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Income Taxes | 3 Months Ended
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Mar. 31, 2020
Income Taxes [Abstract] |
Income Taxes |
Note 8. | Income Taxes
A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax expense (benefit) is as follows:
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Federal income tax provision at statutory rate of 21% |  | $ | (2,148 | ) |  | $ | 1,110 |
Dividends-received deduction |  |  | (3 | ) |  |  | (9 | )
Other permanent differences |  |  | 11 |  |  |  | 22 |
Income tax expense (benefit) |  | $ | (2,140 | ) |  | $ | 1,123 |
The components of income tax expense (benefit) were:
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Current – Federal |  | $ | 129 |  |  | $ | - |
Deferred – Federal |  |  | (2,269 | ) |  |  | 1,123 |
Total |  | $ | (2,140 | ) |  | $ | 1,123 |
In addition, the Company determined there were no significant tax implications as a result of the CARES Act.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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