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INCOME TAXES | 12 Months Ended
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Dec. 31, 2017
INCOME TAXES [Abstract] |
INCOME TAXES |
NOTE 15. | INCOME TAXES:
The provision for income taxes consists of the following components for the years ended December 31:
|  | 2017 |  |  | 2016 |
Current: |  |  |  |  |  |
Federal and state |  | $ | 63,577 |  |  | $ | (355,243 | )
Foreign |  |  | 144,452 |  |  |  | 96,357 |
Total current provision/(benefit) |  |  | 208,029 |  |  |  | (258,886 | )
Deferred: |  |  |  |  |  |  |  |
Federal and state |  |  | (2,599,791 | ) |  |  | (3,488,960 | )
Foreign |  |  |  |  |  |  | - |
Valuation allowance |  |  |  |  |  |  | - |
Total deferred benefit |  |  | (2,599,791 | ) |  |  | (3,488,960 | )
Total income tax benefit |  | $ | (2,391,762 | ) |  | $ | (3,747,846 | )
The Company recorded a tax benefits of $2.4 million and $3.8 million for the years ended December 31, 2017 and December 31, 2016, respectively. The reported tax benefits for the years ended December 31, 2017 and December 31, 2016 are based upon an estimated annual effective tax rate of 21% for all such periods. The effective tax rates reflected our combined federal and state income tax rates and the recognition of U.S. deferred tax liabilities for differences between the book and tax basis of goodwill. We assess the reliability of our deferred tax assets and assess the need for a valuation allowance on an ongoing basis. The periodic assessment of the net carrying value of our deferred tax assets under the applicable accounting rules is highly judgmental. We are required to consider all available positive and negative evidence in evaluating the likelihood that we will be able to realize the benefit of our deferred tax assets in the future. Such evidence includes scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and the results of recent operations. Since this evaluation requires consideration of events that may occur some years into the future, there is significant judgment involved and our conclusion could be materially different should certain of our expectations not transpire. We have reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of December 31, 2017, the gross amount of unrecognized tax benefits exclusive of interest and penalties was zero. We have identified no other uncertain tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the twelve months ending December 31, 2018. We remain subject to examination until the statute of limitations expires for each respective tax jurisdiction.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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