Income Taxes |
9 Months Ended |
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Sep. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
14. Income Taxes
The Company had income tax expense of $179,000 and income tax benefit of $2,836,000 for continuing operations for the three months ended September 30, 2022 and 2021, respectively, and income tax benefits of $147,000 and $2,840,000 for the nine months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rates were approximately 17.8% and 194.9% for the three months ended September 30, 2022 and 2021, respectively, and 8.0% and (455.1%) for the nine months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rates for the three and nine months ended September 30, 2022 were impacted by non-deductible expenses and state taxes. The Company’s effective tax rates for the three and nine months ended September 30, 2021 were substantially impacted by the release of the Company’s valuation allowance during the third quarter of 2021. For the three and nine months ended September 30, 2021, the primary reasons for the differences between the Company’s effective tax rate and statutory tax rate were due to the release of valuation allowance and the forgiveness of the Company’s PPP Loan which was included in the Company’s Consolidated Statement of Operations as “Gain on extinguishment of debt” but is exempt from income taxes.
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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