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Income Taxes
 9 Months Ended
Sep. 30, 2021
Notes  
Income Taxes

5.  The Company’s effective tax rates were approximately 16.9% and 25.4% for the third quarter of 2021 and 2020, respectively, and 20.9% and (32.7)% for the nine months ended September 30, 2021 and 2020, respectively.  The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020.  The CARES Act allows for the carryback of any net operating loss arising in a tax year beginning after December 31, 2017 and before January 1, 2021, to each of the five tax years preceding the tax year in which the loss arises.  As a result, the Company’s effective tax rates in the 2020 periods were higher than the statutory rates.

 

The Company’s federal income tax returns for the 2018, 2019 and 2020 tax years are subject to examination by the Internal Revenue Service (“IRS”).  While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.  No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2018, 2019 and 2020 federal income tax returns will expire on September 15, 2022, 2023 and 2024, respectively.

 

The Company’s state income tax returns for the 2018 through 2020 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2024.  The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been

extended.