XML 33 R20.htm IDEA: XBRL DOCUMENT v3.22.4
INCOME TAXES
 12 Months Ended
Jan. 01, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
At January 1, 2023, federal income tax receivable of $1.7 million is included in Other current assets from continuing operations, see “Note 5 - Other Current Assets,” and state income tax payable of $0.3 million is included in Income taxes payable from continuing operations. At December 26, 2021, federal and state income tax payable of $0.4 million is included in Income taxes payable from continuing operations.

The Company's income tax expense for the fiscal years are comprised of the following: 
 202220212020
Current federal income tax$589,528 $594,483 $752,397 
Current state income tax716,942 765,716 919,966 
Deferred income tax (benefit)2,352,601 1,279,388 (2,413,019)
Income tax expense (benefit) from continuing operations3,659,071 2,639,587 (740,656)
Income tax expense from discontinued operations4,810,362 918,613 1,253,748 
Income tax expense$8,469,433 $3,558,200 $513,092 
Significant components of the Company’s deferred income taxes from continuing operations are as follows at: 
 January 1,
2023		December 26,
2021
Deferred tax assets:
Allowance for credit losses$127,430 $103,609 
Goodwill and intangible assets786,455 996,763 
Accrued payroll and expenses404,050 207,600 
Contingent consideration271,130 535,687 
Other long-term liabilities (deferred employer FICA)— 1,843,081 
Share-based compensation503,961 452,029 
Net operating loss carry forward984,902 1,356,294 
Deferred tax liabilities:
Prepaid expenses and other current assets(579,593)(579,027)
Fixed assets(302,651)(367,751)
Deferred income taxes, net$2,195,684 $4,548,285 


The income tax provision, reconciled to the tax computed at the statutory federal rate, is as follows: 
 202220212020
Tax expense (benefit) at federal statutory rate$3,133,256 21.0 %$2,750,467 21.0 %$(590,634)21.0 %
State income taxes, net of federal benefit794,554 5.3 %1,100,072 8.4 %96,269 (3.4)%
Equity, permanent differences and other178,493 1.2 %(503,123)(3.9)%239,020 (8.5)%
Work Opportunity Tax Credit, net(447,232)(3.0)%(707,829)(5.4)%(485,311)17.3 %
Income tax expense (benefit) from continuing operations3,659,071 24.5 %2,639,587 20.1 %(740,656)26.4 %
Income tax expense from discontinued operations4,810,362 24.5 %918,613 20.1 %1,253,748 26.4 %
Income tax expense$8,469,433 24.5 %$3,558,200 20.1 %$513,092 26.4 %