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INCOME TAXES | 12 Months Ended
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Feb. 02, 2020
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 17 – 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 28, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current expense |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,312 |  |  | $ | 10,537 |  |  | $ | 12,022 |
Foreign |  |  | 255 |  |  |  | 118 |  |  |  | 85 |
State |  |  | 334 |  |  |  | 2,247 |  |  |  | 1,390 |
Total current expense |  |  | 2,901 |  |  |  | 12,902 |  |  |  | 13,497 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,645 |  |  |  | (963 | ) |  |  | 4,038 |
State |  |  | 298 |  |  |  | (222 | ) |  |  | (13 | )
Total deferred taxes |  |  | 1,943 |  |  |  | (1,185 | ) |  |  | 4,025 |
Income tax expense |  | $ | 4,844 |  |  | $ | 11,717 |  |  | $ | 17,522 |
Total tax expense for fiscal 2020 was $4.5 million, of which $4.8 million expense was allocated to continuing operations and $ 300,000 tax benefit was allocated to other comprehensive income. Total tax expense for fiscal 2019 was $11.6 million, of which $11.7 million expense was allocated to continuing operations and $73,000 tax benefit was allocated to other comprehensive income. Total tax expense for fiscal 2018 was $17.5 million, of which $17.5 million was allocated to continuing operations and $26,000 tax 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 28, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Income taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 33.9 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 2.4 |  |  |  | 3.2 |  |  |  | 2.0 |
Officer's life insurance |  |  | -1.1 |  |  |  | -0.7 |  |  |  | -0.6 |
Tax Cuts and Jobs Act of 2017 |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 4.0 |
Other |  |  | -0.2 |  |  |  | -0.8 |  |  |  | -1.0 |
Effective income tax rate |  |  | 22.1 | % |  |  | 22.7 | % |  |  | 38.3 | %
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, |
|  | 2020 |  |  | 2019 |
Assets |  |  |  |  |  |  |  |
Deferred compensation |  | $ | 2,673 |  |  | $ | 3,572 |
Allowance for bad debts |  |  | 1,050 |  |  |  | 1,236 |
Employee benefits |  |  | 607 |  |  |  | 335 |
Inventories |  |  | 600 |  |  |  | 882 |
Capital loss carryover |  |  | 393 |  |  |  | 339 |
Accrued liabilities |  |  | 338 |  |  |  | 448 |
Deferred rent |  |  | 231 |  |  |  | 168 |
Other |  |  | 431 |  |  |  | 169 |
Total deferred tax assets |  |  | 6,323 |  |  |  | 7,149 |
Valuation allowance |  |  | (393 | ) |  |  | (339 | )
|  |  | 5,930 |  |  |  | 6,810 |
Liabilities |  |  |  |  |  |  |  |
Intangible assets |  |  | 1,737 |  |  |  | 923 |
Property, plant and equipment |  |  | 1,313 |  |  |  | 1,288 |
Unrecognized pension actuarial losses |  |  | - |  |  |  | 77 |
Total deferred tax liabilities |  |  | 3,050 |  |  |  | 2,288 |
Net deferred tax assets |  | $ | 2,880 |  |  | $ | 4,522 |
At February 2, 2020 and February 3, 2019 our net deferred asset was $2.9 million and $4.5, respectively. The increase in the valuation allowance of $54,000 was due to foreign tax credit limitations. We expect to fully realize the benefit of the deferred tax assets, with the exception of the capital loss carry forward and foreign tax credit carry forward, in future periods when the amounts become deductible. The capital loss carry-forward is $1.4 million and expires in fiscal 2022. The foreign tax credit carry-forward is $54,000 and expires beginning in fiscal 2029. 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, 2020 and February 3, 2019 are as follows:
|  | February 2, |  |  | February 3, |
|  | 2020 |  |  | 2019 |
Balance, beginning of year |  | $ | 43 |  |  | $ | 91 |
Decrease related to prior year tax positions |  |  | (39 | ) |  |  | (48 | )
Balance, end of year |  | $ | 4 |  |  | $ | 43 |
The net unrecognized tax benefits as of February 2, 2020 which, if recognized, would affect our effective tax rate are $3,000. We expect that $4,000 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 $1,000 and $5,600 was accrued as of February 2, 2020 and February 3, 2019, respectively. Tax years ending January 29, 2017, through February 2, 2020 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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