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Income Taxes

12 Months Ended

Dec. 31, 2020

Note 10 - Income Taxes

The provision for income taxes consists of the following (in thousands):

	December 31,
	2020			2019
Current income tax expense:
International	$	8		$	-
Federal		398			438
State		79			82
Total current income tax expense		485			520
Deferred income tax benefit:
Federal		(20	)		(51	)
State		(3	)		(9	)
Total deferred income tax benefit		(23	)		(60	)

Total income tax expense	$	462		$	460

The reconciliation of income taxes calculated at the statutory rates to our effective tax rate is as follows (in thousands):

	December 31,
	2020			2019
Expected tax expense	$	388		$	321
State tax provision, net		66			55
Permanent differences		8			11
Foreign		36			-
Minority interest		-			76
Other, net		(36	)		(3	)

Total income tax expense	$	462		$	460

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands):

	December 31,
	2020			2019
Deferred tax assets (liabilities):
Accruals, stock-based compensation and other	$	217		$	181
Property and equipment		(85	)		(15	)
Intangibles assets		311			212
Net deferred tax assets		443			378

- 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.

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