|6 Months Ended|
Jun. 30, 2018
|Income Tax Disclosure [Abstract]|
|Income Tax Disclosure [Text Block]||
Note 12 – Income Taxes
The Company is taxed as a C corporation.
For interim periods, the provision for income taxes (including federal, state, local and foreign taxes) is calculated based on the estimated annual effective tax rate and consists of the following:
tax provision (benefit) was recorded for each of the three and six months ended June 30, 2018 and 2017. No valuation allowance was required as of June 30, 2018 or December 31, 2017.
The Company performed an analysis of its tax positions and determined that no material uncertain tax positions exist. Accordingly, there is no liability for uncertain tax positions as of June 30, 2018 or December 31, 2017. Based on the provisions of ASC Topic 740 - Income Taxes, the Company had no material unrecognized tax benefits as of June 30, 2018 and December 31, 2017.
A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:
The effective tax rate for the three months ended June 30, 2018 and 2017 was 29.2% and 37.7%, respectively.
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://fasb.org/us-gaap/role/ref/legacyRef