INCOME TAXES |
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| INCOME TAXES | NOTE 14: INCOME TAXES As discussed in Note 3 – Recent Accounting Pronouncements, in January 2025, the Company adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional income tax disclosures, including specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The Company has elected to adopt this ASU on a prospective basis. All of the Company’s activities are within the United States of America; therefore, the Company does not have any foreign tax items. Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows:
During the three months ended March 31, 2025, the Company paid no U.S. federal income taxes and paid taxes to various state jurisdictions totaling $35,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, the Company received a refund of $19,000 from one state jurisdiction and a federal income tax refund of $49,000. The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS). As a result, federal tax years through December 31, 2020 are now closed. In addition, there are no pending audits by any state jurisdiction at March 31, 2025. |
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