through January 28, 2018 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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