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® T.F.R. ENTERPRISES,INC AND SUBSIDIARIES <br /> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br /> NOTE G—INCOME TAXES—continued <br /> The components of current and deferred income tax expense at December 3 I.2017 and 2016 are as follows: <br /> 2017 2016 <br /> Provision(benefit) for current period: <br /> State income taxes $ 235,269 S 9.835 <br /> Federal income taxes 958.893 - <br /> Deferred tax expense (benefit)related to: <br /> Federal income tax net operating loss carryforward 1,100,934 845.909 <br /> Allowance for doubtful accounts (149,330) <br /> Depreciation 681.073 231,800 <br /> 1,632,177 1,080.709 <br /> Total expense S 2.826.339 S 1,090.544 <br /> The Company's total deferred tax assets and deferred tax liabilities are as follows: <br /> 2017 2016 <br /> Deferred tax asset - Federal income tax net <br /> operating loss carryforward,allowance for doubtful accounts S 149,830 S 1,100.934 <br /> Deferred tax asset(liability)-depreciation S (468.799) S 212,274 <br /> Management has determined there are no uncertain tax positions as of December 31. 2017 and 2016. <br /> Accordingly.there is no interest or penalties related to uncertain tax positions. If interest or penalties were <br /> to be incurred related to uncertain tax positions. such amounts would be recognized in general and <br /> administrative expense. <br /> State and local income taxes are calculated based on the state tax code where revenues are earned and <br /> expenses are incurred. <br /> • <br /> NOTE H —CONCENTRATIONS OF CREDIT RISK <br /> For the year ended December 31. 2017, two government agencies comprised forty four percent of total <br /> revenues. As of December 31. 2017. two government agencies comprised eighty seven percent of total <br /> accounts receivable <br /> • <br /> For the year ended December 31. 2016. two uovernment agencies comprised sixty seven percent of total <br /> revenues. As of December 31, 2016, one government agency comprised seventy eight percent of total <br /> accounts receivable. <br /> At various times throughout the years ended December 31, 2017 and 2016, the Company had deposits in <br /> excess of the FDIC limits.Management considers this risk to be mitigated by maintaining deposits at quality <br /> financial institutions. <br /> I5 <br />