Income Tax Provision
|6 Months Ended|
Jun. 30, 2023
|Income Tax Provision [Abstract]|
|INCOME TAX PROVISION||
The Company computes its provision for income taxes by applying the estimated annual effective tax rate to pretax income and adjust the provision for discrete tax items recorded in the period.
The provision for income taxes as of and for the six months ended June 30, 2023 and 2022 consisted of the following:
The Company has an income tax NOL carryforward related to continued operations as of June 30, 2023 and 2022 of approximately $3,114,000 and $174,400, respectively. As of June 30, 2023 and 2022, the carryforward is recorded as a deferred tax asset of $1,542,000 and $386,700, respectively. Such deferred tax assets can be carried forward indefinitely.
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