Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of income tax provision
The following table presents the income tax provision from continuing operations for the years ended December 31 as indicated:
 
2018
 
2017
Current
 
 
 
Federal
$
(153,610
)
 
$
3,863,151

State
597,909

 
558,993

 
444,299

 
4,422,144

Deferred
 
 
 
Federal
1,779,574

 
(3,270,928
)
State
(426,927
)
 
(115,219
)
 
1,352,647

 
(3,386,147
)
Total
$
1,796,946

 
$
1,035,997

The following table presents the total income tax provision for the years ended December 31 as indicated:
 
2018
 
2017
Income tax provision
$
1,796,946

 
$
1,035,997

Discontinued operations

 
(164,235
)
Total
$
1,796,946

 
$
871,762

Schedule of deferred tax assets and liabilities
The following table presents the temporary differences and carryforwards, which give rise to deferred tax assets and liabilities as of December 31 as indicated:
 
2018
 
2017
Deferred tax assets
 
 
 
Accrued vacation
$
139,713

 
$
113,893

Acquisition costs capitalized
55,917

 
58,886

Accrued remediation costs
120,493

 
130,168

Net operating loss carryforwards
435,121

 

Sec 163(j) interest limitation
199,582

 

Federal depreciation in excess of state
635,202

 

Accrued payables
17,914

 
174,674

Percentage completed contract method for tax
1,557,437

 
276,413

Accrued workers’ compensation
205,150

 
159,237

Capitalized bidding costs
73,565

 
121,227

Inventory adjustments
263,680

 
139,565

Accrued lease expense
15,199

 
17,902

Accrued contract losses
164,843

 
50,220

Other
4,097

 
4,103

Total deferred tax assets
3,887,913

 
1,246,288

Deferred tax liabilities
 
 
 
481 (a) adjustment for deferred revenue
(24,602
)
 

Tax amortization in excess of financial statement amortization
(13,378
)
 
(10,850
)
Tax depreciation in excess of financial statement depreciation
(9,910,975
)
 
(5,934,158
)
Total deferred tax liabilities
(9,948,955
)
 
(5,945,008
)
Total net deferred tax liabilities
$
(6,061,042
)
 
$
(4,698,720
)
Reconciliation of effective and statutory tax rates from continuing operations
The following table presents the differences between the Company’s effective income tax rate and the federal statutory rate on income from continuing operations for the years ended December 31 as indicated:
 
2018
 
2017
Federal statutory rate
21.0%
 
34.0%
State tax rate, net of federal tax
3.2
 
3.1
Nondeductible expenses
5.4
 
3.6
Domestic production activities deduction
 
(4.0)
Tax Act rate change
 
(26.0)
Other
(3.3)
 
0.1
Total
26.3%
 
10.8%
Reconciliation of beginning and ending unrecognized tax benefits
The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years as indicated:
 
2018
 
2017
Balance as of January 1
$
4,723

 
$
4,723

Increase from current year tax positions

 

Decrease from settlements with taxing authority

 

Balance as of December 31
$
4,723

 
$
4,723