INCOME TAXES |
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| INCOME TAXES | NOTE 14: INCOME TAXES On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its expected impact on our consolidated financial statements. Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows:
During the six months ended June 30, 2025, the Company paid U.S. federal income taxes totaling $3.0 million and paid taxes to various state jurisdictions totaling $649,000. 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 federal income tax refunds totaling $65,000. 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 were no pending audits by any state jurisdiction at June 30, 2025. |
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