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INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

(10)   INCOME TAXES

The pre-tax income from continuing operations on which the provision for income taxes was computed is as follows (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
United States	​	$	22,295	​	$	10,185
Foreign	​		(24)	​		(32)
Total	​		22,271	​		10,153

​

Income tax expense consists of the following for the years ended December 31, 2021 and 2020 (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
Current tax expense:		​			​
Federal	​	$	4,289	​	$	841
State	​		1,025	​		292
Total tax expense:	​		5,314	​		1,133
Deferred tax expense/(benefit):	​			​
Federal	​		(135)	​		(122)
State	​		(11)	​		68
Total deferred tax expense/(benefit):	​	$	(146)	​	$	(54)
Total	​	$	5,168	​	$	1,079

​

A reconciliation of income tax computed at the U.S. statutory rate of 21% to the effective income tax rate is as follows:

​

​	​	​	​	​	​
​		2021		2020
Statutory rate		21	%	21	%
State taxes		4	%	3	%
Permanent differences and other		0	%	1	%
Stock based compensation		(1)	%	(15)	%
Effective rate		24	%	10	%

​

The tax effects of temporary differences that give rise to deferred tax assets (liabilities) at December 31, 2021 and 2020 are as follows (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
Deferred tax assets:		​			​
Accrued expenses	​	$	26	​	$	10
Lease liability	​		4,620	​		1,721
Accounts receivable	​		18	​		18
Inventory	​		484	​		495
Stock based compensation	​		271	​		306
Tax credits and NOL carryforward	​		8	​		20
Other	​		—	​		1
Amortization	​		90	​		43
​	​		5,517	​		2,614
Less: valuation allowance	​		—	​		—
Deferred tax assets	​	$	5,517	​	$	2,614
​	​	​	​	​	​	​
Deferred tax liabilities:	​		​	​		​
Property and equipment	​	$	(599)	​	$	(470)
Finance lease	​	​	(96)	​	​	(78)
Prepaid expenses	​	​	(77)	​	​	(20)
Right-of-use-asset	​		(4,034)	​		(1,480)
Deferred tax liabilities	​	$	(4,806)	​	$	(2,048)
​	​	​	​	​	​	​
Net deferred tax assets	​	$	711	​	$	566

​

As of December 31, 2021, the Company has net operating loss carryforwards in various states of approximately $0.2 million, which expire at various dates ranging from five to seven years.

In addition, the Company had no recorded valuation allowances at December 31, 2021 and 2020.

The accounting standard related to income taxes applies to all tax positions and defines the confidence level that a tax position must meet in order to be recognized in the financial statements. The accounting standard requires that the tax effects of a position be recognized only if it is "more-likely-than-not" to be sustained by the taxing authority as of the reporting date. If a tax position is not considered "more-likely-than-not" to be sustained, then no benefits of the position are to be recognized. Differences between financial and tax reporting which do not meet this threshold are required to be recorded as unrecognized tax benefits. This standard also provides guidance on the presentation of tax matters and the recognition of potential interest and penalties. As of December 31, 2021 and 2020, the Company does not have an unrecognized tax liability.

The Company does not classify penalty and interest expense related to income tax liabilities as an income tax expense. Penalties and interest are included within general and administrative expenses on the consolidated statements of income.

The Company files income tax returns in the U.S. and various state jurisdictions, and there are open statutes of limitations for taxing authorities to audit our tax returns from 2016 through the current period.

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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

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