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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.