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Provision for Income Taxes | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | Provision for Income Taxes The significant components of provision for income taxes from continuing operations are summarized as follows for the years ending September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Current expense |  | $ | 3,823 |  |  | $ | 7,351 |
Deferred expense |  | (4,464) |  |  | 424 |
Income tax (benefit) expense |  | $ | (641) |  |  | $ | 7,775 |
The following table presents the significant differences between our income taxes at the federal statutory rate and the Company's effective tax rate for continuing operations for the years ending September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Income taxes at the federal statutory rate |  | $ | 187 |  |  | $ | 6,523 |
State taxes, net |  | (536) |  |  | 1,158 |
Other permanent items |  | (292) |  |  | 94 |
Income tax (benefit) expense |  | $ | (641) |  |  | $ | 7,775 |
An analysis of the Company's deferred tax assets and liabilities at September 30, 2023 and 2022 is as follows (in thousands):
|  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Net operating loss carry forwards, net |  | $ | 855 |  |  | $ | 296 |
Stock based compensation |  | 708 |  |  | 668 |
Accrued compensation |  | 2,094 |  |  | 2,108 |
Capitalized transaction costs |  | 973 |  |  | — |
Right of use asset/liability |  | 1,669 |  |  | — |
Interest limitation |  | 2,601 |  |  | — |
Total deferred tax assets |  | $ | 8,900 |  |  | $ | 3,072 |
Less: valuation allowance |  | (847) |  |  | (262) |
Total deferred tax assets, net |  | $ | 8,053 |  |  | $ | 2,810 |
Deferred tax liabilities: |  |  |  |
Depreciation on fixed assets |  | (418) |  |  | (458) |
Amortization on identified intangibles and goodwill |  | (4,050) |  |  | (3,375) |
Accrued expenses |  | (515) |  |  | (407) |
Right of use liability |  | — |  |  | (104) |
Total deferred tax liabilities |  | $ | (4,983) |  |  | $ | (4,344) |
Net deferred tax assets (liabilities) |  | $ | 3,070 |  |  | $ | (1,534) |

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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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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