Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Tax Provision

v3.22.1
Income Tax Provision
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
INCOME TAX PROVISION
Q. 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 three months ended March 31, 2022 and 2021 consisted of the following:

 

    2022     2021  
Federal:            
Current   $
-
     $ -  
Deferred     (131,800 )     (56,126 )
Total     (131,800 )     (56,126 )
                 
State:                
Current    
-
      
-
  
Deferred     (45,255 )     (20,400 )
Total     (45,255 )     (20,400 )
Provision for income taxes   $ (177,055 )   $ (76,526 )

 

The Company has an income tax NOL carryforward related to continued operations as of March 31, 2022 and 2021 of approximately $174,400 and zero, respectively. As of March 31, 2022 and 2021, the carryforward is recorded as a deferred tax asset of $287,400 and $75,526, respectively. Such deferred tax assets can be carried forward indefinitely.
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.