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, 2013 and 2012, the Company had a net deferred tax asset (liability) of $25,683 and ($130), respectively.  As of December 31, 2013, the net deferred tax asset of $25,683, which is recorded as a net non-current deferred tax asset of $25,831 specific to Silvercrest, consists primarily of assets related to temporary differences between the financial statement and tax bases of intangibles related to its acquisition of partnership units of SLP, a net non-current deferred tax liability of $34 specific to SLP which consists primarily of liabilities related to differences between the financial statement and tax bases of intangible assets, and a non-current deferred tax liability of $114 related to the corporate activity of SFS which is primarily related to temporary differences between the financial statement and tax bases of intangible assets.

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, 2013 and 2012, the Company had taxes payable of $1,153 and $356, respectively.  For December 31, 2013 and December 31, 2012, taxes payable consisted of federal and state and local taxes payable of $430 and $723, and $0 and $356, respectively.

Of the total net deferred taxes at December 31, 2013, $55 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.

As of December 31, 2012, the Company had $130 of net deferred tax liabilities, and these amounts are included in the prepaid expenses and other assets and deferred tax and other liabilities in the Consolidated Statement of Financial Condition.

In the normal course of business, the Company is subject to examination by federal, state, and local tax regulators. As of December 31, 2013, the Company’s U.S. federal income tax returns for the years 2010 through 2012 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, 2013 and 2012.