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Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9 - Income Taxes

 

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

 

   2022   2021 
   December 31, 
   2022   2021 
Current income tax expense:          
International  $-   $5 
Federal   708    534 
State   172    140 
Total current income tax expense   880    679 
Deferred income tax benefit:          
Federal   (50)   (17)
State   (8)   (3)
Total deferred income tax benefit   (58)   (20)
           
Total income tax expense  $822   $659 

 

 

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):

 

   2022   2021 
   December 31, 
   2022   2021 
Expected tax expense  $592   $759 
State tax provision, net   101    141 
Permanent differences   22    4 
Foreign   79    40 
Stock options   (1)   (38)
PPP loan forgiveness   -    (253)
Other, net   29    6 
           
Total income tax expense  $822   $659 

 

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

 

   2022   2021 
   December 31, 
   2022   2021 
Deferred tax assets (liabilities):          
Accruals and other  $133   $96 
Stock based compensation   160    145 
Property and equipment   28    (35)
Intangibles assets   202    258 
Net deferred tax assets   523    464