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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10 - Income Taxes

 

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

 

    2021     2020  
    December 31,  
    2021     2020  
Current income tax expense:            
International   $ 5     $ 8  
Federal     534       398  
State     140       79  
Total current income tax expense     679       485  
Deferred income tax benefit:                
Federal     (17 )     (20 )
State     (3 )     (3 )
Total deferred income tax benefit     (20 )     (23 )
                 
Total income tax expense   $ 659     $ 462  

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

 

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

 

    2021     2020  
    December 31,  
    2021     2020  
Expected tax expense   $ 759     $ 388  
State tax provision, net     141       66  
Permanent differences     4       8  
Foreign     40       36  
Stock options     (38 )     -  
PPP loan forgiveness     (253 )     -  
Other, net     6       (36 )
                 
Total income tax expense   $ 659     $ 462  

 

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

 

    2021     2020  
    December 31,  
    2021     2020  
Deferred tax assets (liabilities):            
Accruals and other   $ 96     $ 90  
Stock based compensation     145       127  
Property and equipment     (35 )     (85 )
Intangibles assets     258       311  
Net deferred tax assets     464       443