Income Tax Provision
|3 Months Ended|
Mar. 31, 2022
|Income Tax Disclosure [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 three months ended March 31, 2022 and 2021 consisted of the following:
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.
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