Income Taxes |
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| Income Taxes | 11. Income Taxes Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of June 30, 2025 and 2024 to pre-tax income as a result of the following:
As of June 30, 2025 and December 31, 2024, the Company had income tax payable of $4.0 million and $1.8 million, respectively, included within accounts payable and other liabilities on the condensed consolidated balance sheets. In general, a valuation allowance is recorded if, based on all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of both June 30, 2025 and December 31, 2024, the Company did not have a valuation allowance. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of June 30, 2025 or December 31, 2024. On July 4, 2025, the “One Big Beautiful Bill Act” (“H.R.1”) was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact the Company. The Company is currently evaluating the provisions of the new law and the potential effects on its financial position, results of operations, and cash flows. |
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