INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| INCOME TAXES | |
| 12. INCOME TAXES |
12. INCOME TAXES
Coronavirus Aid, Relief and Economic Security Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted and signed into law in response to the market volatility and instability resulting from the COVID-19 pandemic. It includes a significant number of tax provisions and lifts certain deduction limitations originally imposed by the Tax Cuts and Jobs Act of 2017 (the “2017 Act”). The changes are mainly related to: (1) the business interest expense disallowance rules for 2019 and 2020; (2) net operating loss rules; (3) charitable contribution limitations; (4) employee retention credit; and (5) the realization of corporate alternative minimum tax credits.
The Company continues to assess the impact and future implication of these provisions; however, it does not anticipate any amounts that could give rise to a material impact to the overall consolidated financial statements.
The provision for income tax expense for the three months ended September 30, 2021, was $75, representing an effective tax rate of (.87)%, compared to an income tax expense of $119 for the three months ended September 30, 2020, representing an effective tax rate of (11.31)%. The provision for income tax expense for the nine months ended September 30, 2021, was $213, representing a effective tax rate of (1.47)% compared to an income tax expense of $169 for the nine months ended September 30, 2020, representing an effective tax rate of (0.96)%. |