Annual report pursuant to Section 13 and 15(d)

Income Tax Provision

v3.22.1
Income Tax Provision
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAX PROVISION

S.

 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 for 2021 and 2020 consisted of the following:

 

    2021     2020  
Federal:            
Current   $
-
     $ 303,936  
Deferred     (76,300 )    
-
  
Total     (76,300 )     303,936  
                 
State:                
Current     5,500       118,300  
Deferred     (36,700 )    
-
  
Total     (31,200 )     118,300  
Provision for income taxes   $ (107,500 )   $ 422,236  

 

The Company has an income tax NOL carryforward related to continued operations as of December 31, 2021 and 2020 of approximately $113,000 and zero, respectively. As of December 31, 2021 and 2020, the carryforward is recorded as a deferred tax asset of $113,000 and zero, respectively. Such deferred tax assets can be carried forward indefinitely.