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10. INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, which included reducing the U.S. federal corporate tax rate from 34 percent to 21 percent in tax years beginning after December 31, 2017.  

The provision for income taxes consists of:

		Year Ended December 31,
		2019				2018
Current tax expense:
Federal		$	130,248			$	292,951
State			63,496				175,055
			193,744				468,006
Deferred tax expense (benefit):
Federal			591,493				478,106
State			166,886				134,894
			758,379				613,000
Total		$	952,123			$	1,081,006

The effective income tax rate differs from the federal statutory rate as follows:

		Year Ended December 31,
		2019				2018
Federal statutory rate			21.00	%			21.00	%
State taxes, net of federal benefit			5.93	%			5.93	%
Permanent differences			0.47	%			0.46	%
Tax credits			0.00	%			0.00	%
Prior year adjustments			-0.01	%			0.12	%
Changes in tax rates and other			0.11	%			-0.07	%
			27.50	%			27.44	%

Permanent differences for the periods consist primarily of changes in tax treatment of meals and entertainment as well as political contributions. Changes in tax rate are described above.

Net deferred tax assets and (liabilities) at December 31 consist of:

		2019				2018
Deferred gain on sale-leaseback		$	-			$	6,727
Other			61,319				48,263
Prepaids			(52,309	)			(40,692	)
Depreciation			(2,493,973	)			(1,989,100	)
Inventory			(473,643	)			(225,425	)
Net noncurrent deferred tax liability			(2,958,606	)			(2,200,227	)
Valuation allowance			-				-
Net deferred tax liability		$	(2,958,606	)		$	(2,200,227	)

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- References

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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

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