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INCOME TAXES | 9 Months Ended
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Sep. 30, 2022
INCOME TAXES |
INCOME TAXES | NOTE 16 – INCOME TAXES The Company and its subsidiaries currently file tax returns in the United States (federal and state) and Poland. The statute of limitations for its consolidated federal income tax returns are open for tax years ended December 31, 2018 and after. The statute of limitations for its consolidated California income tax returns are open for tax years ended December 31, 2017 and after. All tax periods for its Polish subsidiary are currently subject to examination since its inception in 2018. The Company recognized an income tax benefit of $398,998 and expense of $891,538 for the three months ended September 30, 2022 and 2021, respectively, reflecting an effective tax rate of 20.5% and 19.2% for the three month periods ended September 30, 2022 and 2021, respectively. The income tax expense of $803,305 and $4,214,245 for the nine months ended September 30, 2022 and 2021, respectively, reflects an effective tax rate of 19.7% for the period ended September 30, 2022 and 19.8% for the period ended September 30, 2021. At September 30, 2022, the Company’s effective tax rate of 19.7% was less than the federal statutory rate of 21.0% primarily due to the impact of foreign taxes.

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