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INCOME TAXES | 12 Months Ended
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Jan. 31, 2021
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 16 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated:
|  | Fifty-Two |  |  | Fifty-Two |  |  | Fifty-Three |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | January 31, |  |  | February 2, |  |  | February 3, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current expense |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 5,858 |  |  | $ | 2,312 |  |  | $ | 10,537 |
Foreign |  |  | 108 |  |  |  | 255 |  |  |  | 118 |
State |  |  | 1,154 |  |  |  | 334 |  |  |  | 2,247 |
Total current expense |  |  | 7,120 |  |  |  | 2,901 |  |  |  | 12,902 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (9,554 | ) |  |  | 1,645 |  |  |  | (963 | )
State |  |  | (1,708 | ) |  |  | 298 |  |  |  | (222 | )
Total deferred taxes |  |  | (11,262 | ) |  |  | 1,943 |  |  |  | (1,185 | )
Income tax (benefit)/expense |  | $ | (4,142 | ) |  | $ | 4,844 |  |  | $ | 11,717 |
Total tax benefit for fiscal 2021 was $4.2 million, of which $4.1 million benefit was allocated to continuing operations and $ 30,000 tax benefit was allocated to other comprehensive income. 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. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fiftty-Two |  |  | Fiftty-Two |  |  | Fiftty-Three |
|  | Weeks Ended |  |  | Weeks Ended |  |  | Weeks Ended |
|  | January 31, |  |  | February 2, |  |  | February 3, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 3.0 |  |  |  | 2.4 |  |  |  | 3.2 |
Officer's life insurance |  |  | 1.7 |  |  |  | -1.1 |  |  |  | -0.7 |
Consolidated Appropriation Act provisions |  |  | 1.8 |  |  |  | 0.0 |  |  |  | 0.0 |
Other |  |  | 0.9 |  |  |  | -0.2 |  |  |  | -0.8 |
Effective income tax rate |  |  | 28.4 | % |  |  | 22.1 | % |  |  | 22.7 | %
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 31, |  |  | February 2, |
|  | 2021 |  |  | 2020 |
Assets |  |  |  |  |  |  |  |
Intangible assets |  | $ | 8,057 |  |  | $ | - |
Deferred compensation |  |  | 2,765 |  |  |  | 2,673 |
Allowance for bad debts |  |  | 2,235 |  |  |  | 1,050 |
Employee benefits |  |  | 848 |  |  |  | 607 |
Inventories |  |  | - |  |  |  | 600 |
Capital loss carryover |  |  | 411 |  |  |  | 393 |
Accrued liabilities |  |  | 511 |  |  |  | 338 |
Deferred rent |  |  | 444 |  |  |  | 231 |
Other |  |  | 369 |  |  |  | 431 |
Total deferred tax assets |  |  | 15,640 |  |  |  | 6,323 |
Valuation allowance |  |  | (411 | ) |  |  | (393 | )
|  |  | 15,229 |  |  |  | 5,930 |
Liabilities |  |  |  |  |  |  |  |
Intangible assets |  |  | - |  |  |  | 1,737 |
Property, plant and equipment |  |  | 775 |  |  |  | 1,313 |
Inventories |  |  | 281 |  |  |  | - |
Total deferred tax liabilities |  |  | 1,056 |  |  |  | 3,050 |
Net deferred tax assets |  | $ | 14,173 |  |  | $ | 2,880 |
At January 31, 2021 and February 2, 2020 our net deferred asset was $14.2 million and $2.9 million, respectively. The increase in the valuation allowance of $18,000 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 $71,000 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. We do not have unrecognized tax benefits as of January 31, 2021. Tax years ending January 28, 2018 through January 31, 2021 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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