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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes |
(16) | Income Taxes
Income tax expense (benefit) is as follows:
|  | Year ended December 31, |
|  | 2019 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 6,258,953 |  |  | $ | (5,056,987 | )
State |  |  | 2,092,750 |  |  |  | — |
|  |  | 8,351,703 |  |  |  | (5,056,987 | )
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (1,607,189 | ) |  |  | 982,431 |
State |  |  | (146,763 | ) |  |  | (1,111,436 | )
|  |  | (1,753,952 | ) |  |  | (129,005 | )
|  | $ | 6,597,751 |  |  | $ | (5,185,992 | )
Income tax expense (benefit) differs from the amounts that would result from applying the federal statutory rate of 21% to the Company’s income (loss) before taxes as follows:
|  | Year ended December 31, |
|  | 2019 |  |  | 2020 |
Expected tax expense (benefit) |  | $ | 4,166,309 |  |  | $ | (5,018,846 | )
State income taxes, net of federal benefit |  |  | 4,263,192 |  |  |  | (878,034 | )
Tax rate adjustments |  |  | 290,381 |  |  |  | (109,421 | )
Change in valuation allowance |  |  | (3,450,458 | ) |  |  | (3,074 | )
Non-deductible items |  |  | 1,055,121 |  |  |  | 535,080 |
Other |  |  | 273,206 |  |  |  | 288,303 |
|  | $ | 6,597,751 |  |  | $ | (5,185,992 | )
Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:
|  | December 31, |
|  | 2019 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 567,702 |  |  | $ | 1,330,493 |
Other assets |  |  | (979,560 | ) |  |  | (474,351 | )
Accrued expenses |  |  | 786,001 |  |  |  | 765,531 |
Other long-term liabilities |  |  | 2,663,792 |  |  |  | 2,928,717 |
Stock-based compensation |  |  | 149,087 |  |  |  | 138,809 |
Net operating losses |  |  | 94,878 |  |  |  | 1,398,872 |
Subtotal |  |  | 3,281,900 |  |  |  | 6,088,071 |
Valuation allowance |  |  | (311,214 | ) |  |  | (308,140 | )
Total |  |  | 2,970,686 |  |  |  | 5,779,931 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | (91,665 | ) |  |  | (85,946 | )
Property and equipment |  |  | (1,827,323 | ) |  |  | (4,051,119 | )
Intangibles |  |  | (122,182,694 | ) |  |  | (122,556,849 | )
Total |  |  | (124,101,682 | ) |  |  | (126,693,914 | )
Net deferred tax liabilities |  | $ | (121,130,996 | ) |  | $ | (120,913,983 | )
As of December 31, 2020, the Company has state net operating losses of $25.2 million, which expire in various years through 2040 . The CARES Act, among other things, permits federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding tax years to generate a refund of previously paid income taxes. The Company intends to carry back federal net operating losses of $24.1 million from 2020 under the CARES Act to recover $5.1 million of federal taxes paid in 2018 and 2019. As of December 31, 2020, the Company has a current federal tax liability of $3.1 million and current state liabilities of $0.3 million due from 2019 (see Note 9). As of December 31, 2019 and 2020, the Company does not have any material unrecognized tax benefits and accordingly has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2016. In the fourth quarter of 2019, the Internal Revenue Service completed an examination of the Company’s 2015, 2016 and 2017 federal income tax returns that resulted in no changes to the returns.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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