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INCOME TAXES | 12 Months Ended
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Jan. 30, 2022
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 15 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 30, |  |  | January 31, |  |  | February 2, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current expense |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 650 |  |  | $ | 5,858 |  |  | $ | 2,312 |
Foreign |  |  | 107 |  |  |  | 108 |  |  |  | 255 |
State |  |  | 307 |  |  |  | 1,154 |  |  |  | 334 |
Total current expense |  |  | 1,064 |  |  |  | 7,120 |  |  |  | 2,901 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,980 |  |  |  | (9,554 | ) |  |  | 1,645 |
State |  |  | 344 |  |  |  | (1,708 | ) |  |  | 298 |
Total deferred taxes |  |  | 2,324 |  |  |  | (11,262 | ) |  |  | 1,943 |
Income tax expense / (benefit) |  | $ | 3,388 |  |  | $ | (4,142 | ) |  | $ | 4,844 |
Total tax expense for fiscal 2022 was $3.6 million, of which $3.4 million expense was allocated to continuing operations and $200,000 tax expense was allocated to other comprehensive income. 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. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 30, |  |  | January 31, |  |  | February 2, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Income taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 3.4 |  |  |  | 3.0 |  |  |  | 2.4 |
Officer's life insurance |  |  | -1.3 |  |  |  | 1.7 |  |  |  | -1.1 |
Expiration of capital loss |  |  | 2.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Change in valuation allowance |  |  | -1.9 |  |  |  | 0.0 |  |  |  | 0.0 |
Consolidated Appropriation Act provisions |  |  | 0.0 |  |  |  | 1.8 |  |  |  | 0.0 |
Other |  |  | -0.8 |  |  |  | 0.9 |  |  |  | -0.2 |
Effective income tax rate |  |  | 22.4 | % |  |  | 28.4 | % |  |  | 22.1 | %
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 30, |  |  | January 31, |
|  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Intangible assets |  | $ | 7,212 |  |  | $ | 8,057 |
Deferred compensation |  |  | 2,807 |  |  |  | 2,765 |
Allowance for bad debts |  |  | 2,079 |  |  |  | 2,235 |
Employee benefits |  |  | 643 |  |  |  | 848 |
Loss and credit carryover |  |  | 88 |  |  |  | 411 |
Accrued liabilities |  |  | 320 |  |  |  | 511 |
Deferred rent |  |  | 618 |  |  |  | 444 |
Other |  |  | 194 |  |  |  | 369 |
Total deferred tax assets |  |  | 13,961 |  |  |  | 15,640 |
Valuation allowance |  |  | (88 | ) |  |  | (411 | )
|  |  | 13,873 |  |  |  | 15,229 |
Liabilities |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 1,361 |  |  |  | 775 |
Inventories |  |  | 900 |  |  |  | 281 |
Total deferred tax liabilities |  |  | 2,261 |  |  |  | 1,056 |
Net deferred tax assets |  | $ | 11,612 |  |  | $ | 14,173 |
At January 30, 2022 and January 31, 2021 our net deferred asset was $11.6 and $14.2 million, respectively. The decrease in the valuation allowance of $323,000 was primarily due to the expiration of a capital loss carryforward. We expect to fully realize the benefit of the deferred tax assets, with the exception of the foreign tax credit carry forward, in future periods when the amounts become deductible. The foreign tax credit carry forward is $88,000 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 disclosure. We do not have unrecognized tax benefits as of January 30, 2022. Tax years ending February 3, 2019 through January 30, 2022 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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://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 https://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 https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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