INCOME TAXES |
6 Months Ended |
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Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Tax Rate for the six months ended June 30, 2024 The Company recognized an income tax benefit at an effective income tax rate of 1991.0% and 116.6% for the three and six months ended June 30, 2024, respectively. The effective income tax rate was impacted by state and local income taxes, the tax effect of bankruptcy-related fees, and certain statutorily non-deductible items. Tax Rate for the six months ended June 30, 2023 The Company recognized an income tax benefit at an effective income tax rate of 25.9% and 24.6% for the three and six months ended June 30, 2023, respectively, which was determined using a forecasted rate based upon projected taxable income for the full year. Pending IRS refund claim The Company was able to carry back its 2020 federal income tax loss to its 2018 tax year and filed a refund claim with the IRS for a total of $5.5 million. This claim is pending and the Company has recorded a receivable to other current assets in connection with this matter. Net Deferred Tax Assets and Liabilities The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income.
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