|12 Months Ended|
Dec. 31, 2020
|Income Tax Disclosure [Abstract]|
14. INCOME TAXES
Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their bases for income tax purposes.
As of December 31, 2020 and 2019, the Company had a net deferred tax asset of $11,305 and $13,103, respectively.
A summary of deferred tax assets and liabilities as follows:
The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate:
As of December 31, 2020, the Company had net tax receivables of $1,653 which consisted of net federal and state and local tax receivables of $949 and $704, respectively. As of December 31, 2019, the Company had net tax receivables of $1,265 which consisted of net federal and state and local tax receivables of $939 and $326, respectively.
Of the total net deferred taxes at December 31, 2020 and 2019, $30 and $31, respectively, of the net deferred tax liabilities relate to non-controlling interests. These amounts are included in deferred tax and other liabilities on the Consolidated Statement of Financial Position, respectively.
In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of December 31, 2020, the Company’s U.S. federal income tax returns for the years 2017 through 2020 are open under the normal three-year statute of limitations and therefore subject to examination.
The guidance for accounting for uncertainty in income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. Furthermore, the Company does not have any material uncertain tax positions at December 31, 2020 and 2019.
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